Jackson FHA Loan Rates, Closing Costs & Stats

JACKSON, MS

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.

Jackson's 105 lenders originated 1,863 FHA loans during 2023. The total origination value was $417,945,000, with an average FHA loan value of $224,340.

Jackson FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Jackson averaged 0.02% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

Jackson's average FHA mortgage closing costs are $6,709.

The average rate for the prior week (2024-11-22) was 6.61% and one month ago for the week of 2024-10-25, the average rate was 6.39%.

The average rate one year ago was 7.18%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.15%.

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

Jackson 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 Jackson level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Trustmark National Bank 283 6.57% $7,490
BancorpSouth 195 6.28% $8,687
QUICKEN LOANS, LLC 168 6.21% $9,666
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 150 6.60% $8,679
OPEN MORTGAGE, LLC 132 6.73% $9,987
UNITED WHOLESALE MORTGAGE, LLC 60 6.43% $10,914
Community Bank of Mississippi 56 6.55% $8,228
STOCKTON MORTGAGE CORPORATION 39 6.79% $11,825
SWBC MORTGAGE CORPORATION 38 6.60% $7,134
Renasant Bank 37 6.37% $7,838
ACOPIA, LLC 34 7.12% $10,120
Regions Bank 32 6.33% $8,608
Origin Bank 31 6.45% $8,111
PLANET HOME LENDING, LLC 30 6.82% $11,466
BankPlus 26 6.23% $6,686
FREEDOM MORTGAGE CORPORATION 21 6.74% $11,619
Bank of England 15 6.87% $12,341
LOANDEPOT.COM, LLC 15 6.57% $9,564
CORNERSTONE HOME LENDING, INC. 13 6.86% $11,549
AMERISAVE MORTGAGE CORPORATION 12 5.80% $12,185
BROKER SOLUTIONS, INC. 12 6.97% $11,369
Mr. Cooper ( Nationstar Mortgage ) 12 6.17% $11,122
MORTGAGE INVESTORS GROUP, INC. 12 7.05% $8,761
CROSSCOUNTRY MORTGAGE, LLC 11 6.81% $10,094
NEWREZ LLC 11 6.31% $8,939
Flagstar Bank, FSB 10 6.23% $11,124
KEESLER 10 5.95% $8,724
UNION HOME MORTGAGE CORP. 10 6.90% $9,146
MUTUAL OF OMAHA MORTGAGE, INC. 9 6.92% $13,609
MORTGAGE SOLUTIONS OF COLORADO, LLC 9 6.87% $11,807
EVANSVILLE TEACHERS 9 7.07% $8,539
Carrington Mortgage Services, LLC 8 6.09% $9,951
PENNYMAC LOAN SERVICES, LLC 7 6.18% $10,540
FIDELITY BANK 7 6.59% $11,994
Equity Prime Mortgage LLC 7 6.68% $9,155
Magnolia Bank 7 6.96% $9,932
Mortgage Research Center, LLC 7 7.30% $6,079
Plains Commerce Bank 6 6.42% $13,166
MOVEMENT MORTGAGE, LLC 6 6.48% $9,057
AMERICAN FINANCIAL NETWORK, INC. 5 7.22% $11,780
HOMESIDE FINANCIAL, LLC 4 7.06% $12,124
GMFS LLC 4 6.00% $8,040
First Horizon Bank 4 6.47% $9,353
MID AMERICA MORTGAGE, INC. 4 7.47% $6,878
