Jefferson FHA Loan Rates, Closing Costs & Stats

Jefferson, GA

  • 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.

    Jefferson's 103 lenders originated 741 FHA loans during 2024. The total origination value was $260,435,000, with an average FHA loan value of $351,464.

    Jefferson FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Jefferson averaged 6.32% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Jefferson's average FHA mortgage closing costs are $9,580.

    The average rate for the prior week (2025-03-28) was 6.51% and one month ago for the week of 2025-02-28, the average rate was 6.5%.

    The average rate one year ago was 6.72%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.08%.

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

    Jefferson 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 Jefferson level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    BROKER SOLUTIONS, INC. 57 6.48% $14,194
    UNITED WHOLESALE MORTGAGE, LLC 51 6.07% $15,044
    DHI MORTGAGE COMPANY, LTD. 49 5.54% $10,663
    VICTORY MORTGAGE, L.L.C. 46 5.70% $10,492
    QUICKEN LOANS, LLC 39 6.10% $14,641
    LOANDEPOT.COM, LLC 25 5.45% $13,806
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 22 6.48% $13,774
    NVR Mortgage Finance, Inc. 22 6.11% $12,879
    GUILD MORTGAGE COMPANY 20 5.85% $12,784
    AMERICAN PACIFIC MORTGAGE CORPORATION 19 6.44% $17,700
    VANDERBILT MORTGAGE AND FINANCE, INC. 19 5.79% $19,998
    PENNYMAC LOAN SERVICES, LLC 16 6.20% $12,688
    HOMEOWNERS FINANCIAL GROUP USA, LLC 14 6.02% $16,082
    FREEDOM MORTGAGE CORPORATION 14 6.32% $13,670
    EVERETT FINANCIAL, INC. 11 6.84% $15,194
    Ameris Bank 10 6.31% $14,592
    BANKSOUTH MORTGAGE COMPANY, LLC 10 6.46% $15,787
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 8 6.44% $16,329
    ACOPIA, LLC 8 6.51% $14,124
    MOVEMENT MORTGAGE, LLC 8 6.84% $13,077
    First Option Mortgage, LLC 8 7.06% $15,033
    AMERICAN FINANCIAL NETWORK, INC. 7 6.84% $13,905
    Century Mortgage Company DBA Century Lending Company 7 6.21% $12,673
    HOMESIDE FINANCIAL, LLC 7 6.21% $18,140
    Paramount Residential Mortgage Group, Inc. 7 6.27% $14,670
    Regions Bank 6 6.54% $11,424
    UNION HOME MORTGAGE CORP. 6 6.65% $13,333
    EAGLE HOME MORTGAGE, LLC 6 4.77% $10,064
    LAKEVIEW LOAN SERVICING, LLC 5 6.60% $10,852
    GUARANTEED RATE, INC. 5 6.20% $12,371
    ZILLOW HOME LOANS, LLC 5 5.98% $15,673
    PREMIER MORTGAGE RESOURCES, L.L.C. 5 6.85% $12,959
    PLANET HOME LENDING, LLC 5 5.35% $10,416
    CROSSCOUNTRY MORTGAGE, LLC 5 6.30% $15,813
    Equity Prime Mortgage LLC 5 7.48% $16,544
    GUARANTEED RATE AFFINITY, LLC 5 6.47% $14,168
    RELIANCE FIRST CAPITAL, LLC 4 6.84% $13,029
    FBC MORTGAGE, LLC 4 5.75% $14,788
    Cornerstone First Mortgage, Inc 4 6.50% $11,704
    Presidential Bank, FSB 4 5.91% $16,457
    Capital City Home Loans, LLC 4 6.41% $15,036
