Huntington FHA Loan Rates, Closing Costs & Stats

HUNTINGTON-ASHLAND, WV-KY-OH

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 88 lenders originated 869 FHA loans during 2023. The total origination value was $137,045,000, with an average FHA loan value of $157,704.

    Huntington FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Huntington averaged 6.47% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

    Huntington's average FHA mortgage closing costs are $6,189.

    The average rate for the prior week (2025-02-07) was 6.48% and one month ago for the week of 2025-01-10, the average rate was 6.64%.

    The average rate one year ago was 6.57%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.77%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MOVEMENT MORTGAGE, LLC 136 6.46% $7,406
    QUICKEN LOANS, LLC 104 6.42% $7,986
    PRIMELENDING, A PLAINSCAPITAL COMPANY 78 6.55% $7,724
    UNITED WHOLESALE MORTGAGE, LLC 62 6.89% $7,468
    LOANDEPOT.COM, LLC 40 6.45% $7,714
    STOCKTON MORTGAGE CORPORATION 33 7.17% $8,032
    Victorian Finance, LLC 23 6.89% $6,899
    CALIBER HOME LOANS, INC. 22 6.84% $6,739
    United Bank 20 6.41% $7,372
    THRIVE MORTGAGE, LLC 17 6.48% $6,533
    The Huntington National Bank 15 6.29% $6,165
    MYCUMORTGAGE, LLC 13 7.06% $6,582
    Gateway First Bank 13 7.28% $9,377
    Equity Prime Mortgage LLC 13 6.71% $7,779
    U.S. Bank 12 6.65% $5,757
    CROSSCOUNTRY MORTGAGE, LLC 12 7.23% $7,875
    WesBanco 10 6.20% $7,897
    Plains Commerce Bank 9 6.33% $6,385
    NEWREZ LLC 9 7.08% $6,820
    Mr. Cooper ( Nationstar Mortgage ) 9 6.43% $12,222
    Fifth Third Bank 8 6.80% $5,404
    SUCCESS MORTGAGE PARTNERS, INC. 7 6.89% $10,201
    BAYSHORE MORTGAGE FUNDING, LLC 6 7.10% $9,680
    GoPrime Mortgage, Inc. 6 6.89% $5,918
    FREEDOM MORTGAGE CORPORATION 6 7.00% $10,004
    PENNYMAC LOAN SERVICES, LLC 6 6.16% $8,156
    AMERISAVE MORTGAGE CORPORATION 6 6.17% $10,906
    Mortgage Research Center, LLC 5 7.33% $6,424
    Carrington Mortgage Services, LLC 5 6.68% $9,934
    BROKER SOLUTIONS, INC. 5 6.85% $9,977
    CARDINAL FINANCIAL 5 6.83% $9,588
    Truist 4 6.56% $5,232
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.56% $8,939
    T2 FINANCIAL LLC 4 7.06% $9,298
    LIBERTY HOME MORTGAGE CORPORATION 3 7.33% $10,250
    MID AMERICA MORTGAGE, INC. 3 6.75% $4,708
    ROYAL UNITED MORTGAGE LLC 3 7.42% $11,314
    Prosperity Home Mortgage, LLC 3 6.25% $7,183
    RUOFF MORTGAGE COMPANY, INC. 3 7.04% $6,979
    1ST SIGNATURE LENDING, LLC 2 6.69% $12,923
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.75% $12,180
    Citizens Bank 2 6.19% $6,104
    EVERETT FINANCIAL, INC. 2 6.75% $9,380
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.19% $9,179
    Flagstar Bank, FSB 2 6.25% $7,878
    JPMorgan Chase Bank 2 6.44% $4,576
    LAKEVIEW LOAN SERVICING, LLC 2 6.63% $9,157
    NATIONWIDE MORTGAGE BANKERS, INC. 2 7.19% $10,477
    NFM, INC. 2 7.13% $11,709
    PLANET HOME LENDING, LLC 2 6.06% $6,573
    PNC Bank 2 7.31% $5,158
    POLARIS HOME FUNDING CORP. 2 6.69% $9,208
    Republic State Mortgage Co. 2 6.63% $7,745
    SIWELL, INC. 2 6.69% $8,648
    UNION HOME MORTGAGE CORP. 2 7.31% $7,377
    Wells Fargo Bank 2 6.81% $8,470
    ZILLOW HOME LOANS, LLC 2 6.31% $8,467
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.25% $4,438
    MORIA DEVELOPMENT, INC. 1 7.50% $8,029
    KELLER MORTGAGE, LLC 1 6.13% $8,572
    INTERCOASTAL MORTGAGE COMPANY 1 5.43% $6,344
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.63% $8,609
    HOMESIDE FINANCIAL, LLC 1 6.00% $7,117
    GUILD MORTGAGE COMPANY 1 7.13% $8,336
    SECURITYNATIONAL MORTGAGE COMPANY 1 6.13% $5,156
    Sierra Pacific Mortgage Company, Inc. 1 7.13% $9,913
    VILLAGE CAPITAL MORTGAGE 1 5.88% $14,167
    SOUTH CENTRAL BANK, INC. 1 7.25% $7,434
    SOUTHWEST STAGE FUNDING, LLC 1 6.75% $4,349
    GUARANTEED RATE, INC. 1 7.13% $10,141
    GENEVA FINANCIAL, LLC 1 7.63% $12,295
    SUN WEST MORTGAGE COMPANY, INC. 1 7.00% $6,419
    First National Bank of Pennsylvania 1 6.00% $6,463
    The Federal Savings Bank 1 5.63% $13,540
    ENDEAVOR CAPITAL, LLC. 1 6.25% $6,707
    DAS Acquisition Company, LLC 1 6.50% $10,340
    TOP FLITE FINANCIAL, INC. 1 6.75% $10,050
    TOWNE MORTGAGE COMPANY 1 6.13% $8,017
    Century Mortgage Company DBA Century Lending Company 1 5.99% $6,302
    NETWORK CAPITAL FUNDING CORPORATION 1 5.13% $11,812
    AMERICAN FINANCING CORPORATION 1 6.75% $11,867
    Northpointe Bank 1 5.75% $8,835
    NBKC BANK 1 6.50% $5,942
    Peoples Bank 1 7.00% $4,889
    PHH Mortgage Corporation 1 6.63% $6,105
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $6,276
    Capital Bank 1 5.63% $7,310
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.25% $8,861

