Huntington FHA Loan Rates, Closing Costs & Stats

HUNTINGTON-ASHLAND, WV-KY-OH

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Huntington's 89 lenders originated 898 FHA loans during 2024. The total origination value was $153,840,000, with an average FHA loan value of $171,314.

    Huntington FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Huntington averaged 6.47% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Huntington's average FHA mortgage closing costs are $6,436.

    The average rate for the prior week (2025-03-28) was 6.36% and one month ago for the week of 2025-02-28, the average rate was 6.55%.

    The average rate one year ago was 6.87%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.33%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Huntington FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Huntington level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    MOVEMENT MORTGAGE, LLC 123 6.45% $8,403
    QUICKEN LOANS, LLC 89 6.51% $8,673
    STOCKTON MORTGAGE CORPORATION 66 6.90% $8,252
    PRIMELENDING, A PLAINSCAPITAL COMPANY 63 6.64% $6,993
    UNITED WHOLESALE MORTGAGE, LLC 50 6.48% $9,577
    LOANDEPOT.COM, LLC 49 6.33% $8,344
    Equity Prime Mortgage LLC 43 6.89% $7,113
    WesBanco 23 6.19% $6,982
    Gateway First Bank 16 6.65% $8,931
    FREEDOM MORTGAGE CORPORATION 16 6.43% $9,614
    U.S. Bank 15 6.56% $6,005
    BROKER SOLUTIONS, INC. 15 7.21% $7,545
    GUARANTEED RATE, INC. 14 6.79% $8,745
    MYCUMORTGAGE, LLC 14 6.81% $6,716
    MID AMERICA MORTGAGE, INC. 14 6.91% $4,226
    NEWREZ LLC 11 6.61% $8,155
    AMERISAVE MORTGAGE CORPORATION 11 6.19% $9,506
    SUCCESS MORTGAGE PARTNERS, INC. 11 6.81% $9,043
    The Huntington National Bank 10 6.35% $7,072
    CALCON MUTUAL MORTGAGE LLC 10 6.87% $7,365
    Mortgage Research Center, LLC 9 6.71% $4,676
    United Bank 9 6.37% $8,941
    Mr. Cooper ( Nationstar Mortgage ) 7 6.66% $8,846
    VILLAGE CAPITAL MORTGAGE 7 6.84% $3,139
    CROSSCOUNTRY MORTGAGE, LLC 7 6.53% $10,879
    PENNYMAC LOAN SERVICES, LLC 6 5.92% $7,500
    HOMESIDE FINANCIAL, LLC 6 6.96% $8,479
    Fifth Third Bank 6 6.88% $5,315
    LAKEVIEW LOAN SERVICING, LLC 5 6.53% $7,604
    Carrington Mortgage Services, LLC 5 6.78% $10,439
    Truist 5 6.21% $8,015
    AMERICAN FINANCING CORPORATION 5 6.25% $11,014
    Nations Lending Corporation 4 6.84% $11,967
    POLARIS HOME FUNDING CORP. 4 6.72% $10,409
    Victorian Finance, LLC 3 5.55% $5,707
    Peoples Bank 3 6.75% $6,499
    BAYSHORE MORTGAGE FUNDING, LLC 3 7.17% $9,680
    Paramount Residential Mortgage Group, Inc. 2 7.13% $8,828
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 5.94% $12,719
    DAS Acquisition Company, LLC 2 6.94% $8,267
    ENDEAVOR CAPITAL, LLC. 2 6.25% $8,637
    JPMorgan Chase Bank 2 6.69% $3,858
    Magnolia Bank 2 7.38% $9,192
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.00% $8,597
    NEW DAY FINANCIAL, LLC 2 7.38% $4,449
    OCEANSIDE MORTGAGE COMPANY 2 5.69% $2,926
    PLANET HOME LENDING, LLC 2 5.68% $7,516
    Prosperity Home Mortgage, LLC 2 6.69% $7,044
    SUN WEST MORTGAGE COMPANY, INC. 2 7.06% $10,555
    HARTFORD FUNDING, LTD. 1 6.75% $12,821
    GUILD MORTGAGE COMPANY 1 6.75% $4,592
    NBKC BANK 1 6.00% $9,688
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.63% $8,142
    Guardian Savings Bank, A Federal Savings Bank 1 6.13% $5,595
    Wells Fargo Bank 1 5.88% $5,479
    1ST SIGNATURE LENDING, LLC 1 6.88% $12,172
    GoPrime Mortgage, Inc. 1 7.13% $3,938
    GERSHMAN INVESTMENT CORP. 1 6.25% $5,604
    PHH Mortgage Corporation 1 6.38% $8,688
    AMERICAN FINANCIAL NETWORK, INC. 1 5.99% $15,933
    PLAZA HOME MORTGAGE, INC. 1 6.63% $13,877
    First Federal Bank 1 6.63% $9,280
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.13% $7,412
    First Bank 1 5.75% $6,645
    WRIGHT-PATT CREDIT UNION, INC. 1 7.13% $8,188
    East Coast Capital Corp. 1 6.50% $9,499
    Regions Bank 1 6.75% $6,097
    RELIANCE FIRST CAPITAL, LLC 1 7.75% $9,545
    ROYAL UNITED MORTGAGE LLC 1 7.13% $13,833
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.50% $6,100
    Cornerstone First Mortgage, Inc 1 6.88% $6,193
    Stock Yards Bank & Trust Company 1 5.63% $5,305
    CARDINAL FINANCIAL 1 6.63% $11,674
    ZILLOW HOME LOANS, LLC 1 5.75% $11,954
    T2 FINANCIAL LLC 1 6.75% $10,717
    BETTER MORTGAGE CORPORATION 1 4.75% $16,039
    TOP FLITE FINANCIAL, INC. 1 6.63% $10,777
    TOWNE MORTGAGE COMPANY 1 6.63% $7,657
    Barrington Bank & Trust Company, N.A. 1 6.75% $5,389
    UNION HOME MORTGAGE CORP. 1 7.13% $7,148
    Bank of England 1 6.50% $7,575
    Bank of America 1 7.00% $8,419
    Assurance Financial Group, L.L.C. 1 7.13% $18,683
    LIBERTY HOME MORTGAGE CORPORATION 1 6.75% $16,983
    Ixonia Bank 1 7.13% $6,948
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $17,367
    HOMESPIRE MORTGAGE CORPORATION 1 7.25% $16,776
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $3,787
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $11,461