    FIRST COLONY MORTGAGE CORPORATION 4 5.78% $14,416
    GENEVA FINANCIAL, LLC 3 6.75% $14,821
    Carrington Mortgage Services, LLC 3 5.92% $13,732
    JMAC LENDING, INC. 3 6.50% $13,916
    Magnolia Bank 3 6.25% $10,200
    STOCKTON MORTGAGE CORPORATION 3 6.58% $13,354
    PLAZA HOME MORTGAGE, INC. 2 6.69% $11,973
    NATIONS DIRECT MORTGAGE, LLC 2 6.44% $16,479
    CMG MORTGAGE, INC. 2 6.19% $12,464
    Lakeview Community Capital, LLC 2 6.44% $8,814
    Prosperity Home Mortgage, LLC 2 6.00% $15,409
    SUN WEST MORTGAGE COMPANY, INC. 2 6.06% $15,991
    Mr. Cooper ( Nationstar Mortgage ) 2 6.19% $20,549
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.00% $15,130
    CARDINAL FINANCIAL 2 5.87% $12,617
    VILLAGE CAPITAL MORTGAGE 2 6.62% $3,663
    Renasant Bank 2 6.00% $12,243
    US MORTGAGE CORPORATION 2 7.13% $16,977
    Plains Commerce Bank 2 5.69% $15,800
    VAN DYK MORTGAGE CORPORATION 2 6.87% $8,529
    COMMUNITY MORTGAGE CORPORATION 2 6.50% $11,440
    GEO-CORP, INC. 2 7.44% $19,571
    ISERVE RESIDENTIAL LENDING, LLC 2 6.63% $23,815
    DIRECT MORTGAGE LOANS, LLC 1 6.00% $15,748
    DAS Acquisition Company, LLC 1 6.25% $20,994
    PHH Mortgage Corporation 1 5.13% $8,453
    Colony Bank 1 5.75% $12,404
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $16,524
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 8.13% $8,889
    RADIUS FINANCIAL GROUP INC. 1 5.75% $11,561
    Assurance Financial Group, L.L.C. 1 6.75% $9,352
    Residential Acceptance Corporation 1 8.25% $10,950
    SECURITYNATIONAL MORTGAGE COMPANY 1 6.63% $11,814
    Simmons Bank 1 6.50% $10,964
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $13,554
    AMERICAN FINANCIAL RESOURCES, INC. 1 5.63% $8,405
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.99% $15,908
    SUMMIT FUNDING, INC. 1 6.63% $12,939
    TJC Mortgage, Inc. 1 6.25% $19,249
    AMERISAVE MORTGAGE CORPORATION 1 6.13% $11,022
    UNITED MORTGAGE CORP 1 6.75% $13,360
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.75% $12,604
    U.S. Bank 1 6.75% $11,288
    American Mortgage & Equity Consultants, Inc. 1 7.00% $16,993
    GMFS LLC 1 6.63% $5,424
    GARDNER FINANCIAL SERVICES, LTD. 1 6.13% $17,388
    AMERICAN FINANCING CORPORATION 1 5.88% $11,896
    Franklin Loan Corporation 1 5.75% $19,164
    First Federal Bank 1 4.88% $9,762
    LOANPAL, LLC 1 5.63% $10,848
    MID AMERICA MORTGAGE, INC. 1 5.75% $3,783
    MORTGAGE INVESTORS GROUP, INC. 1 5.63% $20,627
    Mortgage Research Center, LLC 1 6.63% $6,819
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.13% $7,196
    FIRST COMMUNITY MORTGAGE, INC. 1 6.13% $15,934
    NATION ONE MORTGAGE CORPORATION 1 5.75% $18,152
    Nations Lending Corporation 1 6.25% $20,408
    NEWREZ LLC 1 6.75% $5,066
    NFM, INC. 1 7.38% $9,459
    Northpointe Bank 1 6.00% $18,740
    ENDEAVOR CAPITAL, LLC. 1 6.25% $10,976
    PANORAMA MORTGAGE GROUP, LLC 1 7.25% $19,027