CARDINAL FINANCIAL 4 6.19% $11,788
GUILD MORTGAGE COMPANY 3 6.54% $11,841
FIRST COMMUNITY MORTGAGE, INC. 3 6.63% $10,115
Barrington Bank & Trust Company, N.A. 3 7.04% $7,708
ZILLOW HOME LOANS, LLC 2 6.13% $10,277
AMERICAN FINANCIAL RESOURCES, INC. 2 5.75% $13,527
Assurance Financial Group, L.L.C. 2 6.88% $9,403
GUARANTEED RATE, INC. 2 6.69% $6,792
LAKEVIEW LOAN SERVICING, LLC 2 6.62% $10,412
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 7.19% $8,691
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.25% $10,995
RESIDENTIAL BANCORP 2 7.00% $9,182
SeaTrust Mortgage Company 2 6.88% $11,626
The Federal Savings Bank 2 6.50% $9,732
Towne Bank 2 7.13% $8,027
Merchants & Marine Bank 1 6.75% $11,817
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.13% $12,458
MORTGAGE ACCESS CORP. 1 6.75% $15,666
Hancock Whitney Bank 1 6.13% $9,740
GUARANTEED RATE AFFINITY, LLC 1 7.50% $13,203
GSF Mortgage Corporation 1 6.13% $13,031
GENEVA FINANCIAL, LLC 1 7.50% $15,195
Gateway First Bank 1 6.25% $10,540
GARDNER FINANCIAL SERVICES, LTD. 1 7.13% $17,876
FirstBank 1 6.63% $7,675
Northpointe Bank 1 5.38% $5,449
OCEANSIDE MORTGAGE COMPANY 1 6.00% $5,989
OCMBC, INC. 1 6.50% $12,924
EMM LOANS LLC 1 5.50% $11,959
DRAPER AND KRAMER MORTGAGE CORP. 1 6.39% $6,354
Paramount Residential Mortgage Group, Inc. 1 7.50% $6,123
DHI MORTGAGE COMPANY, LTD. 1 5.50% $8,728
PENTAGON FEDERAL CREDIT UNION 1 5.88% $4,273
DELMAR FINANCIAL COMPANY 1 6.50% $9,419
CONTOUR MORTGAGE CORPORATION 1 7.13% $10,832
PREMIA MORTGAGE, LLC 1 7.13% $6,775
ACADEMY MORTGAGE CORPORATION 1 6.50% $11,963
BOKF 1 6.63% $8,574
Prosperity Home Mortgage, LLC 1 7.88% $16,678
COMMUNITY MORTGAGE CORPORATION 1 7.54% $5,835
Colonial Savings, F.A. 1 6.50% $13,452
RELIANCE FIRST CAPITAL, LLC 1 6.00% $10,084
CMG MORTGAGE, INC. 1 7.50% $18,652
AmeriHome Mortgage Company, LLC 1 6.63% $8,198
ROYAL UNITED MORTGAGE LLC 1 6.75% $6,054
RUOFF MORTGAGE COMPANY, INC. 1 5.25% $13,656
AMERICAN FINANCING CORPORATION 1 6.25% $5,867
Sierra Pacific Mortgage Company, Inc. 1 7.00% $5,294
STANDARD MORTGAGE CORPORATION 1 5.75% $7,470
Citizens Bank 1 5.13% $13,866
SUCCESS MORTGAGE PARTNERS, INC. 1 6.13% $8,676
Century Mortgage Company DBA Century Lending Company 1 7.25% $7,616
Wells Fargo Bank 1 6.13% $6,651
The First, A National Banking Association 1 6.63% $10,142
JPMorgan Chase Bank 1 6.13% $2,279
The Loan Store, Inc. 1 6.88% $15,448
LAND HOME FINANCIAL SERVICES, INC. 1 6.75% $10,930
LEADERONE FINANCIAL CORPORATION 1 7.25% $9,068
Hometown Equity Mortgage, LLC 1 6.25% $7,183
HOMESTAR FINANCIAL CORPORATION 1 7.63% $11,820
MEMBER FIRST MORTGAGE, LLC 1 7.50% $9,299