    The top Huntington FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 123 FHA loans originated. Their average total fees are $8,403, which is $270 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Huntington FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($4,226), U.S. Bank ($6,005), MYCUMORTGAGE, LLC ($6,716), WesBanco ($6,982) and PRIMELENDING, A PLAINSCAPITAL COMPANY ($6,993).

    The lowest rate Huntington FHA lenders (with over 10 loans originated) are WesBanco (6.19%), AMERISAVE MORTGAGE CORPORATION (6.19%), LOANDEPOT.COM, LLC (6.33%), The Huntington National Bank (6.35%) and FREEDOM MORTGAGE CORPORATION (6.43%).

    Huntington FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    HUNTINGTON-ASHLAND, WV-KY-OH BOYD 2022 $420,680 $538,650 $651,050 $809,150
    HUNTINGTON-ASHLAND, WV-KY-OH CARTER 2022 $420,680 $538,650 $651,050 $809,150
    HUNTINGTON-ASHLAND, WV-KY-OH GREENUP 2022 $420,680 $538,650 $651,050 $809,150
    HUNTINGTON-ASHLAND, WV-KY-OH LAWRENCE 2022 $420,680 $538,650 $651,050 $809,150
    HUNTINGTON-ASHLAND, WV-KY-OH CABELL 2022 $420,680 $538,650 $651,050 $809,150
    HUNTINGTON-ASHLAND, WV-KY-OH PUTNAM 2022 $420,680 $538,650 $651,050 $809,150
    HUNTINGTON-ASHLAND, WV-KY-OH WAYNE 2022 $420,680 $538,650 $651,050 $809,150
    HUNTINGTON-ASHLAND, WV-KY-OH BOYD 2023 $472,030 $604,400 $730,525 $907,900
    HUNTINGTON-ASHLAND, WV-KY-OH CARTER 2023 $472,030 $604,400 $730,525 $907,900
    HUNTINGTON-ASHLAND, WV-KY-OH GREENUP 2023 $472,030 $604,400 $730,525 $907,900
    HUNTINGTON-ASHLAND, WV-KY-OH LAWRENCE 2023 $472,030 $604,400 $730,525 $907,900
    HUNTINGTON-ASHLAND, WV-KY-OH CABELL 2023 $472,030 $604,400 $730,525 $907,900
    HUNTINGTON-ASHLAND, WV-KY-OH PUTNAM 2023 $472,030 $604,400 $730,525 $907,900
    HUNTINGTON-ASHLAND, WV-KY-OH WAYNE 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Huntington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $134,400 (0.3%) $188,168 (3.3%) 0.50 1,712
    2018-02-01 $134,900 (1.1%) $192,101 (6.5%) 0.49 1,692
    2018-03-01 $135,000 (0.0%) $193,902 (7.0%) 0.47 1,678
    2018-04-01 $136,737 (-1.6%) $192,877 (2.5%) 0.46 1,711
    2018-05-01 $138,825 (-0.3%) $196,100 (3.1%) 0.46 1,748
    2018-06-01 $144,000 (2.9%) $198,088 (3.0%) 0.48 1,796
    2018-07-01 $145,250 (4.1%) $199,851 (4.6%) 0.49 1,873
    2018-08-01 $144,900 (6.6%) $199,088 (7.2%) 0.49 1,908