    The top Huntington FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 136 FHA loans originated. Their average total fees are $7,406, which is $581 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Huntington FHA lenders (with over 10 loans originated) are U.S. Bank ($5,757), The Huntington National Bank ($6,165), THRIVE MORTGAGE, LLC ($6,533), MYCUMORTGAGE, LLC ($6,582) and CALIBER HOME LOANS, INC. ($6,739).

    The lowest rate Huntington FHA lenders (with over 10 loans originated) are WesBanco (6.20%), The Huntington National Bank (6.29%), United Bank (6.41%), QUICKEN LOANS, LLC (6.42%) and LOANDEPOT.COM, LLC (6.45%).

    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%) 0.48 1,678
    2018-04-01 $136,737 (-1.6%) $192,877 (2.5%) 0.47 1,711
    2018-05-01 $138,825 (-0.3%) $196,100 (3.1%) 0.47 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%) 0.46 1,646
    2019-03-01 $139,214 (3.1%) $192,566 (-0.7%) 0.45 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%) 0.44 1,602
    2019-06-01 $142,500 (-1.0%) $194,269 (-1.9%) 0.44 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%) 0.40 1,205
    2020-06-01 $144,250 (1.2%) $205,874 (6.0%) 0.42 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%) 0.41 605
    2022-01-01 $146,250 (12.5%) $222,859 (20.2%) 0.39 535
    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%) 0.37 421
    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%) 0.40 611
    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%) 0.41 459
    2023-04-01 $179,900 (9.0%) $263,323 (-3.5%) 0.41 433
    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%) 0.41 454
    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%) 0.41 529
    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%) 0.46 496
    2024-05-01 $216,950 (22.3%) $279,887 (6.6%) 0.50 493
    2024-06-01 $219,000 (18.0%) $278,067 (5.6%) 0.47 507
    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%) 0.48 549
    2024-09-01 $208,433 (15.9%) $279,203 (6.8%) 0.48 621
    2024-10-01 $203,933 (4.9%) $271,519 (-2.1%) 0.47 643
    2024-11-01 $215,000 (16.2%) $274,264 (5.0%) 0.50 623
    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%) 0.00 584
    Huntington's median listing price for 2025-01-01 was $199,900, a difference of $19,900 (11.1%) versus the prior year and $-6,550 versus the prior month.

