Knoxville FHA Loan Rates, Closing Costs & Stats

KNOXVILLE, TN

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.

Knoxville's 155 lenders originated 4,155 FHA loans during 2021. The total origination value was $890,665,000, with an average FHA loan value of $214,360.

Knoxville FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Knoxville averaged 6.16% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Knoxville's average FHA mortgage closing costs are $6,805.

The average rate for the prior week (2022-11-25) was 6.28% and one month ago for the week of 2022-10-28, the average rate was 6.52%.

The average rate one year ago was 3.35%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.27%.

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

Knoxville 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 Knoxville level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
MORTGAGE INVESTORS GROUP, INC. 667 2.98% $7,285
QUICKEN LOANS, LLC 352 2.73% $6,485
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 247 3.30% $8,697
MOVEMENT MORTGAGE, LLC 180 3.17% $6,922
DHI MORTGAGE COMPANY, LTD. 157 2.72% $7,054
PENNYMAC LOAN SERVICES, LLC 130 3.05% $4,814
FIRST COMMUNITY MORTGAGE, INC. 113 2.91% $8,592
LAKEVIEW LOAN SERVICING, LLC 104 3.01% $4,199
FREEDOM MORTGAGE CORPORATION 100 2.95% $4,378
LOANDEPOT.COM, LLC 75 3.35% $7,349
Gateway First Bank 71 3.47% $5,433
HOME POINT FINANCIAL CORPORATION 60 2.95% $7,564
UNITED WHOLESALE MORTGAGE, LLC 59 2.79% $7,891
STOCKTON MORTGAGE CORPORATION 57 3.16% $7,801
CMG MORTGAGE, INC. 57 3.03% $7,531
Sierra Pacific Mortgage Company, Inc. 54 2.93% $8,354
Mr. Cooper ( Nationstar Mortgage ) 51 3.36% $3,960
AmeriHome Mortgage Company, LLC 44 3.03% $4,133
CALIBER HOME LOANS, INC. 43 2.91% $6,890
UNION HOME MORTGAGE CORP. 38 3.25% $7,875
ISERVE RESIDENTIAL LENDING, LLC 35 3.16% $11,019
HOMEBRIDGE FINANCIAL SERVICES, INC. 33 2.71% $6,129
NEWREZ LLC 32 2.98% $6,600
A Mortgage Boutique, LLC 31 2.61% $8,895
AMERISAVE MORTGAGE CORPORATION 30 3.20% $7,620
VILLAGE CAPITAL MORTGAGE 29 3.00% $2,203
Citizens Bank 26 2.73% $8,162
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 24 3.34% $6,652
T2 FINANCIAL LLC 23 3.22% $7,595
AMERICAN FINANCIAL NETWORK, INC. 23 3.23% $7,614
TJC Mortgage, Inc. 22 2.94% $8,498
Carrington Mortgage Services, LLC 22 3.61% $7,416
First Guaranty Mortgage Corporation 22 3.01% $5,293
Hometown Lenders, Inc. 21 3.21% $8,127
Bank of England 20 3.20% $7,490
BROKER SOLUTIONS, INC. 20 3.06% $7,571
AMERICAN FINANCIAL RESOURCES, INC. 19 3.25% $8,265
GUILD MORTGAGE COMPANY 18 3.22% $7,809
RELIANCE FIRST CAPITAL, LLC 15 3.08% $8,218
Nations Lending Corporation 15 3.30% $9,732
AMCAP MORTGAGE, LTD. 15 3.24% $7,478
BAY EQUITY LLC 13 3.17% $7,686
FirstBank 12 3.07% $7,412
Regions Bank 12 2.84% $7,008
VANDERBILT MORTGAGE AND FINANCE, INC. 11 2.84% $9,299
Countybank 11 2.88% $7,291
Paramount Residential Mortgage Group, Inc. 11 3.29% $6,584
NATIONS DIRECT MORTGAGE, LLC 10 2.94% $8,152
PRIMARY RESIDENTIAL MORTGAGE, INC. 10 3.64% $8,671
Equity Prime Mortgage LLC 10 3.38% $7,459
AMERICAN MORTGAGE SERVICE COMPANY 9 2.71% $8,116
PLANET HOME LENDING, LLC 9 3.14% $5,982
Wolfe Financial, Inc 9 3.15% $8,263
GUARANTEED RATE, INC. 9 3.00% $6,939
TOP FLITE FINANCIAL, INC. 9 3.14% $11,313
SOUTHWEST FUNDING, LP 9 3.71% $8,011
SUCCESS MORTGAGE PARTNERS, INC. 8 3.03% $6,822
Renasant Bank 8 3.14% $6,366
InterContinental Capital Group, Inc 8 2.83% $7,043
CROSSCOUNTRY MORTGAGE, LLC 8 3.41% $7,817
Pinnacle Bank 7 2.86% $7,704
Truist 7 2.89% $7,324
TOWNE MORTGAGE COMPANY 7 3.64% $6,051
DAS Acquisition Company, LLC 7 3.20% $10,109
Princeton Mortgage Corporation 7 3.16% $8,461
Fifth Third Bank 6 3.06% $7,035