The top Jackson FHA lender as defined by loan originations is Trustmark National Bank, with 283 FHA loans originated. Their average total fees are $7,490, which is $1,197 lower than the next largest lender, BancorpSouth.

The lowest fee Jackson FHA lenders (with over 10 loans originated) are BankPlus ($6,686), SWBC MORTGAGE CORPORATION ($7,134), Trustmark National Bank ($7,490), Renasant Bank ($7,838) and Origin Bank ($8,111).

The lowest rate Jackson FHA lenders (with over 10 loans originated) are AMERISAVE MORTGAGE CORPORATION (5.80%), KEESLER (5.95%), Mr. Cooper ( Nationstar Mortgage ) (6.17%), QUICKEN LOANS, LLC (6.21%) and Flagstar Bank, FSB (6.23%).

Jackson FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
JACKSON, MS COPIAH 2022 $420,680 $538,650 $651,050 $809,150
JACKSON, MS HINDS 2022 $420,680 $538,650 $651,050 $809,150
JACKSON, MS HOLMES 2022 $420,680 $538,650 $651,050 $809,150
JACKSON, MS MADISON 2022 $420,680 $538,650 $651,050 $809,150
JACKSON, MS RANKIN 2022 $420,680 $538,650 $651,050 $809,150
JACKSON, MS SIMPSON 2022 $420,680 $538,650 $651,050 $809,150
JACKSON, MS YAZOO 2022 $420,680 $538,650 $651,050 $809,150
JACKSON, MS COPIAH 2023 $472,030 $604,400 $730,525 $907,900
JACKSON, MS HINDS 2023 $472,030 $604,400 $730,525 $907,900
JACKSON, MS HOLMES 2023 $472,030 $604,400 $730,525 $907,900
JACKSON, MS MADISON 2023 $472,030 $604,400 $730,525 $907,900
JACKSON, MS RANKIN 2023 $472,030 $604,400 $730,525 $907,900
JACKSON, MS SIMPSON 2023 $472,030 $604,400 $730,525 $907,900
JACKSON, MS YAZOO 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Jackson (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 $230,950 (7.5%) $293,197 (2.4%) 0.86 2,456
2018-02-01 $229,975 (4.3%) $290,380 (0.2%) 0.83 2,550
2018-03-01 $235,000 (3.6%) $295,824 (0.7%) 0.82 2,687
2018-04-01 $239,250 (4.5%) $301,497 (2.6%) 0.81 2,844
2018-05-01 $252,925 (10.1%) $326,327 (11.9%) 0.84 2,312
2018-06-01 $259,000 (12.6%) $329,107 (12.2%) 0.86 2,332
2018-07-01 $252,500 (9.8%) $328,095 (12.0%) 0.84 2,319
2018-08-01 $249,700 (6.6%) $321,979 (9.6%) 0.84 2,336
2018-09-01 $244,900 (4.8%) $316,100 (6.8%) 0.82 2,336
2018-10-01 $238,325 (2.6%) $304,020 (2.9%) 0.81 2,340
2018-11-01 $238,063 (3.6%) $307,286 (4.8%) 0.81 2,254
2018-12-01 $235,000 (0.3%) $306,020 (3.3%) 0.81 2,178
2019-01-01 $234,950 (1.7%) $306,046 (4.4%) 0.81 2,031
2019-02-01 $239,925 (4.3%) $315,425 (8.6%) 0.81 2,006
2019-03-01 $246,407 (4.9%) $320,941 (8.5%) 0.81 2,033
2019-04-01 $255,475 (6.8%) $325,745 (8.0%) 0.81 2,085
2019-05-01 $256,250 (1.3%) $327,379 (0.3%) 0.80 2,103
2019-06-01 $255,250 (-1.5%) $329,593 (0.2%) 0.80 2,111
2019-07-01 $252,350 (-0.1%) $324,965 (-1.0%) 0.79 2,136
2019-08-01 $251,273 (0.6%) $324,730 (0.9%) 0.80 2,100
2019-09-01 $250,557 (2.3%) $324,344 (2.6%) 0.80 2,062
2019-10-01 $249,750 (4.8%) $322,970 (6.2%) 0.81 2,033
2019-11-01 $248,900 (4.6%) $317,423 (3.3%) 0.82 2,030
2019-12-01 $249,900 (6.3%) $315,581 (3.1%) 0.83 1,954
2020-01-01 $252,500 (7.5%) $318,751 (4.2%) 0.84 1,777
2020-02-01 $252,850 (5.4%) $314,422 (-0.3%) 0.83 1,760
2020-03-01 $259,950 (5.5%) $321,087 (0.1%) 0.81 1,767