    2018-09-01 $147,250 (9.2%) $198,912 (8.0%) 0.50 1,907
    2018-10-01 $144,950 (8.8%) $196,364 (6.4%) 0.49 1,881
    2018-11-01 $142,500 (8.6%) $192,357 (4.0%) 0.48 1,877
    2018-12-01 $139,900 (7.7%) $191,525 (2.1%) 0.48 1,820
    2019-01-01 $139,900 (4.1%) $189,977 (1.0%) 0.48 1,682
    2019-02-01 $138,625 (2.8%) $189,814 (-1.2%) 0.47 1,646
    2019-03-01 $139,214 (3.1%) $192,566 (-0.7%) 0.46 1,642
    2019-04-01 $139,700 (2.2%) $195,454 (1.3%) 0.44 1,626
    2019-05-01 $142,425 (2.6%) $196,083 (0.0%) 0.45 1,602
    2019-06-01 $142,500 (-1.0%) $194,269 (-1.9%) 0.45 1,619
    2019-07-01 $139,950 (-3.7%) $190,962 (-4.5%) 0.44 1,641
    2019-08-01 $140,336 (-3.2%) $191,436 (-3.8%) 0.44 1,664
    2019-09-01 $140,091 (-4.9%) $191,444 (-3.8%) 0.45 1,673
    2019-10-01 $139,900 (-3.5%) $191,450 (-2.5%) 0.45 1,675
    2019-11-01 $139,425 (-2.2%) $195,165 (1.5%) 0.46 1,612
    2019-12-01 $134,900 (-3.6%) $193,155 (0.9%) 0.45 1,564
    2020-01-01 $129,900 (-7.2%) $191,302 (0.7%) 0.43 1,460
    2020-02-01 $129,900 (-6.3%) $193,191 (1.8%) 0.43 1,440
    2020-03-01 $129,900 (-6.7%) $191,086 (-0.8%) 0.41 1,373
    2020-04-01 $129,900 (-7.0%) $192,964 (-1.3%) 0.41 1,297
    2020-05-01 $134,900 (-5.3%) $193,572 (-1.3%) 0.41 1,205
    2020-06-01 $144,250 (1.2%) $205,874 (6.0%) 0.43 1,067
    2020-07-01 $148,950 (6.4%) $204,449 (7.1%) 0.43 1,031
    2020-08-01 $145,750 (3.9%) $207,583 (8.4%) 0.42 909
    2020-09-01 $148,950 (6.3%) $207,948 (8.6%) 0.43 852
    2020-10-01 $144,950 (3.6%) $205,583 (7.4%) 0.42 858
    2020-11-01 $139,900 (0.3%) $195,843 (0.4%) 0.41 819
    2020-12-01 $135,000 (0.1%) $188,185 (-2.6%) 0.40 777
    2021-01-01 $129,950 (0.0%) $185,347 (-3.1%) 0.39 725
    2021-02-01 $124,625 (-4.1%) $175,057 (-9.4%) 0.36 650
    2021-03-01 $119,975 (-7.6%) $178,198 (-6.7%) 0.34 603
    2021-04-01 $116,850 (-10.1%) $190,252 (-1.4%) 0.32 551
    2021-05-01 $123,900 (-8.2%) $205,443 (6.1%) 0.33 536
    2021-06-01 $130,000 (-9.9%) $215,715 (4.8%) 0.34 503
    2021-07-01 $139,900 (-6.1%) $225,941 (10.5%) 0.37 549
    2021-08-01 $150,000 (2.9%) $226,481 (9.1%) 0.40 573
    2021-09-01 $154,000 (3.4%) $230,901 (11.0%) 0.41 581
    2021-10-01 $149,900 (3.4%) $220,152 (7.1%) 0.40 651
    2021-11-01 $149,450 (6.8%) $218,477 (11.6%) 0.40 657
    2021-12-01 $149,450 (10.7%) $220,822 (17.3%) 0.40 605