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

    Huntington's average listing price for 2025-01-01 was $259,191, a difference of $12,927 (5.3%) versus the prior year and $-8,917 versus the prior month.

    For the 2025-01-01 period, Huntington had 584 MLS listings, a difference of -41 listings (-7%) versus the prior month and 34 listings (6%) 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
    2018-01-01 110 days 1,751 sqft
    2018-02-01 105 days 1,759 sqft
    2018-03-01 88 days 1,771 sqft
    2018-04-01 80 days 1,788 sqft
    2018-05-01 75 days 1,800 sqft
    2018-06-01 80 days 1,811 sqft
    2018-07-01 78 days 1,813 sqft
    2018-08-01 78 days 1,829 sqft
    2018-09-01 79 days 1,834 sqft
    2018-10-01 86 days 1,817 sqft
    2018-11-01 91 days 1,800 sqft
    2018-12-01 100 days 1,800 sqft
    2019-01-01 108 days 1,800 sqft
    2019-02-01 107 days 1,776 sqft
    2019-03-01 97 days 1,767 sqft
    2019-04-01 83 days 1,767 sqft
    2019-05-01 78 days 1,778 sqft
    2019-06-01 75 days 1,776 sqft
    2019-07-01 78 days 1,779 sqft
    2019-08-01 77 days 1,774 sqft
    2019-09-01 80 days 1,771 sqft
    2019-10-01 82 days 1,764 sqft
    2019-11-01 88 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 92 days 1,704 sqft
    2020-06-01 89 days 1,779 sqft
    2020-07-01 74 days 1,797 sqft
    2020-08-01 72 days 1,783 sqft
    2020-09-01 69 days 1,782 sqft
    2020-10-01 66 days 1,800 sqft
    2020-11-01 66 days 1,762 sqft
    2020-12-01 72 days 1,685 sqft
    2021-01-01 82 days 1,680 sqft
    2021-02-01 84 days 1,601 sqft
    2021-03-01 74 days 1,569 sqft
    2021-04-01 64 days 1,570 sqft
    2021-05-01 47 days 1,600 sqft
    2021-06-01 50 days 1,615 sqft
    2021-07-01 50 days 1,700 sqft
    2021-08-01 43 days 1,704 sqft
    2021-09-01 50 days 1,723 sqft
    2021-10-01 51 days 1,676 sqft
    2021-11-01 56 days 1,612 sqft
    2021-12-01 64 days 1,608 sqft
    2022-01-01 76 days 1,598 sqft
    2022-02-01 82 days 1,584 sqft
    2022-03-01 65 days 1,685 sqft
    2022-04-01 48 days 1,772 sqft
    2022-05-01 42 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 57 days 1,848 sqft
    2022-11-01 64 days 1,822 sqft
    2022-12-01 79 days 1,806 sqft
    2023-01-01 82 days 1,800 sqft
    2023-02-01 82 days 1,813 sqft
    2023-03-01 65 days 1,814 sqft
    2023-04-01 54 days 1,854 sqft
    2023-05-01 50 days 1,801 sqft
    2023-06-01 48 days 1,797 sqft
    2023-07-01 49 days 1,865 sqft
    2023-08-01 43 days 1,810 sqft
    2023-09-01 45 days 1,800 sqft
    2023-10-01 50 days 1,856 sqft
    2023-11-01 53 days 1,781 sqft
    2023-12-01 59 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 56 days 1,760 sqft
    2024-05-01 50 days 1,808 sqft
    2024-06-01 47 days 1,768 sqft
    2024-07-01 50 days 1,726 sqft
    2024-08-01 46 days 1,784 sqft
    2024-09-01 44 days 1,808 sqft
    2024-10-01 49 days 1,774 sqft
    2024-11-01 59 days 1,790 sqft
    2024-12-01 66 days 1,800 sqft
    2025-01-01 0 days 1,779 sqft
    Huntington's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    Huntington's median square footage for active listings during the 2025-01-01 period was 1,779 sqft. One year prior, the average listing was 1,717 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).