    The top Jefferson FHA lender as defined by loan originations is BROKER SOLUTIONS, INC., with 57 FHA loans originated. Their average total fees are $14,194, which is $850 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Jefferson FHA lenders (with over 10 loans originated) are VICTORY MORTGAGE, L.L.C. ($10,492), DHI MORTGAGE COMPANY, LTD. ($10,663), PENNYMAC LOAN SERVICES, LLC ($12,688), GUILD MORTGAGE COMPANY ($12,784) and NVR Mortgage Finance, Inc. ($12,879).

    The lowest rate Jefferson FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (5.45%), DHI MORTGAGE COMPANY, LTD. (5.54%), VICTORY MORTGAGE, L.L.C. (5.70%), VANDERBILT MORTGAGE AND FINANCE, INC. (5.79%) and GUILD MORTGAGE COMPANY (5.85%).

    Jefferson FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    JEFFERSON, GA JACKSON 2022 $420,680 $538,650 $651,050 $809,150
    JEFFERSON, GA JACKSON 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Jefferson (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 $270,785 (16.4%) $317,556 (16.4%) 0.00 526
    2018-02-01 $266,750 (11.8%) $314,048 (11.1%) 0.00 536
    2018-03-01 $273,420 (11.4%) $319,685 (11.5%) 0.00 474
    2018-04-01 $289,181 (16.2%) $333,786 (15.4%) 0.00 451
    2018-05-01 $294,708 (17.9%) $342,743 (17.5%) 0.00 426
    2018-06-01 $296,475 (16.1%) $350,754 (17.9%) 0.00 426
    2018-07-01 $285,098 (12.1%) $343,143 (16.6%) 0.00 466
    2018-08-01 $280,911 (10.2%) $336,826 (12.3%) 0.00 482
    2018-09-01 $282,763 (8.3%) $335,193 (11.9%) 0.00 491
    2018-10-01 $276,647 (5.3%) $331,082 (9.6%) 0.00 608
    2018-11-01 $276,072 (5.2%) $328,461 (7.6%) 0.00 607
    2018-12-01 $275,699 (4.4%) $329,822 (6.2%) 0.00 587
    2019-01-01 $279,546 (3.2%) $331,531 (4.4%) 0.00 541
    2019-02-01 $288,850 (8.3%) $343,764 (9.5%) 0.00 532
    2019-03-01 $282,074 (3.2%) $329,987 (3.2%) 0.00 597
    2019-04-01 $274,497 (-5.1%) $309,920 (-7.2%) 0.00 669
    2019-05-01 $274,087 (-7.0%) $306,956 (-10.4%) 0.00 621
    2019-06-01 $266,126 (-10.2%) $306,899 (-12.5%) 0.00 630
    2019-07-01 $268,118 (-6.0%) $325,781 (-5.1%) 0.00 625
    2019-08-01 $266,655 (-5.1%) $317,363 (-5.8%) 0.00 636
    2019-09-01 $265,755 (-6.0%) $306,291 (-8.6%) 0.00 618
    2019-10-01 $272,128 (-1.6%) $317,590 (-4.1%) 0.00 548
    2019-11-01 $279,913 (1.4%) $332,572 (1.3%) 0.00 459
    2019-12-01 $284,173 (3.1%) $326,651 (-1.0%) 0.00 428
    2020-01-01 $284,900 (1.9%) $324,528 (-2.1%) 0.00 405
    2020-02-01 $285,000 (-1.3%) $331,736 (-3.5%) 0.00 402
    2020-03-01 $283,721 (0.6%) $330,388 (0.1%) 0.00 379
    2020-04-01 $285,193 (3.9%) $329,074 (6.2%) 0.00 411
    2020-05-01 $289,995 (5.8%) $338,299 (10.2%) 0.00 407
    2020-06-01 $300,051 (12.8%) $350,693 (14.3%) 0.00 367
    2020-07-01 $300,867 (12.2%) $355,404 (9.1%) 0.00 356
    2020-08-01 $305,509 (14.6%) $355,401 (12.0%) 0.00 340
    2020-09-01 $313,150 (17.8%) $361,308 (18.0%) 0.00 297
    2020-10-01 $314,900 (15.7%) $358,278 (12.8%) 0.00 274
    2020-11-01 $310,596 (11.0%) $368,331 (10.8%) 0.00 252
    2020-12-01 $300,876 (5.9%) $374,709 (14.7%) 0.00 241