    2022-01-01 $146,250 (12.5%) $222,859 (20.2%) 0.40 535
    2022-02-01 $139,450 (11.9%) $224,662 (28.3%) 0.36 464
    2022-03-01 $149,900 (24.9%) $246,701 (38.4%) 0.38 421
    2022-04-01 $165,000 (41.2%) $272,903 (43.4%) 0.39 400
    2022-05-01 $177,000 (42.9%) $252,792 (23.1%) 0.40 432
    2022-06-01 $179,950 (38.4%) $244,944 (13.6%) 0.40 535
    2022-07-01 $175,000 (25.1%) $243,468 (7.8%) 0.39 567
    2022-08-01 $171,200 (14.1%) $243,582 (7.6%) 0.40 600
    2022-09-01 $177,000 (14.9%) $246,876 (6.9%) 0.41 648
    2022-10-01 $179,900 (20.0%) $243,049 (10.4%) 0.42 635
    2022-11-01 $175,000 (17.1%) $250,084 (14.5%) 0.42 652
    2022-12-01 $164,900 (10.3%) $248,009 (12.3%) 0.41 611
    2023-01-01 $159,900 (9.3%) $244,669 (9.8%) 0.40 558
    2023-02-01 $174,900 (25.4%) $252,672 (12.5%) 0.42 496
    2023-03-01 $177,750 (18.6%) $265,488 (7.6%) 0.42 459
    2023-04-01 $179,900 (9.0%) $263,323 (-3.5%) 0.42 433
    2023-05-01 $177,450 (0.3%) $262,655 (3.9%) 0.40 429
    2023-06-01 $185,600 (3.1%) $263,399 (7.5%) 0.42 454
    2023-07-01 $185,000 (5.7%) $268,954 (10.5%) 0.42 484
    2023-08-01 $179,450 (4.8%) $264,571 (8.6%) 0.41 534
    2023-09-01 $179,900 (1.6%) $261,335 (5.9%) 0.42 563
    2023-10-01 $194,450 (8.1%) $277,305 (14.1%) 0.46 594
    2023-11-01 $185,000 (5.7%) $261,097 (4.4%) 0.44 586
    2023-12-01 $180,000 (9.2%) $249,320 (0.5%) 0.44 586
    2024-01-01 $180,000 (12.6%) $246,264 (0.7%) 0.44 550
    2024-02-01 $174,925 (0.0%) $239,995 (-5.0%) 0.42 529
    2024-03-01 $179,950 (1.2%) $253,478 (-4.5%) 0.42 491
    2024-04-01 $199,925 (11.1%) $268,669 (2.0%) 0.47 496
    2024-05-01 $216,950 (22.3%) $279,887 (6.6%) 0.49 493
    2024-06-01 $219,000 (18.0%) $278,067 (5.6%) 0.50 507
    2024-07-01 $202,000 (9.2%) $271,588 (1.0%) 0.46 541
    2024-08-01 $209,500 (16.8%) $279,899 (5.8%) 0.49 549
    2024-09-01 $208,433 (15.9%) $279,203 (6.8%) 0.49 621
    2024-10-01 $203,933 (4.9%) $271,519 (-2.1%) 0.48 643
    2024-11-01 $215,000 (16.2%) $274,264 (5.0%) 0.52 623
    2024-12-01 $206,450 (14.7%) $268,108 (7.5%) 0.51 625
    2025-01-01 $199,900 (11.1%) $259,191 (5.3%) 0.50 584
    2025-02-01 $209,450 (19.7%) $264,926 (10.4%) 0.51 549
    2025-03-01 $209,900 (16.6%) $269,072 (6.2%) 0.00 501
    Huntington's median listing price for 2025-03-01 was $209,900, a difference of $29,950 (16.6%) versus the prior year and $450 versus the prior month.