2020-04-01 $263,700 (3.2%) $318,347 (-2.3%) 0.83 1,715
2020-05-01 $269,900 (5.3%) $332,012 (1.4%) 0.82 1,605
2020-06-01 $283,500 (11.1%) $346,806 (5.2%) 0.84 1,483
2020-07-01 $298,300 (18.2%) $354,131 (9.0%) 0.86 1,357
2020-08-01 $301,900 (20.2%) $362,077 (11.5%) 0.87 1,268
2020-09-01 $303,500 (21.1%) $381,771 (17.7%) 0.87 1,155
2020-10-01 $294,000 (17.7%) $378,092 (17.1%) 0.84 1,089
2020-11-01 $285,000 (14.5%) $378,551 (19.3%) 0.83 1,028
2020-12-01 $277,200 (10.9%) $370,118 (17.3%) 0.82 924
2021-01-01 $275,000 (8.9%) $369,056 (15.8%) 0.82 831
2021-02-01 $278,925 (10.3%) $369,733 (17.6%) 0.81 785
2021-03-01 $274,825 (5.7%) $364,027 (13.4%) 0.78 709
2021-04-01 $277,225 (5.1%) $387,251 (21.6%) 0.75 597
2021-05-01 $279,900 (3.7%) $394,713 (18.9%) 0.74 591
2021-06-01 $269,425 (-5.0%) $386,790 (11.5%) 0.71 640
2021-07-01 $275,000 (-7.8%) $379,297 (7.1%) 0.73 708
2021-08-01 $272,000 (-9.9%) $369,804 (2.1%) 0.73 755
2021-09-01 $273,725 (-9.8%) $375,416 (-1.7%) 0.73 728
2021-10-01 $299,000 (1.7%) $402,227 (6.4%) 0.80 712
2021-11-01 $269,925 (-5.3%) $386,607 (2.1%) 0.72 691
2021-12-01 $265,500 (-4.2%) $378,482 (2.3%) 0.72 639
2022-01-01 $271,500 (-1.3%) $382,040 (3.5%) 0.73 562
2022-02-01 $299,800 (7.5%) $385,599 (4.3%) 0.78 537
2022-03-01 $312,450 (13.7%) $401,443 (10.3%) 0.78 587
2022-04-01 $307,450 (10.9%) $409,000 (5.6%) 0.73 623
2022-05-01 $284,825 (1.8%) $388,155 (-1.7%) 0.65 716
2022-06-01 $284,875 (5.7%) $375,351 (-3.0%) 0.63 791
2022-07-01 $310,000 (12.7%) $389,374 (2.7%) 0.70 904
2022-08-01 $300,025 (10.3%) $379,382 (2.6%) 0.69 966
2022-09-01 $297,875 (8.8%) $367,443 (-2.1%) 0.70 1,018
2022-10-01 $299,000 (0.0%) $356,427 (-11.4%) 0.70 1,107
2022-11-01 $305,957 (13.4%) $357,104 (-7.6%) 0.74 1,127
2022-12-01 $325,000 (22.4%) $366,806 (-3.1%) 0.80 1,114
2023-01-01 $320,000 (17.9%) $352,788 (-7.7%) 0.79 1,046
2023-02-01 $324,850 (8.4%) $360,172 (-6.6%) 0.78 1,054
2023-03-01 $299,450 (-4.2%) $349,331 (-13.0%) 0.71 1,141
2023-04-01 $284,889 (-7.3%) $342,584 (-16.2%) 0.66 1,135
2023-05-01 $289,900 (1.8%) $350,752 (-9.6%) 0.66 1,100
2023-06-01 $289,625 (1.7%) $352,781 (-6.0%) 0.65 1,162
2023-07-01 $284,325 (-8.3%) $338,738 (-13.0%) 0.65 1,225
2023-08-01 $287,000 (-4.3%) $341,419 (-10.0%) 0.66 1,313
2023-09-01 $288,500 (-3.2%) $344,536 (-6.2%) 0.67 1,380
2023-10-01 $284,224 (-4.9%) $341,919 (-4.1%) 0.67 1,445
2023-11-01 $284,225 (-7.1%) $345,195 (-3.3%) 0.68 1,508
2023-12-01 $285,000 (-12.3%) $349,581 (-4.7%) 0.70 1,471
2024-01-01 $292,425 (-8.6%) $350,291 (-0.7%) 0.71 1,361
2024-02-01 $297,175 (-8.5%) $349,967 (-2.8%) 0.72 1,304
2024-03-01 $299,999 (0.2%) $358,446 (2.6%) 0.71 1,365
2024-04-01 $307,500 (7.9%) $364,734 (6.5%) 0.72 1,429
2024-05-01 $320,738 (10.6%) $379,652 (8.2%) 0.72 1,475
2024-06-01 $320,000 (10.5%) $381,651 (8.2%) 0.72 1,534
2024-07-01 $319,499 (12.4%) $382,898 (13.0%) 0.73 1,600
2024-08-01 $311,500 (8.5%) $368,765 (8.0%) 0.72 1,656
2024-09-01 $312,500 (8.3%) $365,805 (6.2%) 0.74 1,735
2024-10-01 $308,225 (8.4%) $361,098 (5.6%) 0.73 1,795
Jackson's median listing price for 2024-10-01 was $308,225, a difference of $24,001 (8.4%) versus the prior year and $-4,275 versus the prior month.