    2021-01-01 $299,945 (5.3%) $376,285 (16.0%) 0.00 209
    2021-02-01 $314,038 (10.2%) $400,336 (20.7%) 0.00 170
    2021-03-01 $318,578 (12.3%) $415,260 (25.7%) 0.00 139
    2021-04-01 $332,500 (16.6%) $422,027 (28.3%) 0.00 132
    2021-05-01 $349,950 (20.7%) $435,198 (28.6%) 0.00 129
    2021-06-01 $372,475 (24.1%) $452,117 (28.9%) 0.00 154
    2021-07-01 $379,950 (26.3%) $470,921 (32.5%) 0.00 168
    2021-08-01 $379,450 (24.2%) $461,446 (29.8%) 0.00 203
    2021-09-01 $403,689 (28.9%) $478,009 (32.3%) 0.00 233
    2021-10-01 $409,000 (29.9%) $480,720 (34.2%) 0.00 242
    2021-11-01 $422,995 (36.2%) $484,125 (31.4%) 0.00 235
    2021-12-01 $445,174 (48.0%) $498,429 (33.0%) 0.00 225
    2022-01-01 $474,429 (58.2%) $530,358 (41.0%) 0.00 163
    2022-02-01 $458,339 (46.0%) $532,509 (33.0%) 0.00 151
    2022-03-01 $468,768 (47.1%) $544,515 (31.1%) 0.00 151
    2022-04-01 $475,000 (42.9%) $556,522 (31.9%) 0.00 165
    2022-05-01 $487,495 (39.3%) $567,396 (30.4%) 0.00 211
    2022-06-01 $478,554 (28.5%) $561,147 (24.1%) 0.00 262
    2022-07-01 $472,324 (24.3%) $556,085 (18.1%) 0.00 349
    2022-08-01 $471,943 (24.4%) $552,629 (19.8%) 0.00 387
    2022-09-01 $472,664 (17.1%) $535,877 (12.1%) 0.00 424
    2022-10-01 $450,000 (10.0%) $515,922 (7.3%) 0.00 465
    2022-11-01 $439,704 (4.0%) $519,610 (7.3%) 0.00 455
    2022-12-01 $427,420 (-4.0%) $521,568 (4.6%) 0.00 434
    2023-01-01 $432,107 (-8.9%) $525,217 (-1.0%) 0.00 386
    2023-02-01 $439,464 (-4.1%) $522,534 (-1.9%) 0.00 362
    2023-03-01 $445,450 (-5.0%) $527,291 (-3.2%) 0.00 351
    2023-04-01 $439,900 (-7.4%) $521,802 (-6.2%) 0.00 350
    2023-05-01 $445,400 (-8.6%) $526,389 (-7.2%) 0.00 340
    2023-06-01 $449,087 (-6.2%) $505,831 (-9.9%) 0.00 349
    2023-07-01 $449,900 (-4.8%) $512,118 (-7.9%) 0.00 354
    2023-08-01 $446,678 (-5.4%) $504,342 (-8.7%) 0.00 362
    2023-09-01 $446,450 (-5.6%) $494,977 (-7.6%) 0.00 370
    2023-10-01 $440,023 (-2.2%) $499,201 (-3.2%) 0.00 396
    2023-11-01 $444,877 (1.2%) $510,934 (-1.7%) 0.00 407
    2023-12-01 $442,000 (3.4%) $517,035 (-0.9%) 0.00 401
    2024-01-01 $445,009 (3.0%) $525,343 (0.0%) 0.00 377
    2024-02-01 $441,820 (0.5%) $527,993 (1.0%) 0.00 385
    2024-03-01 $440,000 (-1.2%) $532,702 (1.0%) 0.00 398
    2024-04-01 $445,120 (1.2%) $550,550 (5.5%) 0.00 435
    2024-05-01 $465,625 (4.5%) $562,306 (6.8%) 0.00 492
    2024-06-01 $474,445 (5.7%) $562,140 (11.1%) 0.00 529
    2024-07-01 $475,000 (5.6%) $568,115 (10.9%) 0.00 559
    2024-08-01 $474,168 (6.2%) $578,204 (14.7%) 0.00 580
    2024-09-01 $468,101 (4.9%) $575,882 (16.4%) 0.00 619
    2024-10-01 $464,973 (5.7%) $575,616 (15.3%) 0.00 640
    2024-11-01 $465,000 (4.5%) $573,494 (12.2%) 0.00 630
    2024-12-01 $462,350 (4.6%) $560,434 (8.4%) 0.00 578
    2025-01-01 $465,076 (4.5%) $567,245 (8.0%) 0.00 513
    2025-02-01 $469,993 (6.4%) $571,642 (8.3%) 0.00 532
    2025-03-01 $475,000 (8.0%) $576,099 (8.2%) 0.00 552
    Jefferson's median listing price for 2025-03-01 was $475,000, a difference of $35,000 (8.0%) versus the prior year and $5,007 versus the prior month.