    Huntington's median listing price comes in at 0% of the national average.

    Huntington's average listing price for 2025-03-01 was $269,072, a difference of $15,594 (6.2%) versus the prior year and $4,146 versus the prior month.

    For the 2025-03-01 period, Huntington had 501 MLS listings, a difference of -48 listings (-9%) versus the prior month and 10 listings (2%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Huntington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 109 days 1,751 sqft
    2018-02-01 106 days 1,759 sqft
    2018-03-01 89 days 1,771 sqft
    2018-04-01 80 days 1,788 sqft
    2018-05-01 75 days 1,800 sqft
    2018-06-01 81 days 1,811 sqft
    2018-07-01 78 days 1,813 sqft
    2018-08-01 78 days 1,829 sqft
    2018-09-01 80 days 1,834 sqft
    2018-10-01 86 days 1,817 sqft
    2018-11-01 93 days 1,800 sqft
    2018-12-01 101 days 1,800 sqft
    2019-01-01 109 days 1,800 sqft
    2019-02-01 108 days 1,776 sqft
    2019-03-01 98 days 1,767 sqft
    2019-04-01 84 days 1,767 sqft
    2019-05-01 78 days 1,778 sqft
    2019-06-01 75 days 1,776 sqft
    2019-07-01 76 days 1,779 sqft
    2019-08-01 76 days 1,774 sqft
    2019-09-01 80 days 1,771 sqft
    2019-10-01 82 days 1,764 sqft
    2019-11-01 87 days 1,738 sqft
    2019-12-01 98 days 1,741 sqft
    2020-01-01 107 days 1,726 sqft
    2020-02-01 102 days 1,722 sqft
    2020-03-01 92 days 1,694 sqft
    2020-04-01 88 days 1,676 sqft
    2020-05-01 93 days 1,704 sqft
    2020-06-01 90 days 1,779 sqft
    2020-07-01 75 days 1,797 sqft
    2020-08-01 74 days 1,783 sqft
    2020-09-01 69 days 1,782 sqft
    2020-10-01 66 days 1,800 sqft
    2020-11-01 67 days 1,762 sqft
    2020-12-01 74 days 1,685 sqft
    2021-01-01 84 days 1,680 sqft
    2021-02-01 87 days 1,601 sqft
    2021-03-01 77 days 1,569 sqft
    2021-04-01 65 days 1,570 sqft
    2021-05-01 47 days 1,600 sqft
    2021-06-01 51 days 1,615 sqft
    2021-07-01 50 days 1,700 sqft
    2021-08-01 44 days 1,704 sqft
    2021-09-01 51 days 1,723 sqft
    2021-10-01 52 days 1,676 sqft
    2021-11-01 58 days 1,612 sqft
    2021-12-01 65 days 1,608 sqft
    2022-01-01 79 days 1,598 sqft
    2022-02-01 84 days 1,584 sqft
    2022-03-01 65 days 1,685 sqft
    2022-04-01 50 days 1,772 sqft
    2022-05-01 41 days 1,805 sqft
    2022-06-01 35 days 1,853 sqft
    2022-07-01 45 days 1,828 sqft
    2022-08-01 51 days 1,813 sqft
    2022-09-01 52 days 1,850 sqft
    2022-10-01 58 days 1,848 sqft
    2022-11-01 66 days 1,822 sqft
    2022-12-01 79 days 1,806 sqft
    2023-01-01 82 days 1,800 sqft
    2023-02-01 80 days 1,813 sqft
    2023-03-01 64 days 1,814 sqft
    2023-04-01 58 days 1,854 sqft
    2023-05-01 52 days 1,801 sqft
    2023-06-01 50 days 1,797 sqft
    2023-07-01 49 days 1,865 sqft
    2023-08-01 42 days 1,810 sqft
    2023-09-01 45 days 1,800 sqft
    2023-10-01 50 days 1,856 sqft
    2023-11-01 54 days 1,781 sqft
    2023-12-01 60 days 1,744 sqft
    2024-01-01 70 days 1,717 sqft
    2024-02-01 76 days 1,690 sqft
    2024-03-01 66 days 1,721 sqft
    2024-04-01 57 days 1,760 sqft
    2024-05-01 51 days 1,808 sqft
    2024-06-01 48 days 1,768 sqft
    2024-07-01 50 days 1,726 sqft
    2024-08-01 46 days 1,784 sqft
    2024-09-01 45 days 1,808 sqft
    2024-10-01 50 days 1,774 sqft
    2024-11-01 60 days 1,790 sqft
    2024-12-01 66 days 1,800 sqft
    2025-01-01 76 days 1,779 sqft
    2025-02-01 85 days 1,758 sqft
    2025-03-01 0 days 1,754 sqft
    Huntington's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

    Huntington's median square footage for active listings during the 2025-03-01 period was 1,754 sqft. One year prior, the average listing was 1,721 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).