Jackson's median listing price comes in at 73% of the national average.

Jackson's average listing price for 2024-10-01 was $361,098, a difference of $19,179 (5.6%) versus the prior year and $-4,707 versus the prior month.

For the 2024-10-01 period, Jackson had 1,795 MLS listings, a difference of 60 listings (3%) versus the prior month and 350 listings (24%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Jackson (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 93 days 2,183 sqft
2018-02-01 91 days 2,153 sqft
2018-03-01 74 days 2,198 sqft
2018-04-01 64 days 2,207 sqft
2018-05-01 65 days 2,364 sqft
2018-06-01 67 days 2,392 sqft
2018-07-01 70 days 2,379 sqft
2018-08-01 72 days 2,339 sqft
2018-09-01 77 days 2,292 sqft
2018-10-01 82 days 2,225 sqft
2018-11-01 90 days 2,240 sqft
2018-12-01 95 days 2,228 sqft
2019-01-01 102 days 2,212 sqft
2019-02-01 100 days 2,262 sqft
2019-03-01 82 days 2,296 sqft
2019-04-01 64 days 2,331 sqft
2019-05-01 63 days 2,338 sqft
2019-06-01 71 days 2,341 sqft
2019-07-01 74 days 2,283 sqft
2019-08-01 79 days 2,272 sqft
2019-09-01 79 days 2,279 sqft
2019-10-01 81 days 2,282 sqft
2019-11-01 83 days 2,267 sqft
2019-12-01 90 days 2,257 sqft
2020-01-01 97 days 2,257 sqft
2020-02-01 94 days 2,254 sqft
2020-03-01 72 days 2,307 sqft
2020-04-01 74 days 2,301 sqft
2020-05-01 78 days 2,342 sqft
2020-06-01 75 days 2,401 sqft
2020-07-01 65 days 2,429 sqft
2020-08-01 64 days 2,426 sqft
2020-09-01 63 days 2,421 sqft
2020-10-01 61 days 2,351 sqft
2020-11-01 61 days 2,347 sqft
2020-12-01 71 days 2,272 sqft
2021-01-01 82 days 2,287 sqft
2021-02-01 70 days 2,301 sqft
2021-03-01 58 days 2,311 sqft
2021-04-01 52 days 2,443 sqft
2021-05-01 37 days 2,368 sqft
2021-06-01 37 days 2,227 sqft
2021-07-01 43 days 2,326 sqft
2021-08-01 41 days 2,246 sqft
2021-09-01 47 days 2,320 sqft
2021-10-01 52 days 2,355 sqft
2021-11-01 22 days 2,240 sqft
2021-12-01 50 days 2,186 sqft
2022-01-01 57 days 2,179 sqft
2022-02-01 44 days 2,195 sqft
2022-03-01 32 days 2,135 sqft
2022-04-01 35 days 2,216 sqft
2022-05-01 37 days 2,146 sqft
2022-06-01 40 days 2,107 sqft
2022-07-01 43 days 2,200 sqft
2022-08-01 50 days 2,129 sqft
2022-09-01 56 days 2,126 sqft
2022-10-01 56 days 2,114 sqft
2022-11-01 60 days 2,128 sqft
2022-12-01 71 days 2,150 sqft
2023-01-01 78 days 2,115 sqft
2023-02-01 74 days 2,107 sqft
2023-03-01 54 days 2,063 sqft
2023-04-01 53 days 2,000 sqft
2023-05-01 59 days 2,002 sqft
2023-06-01 60 days 1,998 sqft
2023-07-01 57 days 1,974 sqft
2023-08-01 56 days 2,006 sqft
2023-09-01 54 days 2,015 sqft
2023-10-01 58 days 1,998 sqft
2023-11-01 65 days 2,009 sqft
2023-12-01 70 days 2,006 sqft
2024-01-01 78 days 2,008 sqft
2024-02-01 77 days 2,025 sqft
2024-03-01 56 days 2,052 sqft
2024-04-01 52 days 2,072 sqft
2024-05-01 52 days 2,117 sqft
2024-06-01 60 days 2,112 sqft
2024-07-01 65 days 2,094 sqft
2024-08-01 65 days 2,056 sqft
2024-09-01 66 days 2,049 sqft
2024-10-01 68 days 2,048 sqft
Jackson's median listing age (time on market) for 2024-10-01 was 68 days. This is 17% longer than the same period one year ago.

Jackson's median square footage for active listings during the 2024-10-01 period was 2,048 sqft. One year prior, the average listing was 1,998 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).