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

    Jefferson's average listing price for 2025-03-01 was $576,099, a difference of $43,397 (8.2%) versus the prior year and $4,457 versus the prior month.

    For the 2025-03-01 period, Jefferson had 552 MLS listings, a difference of 20 listings (4%) versus the prior month and 154 listings (39%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Jefferson (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,593 sqft
    2018-02-01 0 days 2,575 sqft
    2018-03-01 0 days 2,549 sqft
    2018-04-01 0 days 2,580 sqft
    2018-05-01 0 days 2,571 sqft
    2018-06-01 0 days 2,587 sqft
    2018-07-01 0 days 2,568 sqft
    2018-08-01 0 days 2,517 sqft
    2018-09-01 0 days 2,580 sqft
    2018-10-01 0 days 2,529 sqft
    2018-11-01 0 days 2,544 sqft
    2018-12-01 0 days 2,537 sqft
    2019-01-01 0 days 2,580 sqft
    2019-02-01 0 days 2,599 sqft
    2019-03-01 0 days 2,601 sqft
    2019-04-01 0 days 2,586 sqft
    2019-05-01 0 days 2,614 sqft
    2019-06-01 0 days 2,580 sqft
    2019-07-01 0 days 2,584 sqft
    2019-08-01 0 days 2,577 sqft
    2019-09-01 0 days 2,562 sqft
    2019-10-01 0 days 2,526 sqft
    2019-11-01 0 days 2,509 sqft
    2019-12-01 0 days 2,500 sqft
    2020-01-01 0 days 2,501 sqft
    2020-02-01 0 days 2,500 sqft
    2020-03-01 0 days 2,500 sqft
    2020-04-01 0 days 2,495 sqft
    2020-05-01 0 days 2,493 sqft
    2020-06-01 0 days 2,504 sqft
    2020-07-01 0 days 2,524 sqft
    2020-08-01 0 days 2,546 sqft
    2020-09-01 0 days 2,531 sqft
    2020-10-01 0 days 2,440 sqft
    2020-11-01 0 days 2,502 sqft
    2020-12-01 0 days 2,476 sqft
    2021-01-01 0 days 2,500 sqft
    2021-02-01 0 days 2,373 sqft
    2021-03-01 0 days 2,416 sqft
    2021-04-01 0 days 2,361 sqft
    2021-05-01 0 days 2,371 sqft
    2021-06-01 0 days 2,386 sqft
    2021-07-01 0 days 2,366 sqft
    2021-08-01 0 days 2,463 sqft
    2021-09-01 0 days 2,564 sqft
    2021-10-01 0 days 2,552 sqft
    2021-11-01 0 days 2,650 sqft
    2021-12-01 0 days 2,712 sqft
    2022-01-01 0 days 2,707 sqft
    2022-02-01 0 days 2,592 sqft
    2022-03-01 0 days 2,630 sqft
    2022-04-01 0 days 2,508 sqft
    2022-05-01 0 days 2,506 sqft
    2022-06-01 0 days 2,588 sqft
    2022-07-01 0 days 2,508 sqft
    2022-08-01 0 days 2,496 sqft
    2022-09-01 0 days 2,488 sqft
    2022-10-01 0 days 2,436 sqft
    2022-11-01 0 days 2,467 sqft
    2022-12-01 0 days 2,408 sqft
    2023-01-01 0 days 2,426 sqft
    2023-02-01 0 days 2,467 sqft
    2023-03-01 0 days 2,462 sqft
    2023-04-01 0 days 2,448 sqft
    2023-05-01 0 days 2,442 sqft
    2023-06-01 0 days 2,452 sqft
    2023-07-01 0 days 2,500 sqft
    2023-08-01 0 days 2,482 sqft
    2023-09-01 0 days 2,433 sqft
    2023-10-01 0 days 2,422 sqft
    2023-11-01 0 days 2,438 sqft
    2023-12-01 0 days 2,424 sqft
    2024-01-01 0 days 2,486 sqft
    2024-02-01 0 days 2,448 sqft
    2024-03-01 0 days 2,484 sqft
    2024-04-01 0 days 2,491 sqft
    2024-05-01 0 days 2,539 sqft
    2024-06-01 0 days 2,551 sqft
    2024-07-01 0 days 2,551 sqft
    2024-08-01 0 days 2,518 sqft
    2024-09-01 0 days 2,494 sqft
    2024-10-01 0 days 2,485 sqft
    2024-11-01 0 days 2,459 sqft
    2024-12-01 0 days 2,436 sqft
    2025-01-01 0 days 2,500 sqft
    2025-02-01 0 days 2,486 sqft
    2025-03-01 0 days 2,500 sqft
    Jefferson's median listing age (time on market) for 2025-03-01 was 0 days.

    Jefferson's median square footage for active listings during the 2025-03-01 period was 2,500 sqft. One year prior, the average listing was 2,484 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).