THRIVE MORTGAGE, LLC 6 3.35% $12,107
MYCUMORTGAGE, LLC 6 2.77% $7,774
Mortgage Research Center, LLC 6 2.96% $4,820
NATIONS RELIABLE LENDING, LLC 5 3.63% $8,003
SOVEREIGN LENDING GROUP INCORPORATED 5 2.65% $7,740
EVERETT FINANCIAL, INC. 5 3.60% $5,922
SmartBank 5 2.63% $7,994
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 3.15% $7,274
United Community Bank 4 3.19% $6,262
Waterstone Mortgage Corporation 4 3.63% $6,263
MID AMERICA MORTGAGE, INC. 4 2.69% $3,307
OCEANSIDE MORTGAGE COMPANY 4 3.00% $2,197
AMERICAN FINANCING CORPORATION 4 3.19% $8,421
HOMESTAR FINANCIAL CORPORATION 3 3.21% $7,000
CELEBRITY HOME LOANS, LLC 3 3.50% $9,047
NATIONWIDE MORTGAGE BANKERS, INC. 3 3.63% $10,815
Goldwater Bank, N.A. 3 3.13% $9,523
VAN DYK MORTGAGE CORPORATION 3 3.46% $4,732
CapStar Bank 3 2.67% $6,916
MICHIGAN MUTUAL, INC. 3 3.13% $7,369
SUN WEST MORTGAGE COMPANY, INC. 3 2.50% $8,820
Bank of America 3 2.63% $6,421
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 3.21% $8,404
ZILLOW HOME LOANS, LLC 2 2.88% $5,231
ACOPIA, LLC 2 3.50% $8,052
Alcova Mortgage LLC 2 3.31% $7,613
AmRes Corporation 2 3.31% $8,002
CONTOUR MORTGAGE CORPORATION 2 3.25% $9,414
EMBRACE HOME LOANS, INC. 2 3.00% $6,437
GENEVA FINANCIAL, LLC 2 3.06% $6,645
HOMESIDE FINANCIAL, LLC 2 3.19% $7,600
KELLER MORTGAGE, LLC 2 2.81% $5,607
LENDUS, LLC 2 2.94% $7,618
MIDLAND MORTGAGE CORPORATION 2 3.25% $4,753
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 3.50% $10,859
Northpointe Bank 2 3.19% $7,203
POLARIS HOME FUNDING CORP. 2 3.07% $12,421
RESIDENTIAL HOME FUNDING CORP. 2 3.00% $9,099
RUOFF MORTGAGE COMPANY, INC. 2 3.31% $4,932
Simmons Bank 2 2.56% $8,813
SOUTHWEST STAGE FUNDING, LLC 2 3.50% $2,330
The First National Bank of Middle Tennessee 2 2.56% $6,884
U.S. Bank 2 2.87% $7,674
1ST SIGNATURE LENDING, LLC 2 2.94% $8,271
PLAZA HOME MORTGAGE, INC. 1 2.63% $3,295
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.00% $5,648
MORTGAGE FINANCIAL SERVICES, LLC 1 2.63% $7,141
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.63% $8,417
MORIA DEVELOPMENT, INC. 1 3.50% $10,530
MEMBER FIRST MORTGAGE, LLC 1 2.75% $6,132
Magnolia Bank 1 2.75% $11,028
Low VA Rates, LLC 1 2.75% $3,794
Legends Bank 1 2.75% $6,960
Austin Capital Bank SSB 1 3.88% $10,845
ARC HOME LLC 1 3.25% $6,735
SECURITYNATIONAL MORTGAGE COMPANY 1 3.00% $9,591
Servion, Inc. 1 3.00% $8,473
JLB CORPORATION 1 2.50% $5,726
Ameris Bank 1 2.38% $7,325
Hometown Equity Mortgage, LLC 1 4.25% $16,130
SOUTHPOINT FINANCIAL SERVICES, INC. 1 2.25% $9,185
HOMESPIRE MORTGAGE CORPORATION 1 3.63% $5,550
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.50% $9,634
GUARANTEED RATE AFFINITY, LLC 1 3.00% $8,366
FLAT BRANCH MORTGAGE, INC. 1 3.50% $11,200
First Horizon Bank 1 2.88% $6,705
SUMMIT FUNDING, INC. 1 3.75% $6,613
First Home Bank 1 3.75% $6,272
EVANSVILLE TEACHERS 1 2.63% $4,629
Wells Fargo Bank 1 3.00% $4,136
THE MORTGAGE FIRM, INC. 1 3.25% $6,216
The Union Bank Company 1 2.50% $7,935
CORNERSTONE HOME LENDING, INC. 1 3.25% $8,997
COMMUNITY MORTGAGE CORPORATION 1 3.00% $6,923
Commerce Home Mortgage, Inc. 1 3.38% $9,046
Towne Bank 1 2.88% $9,702
CHURCHILL MORTGAGE CORPORATION 1 4.50% $5,448
CHERRY CREEK MORTGAGE, LLC 1 2.75% $11,647
CALCON MUTUAL MORTGAGE LLC 1 3.50% $8,965
BLUELEAF LENDING, LLC 1 2.75% $6,985
Barrington Bank & Trust Company, N.A. 1 5.20% $5,534
Paramount Bank 1 2.50% $8,442
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 3.75% $9,537
OCMBC, INC. 1 2.88% $3,761
Peoples Bank 1 3.75% $8,222
PHH Mortgage Corporation 1 4.00% $5,757
NORWICH COMMERCIAL GROUP, INC. 1 2.75% $5,029
Plains Commerce Bank 1 2.38% $7,925
MUTUAL OF OMAHA MORTGAGE, INC. 1 3.25% $5,201

The top Knoxville FHA lender as defined by loan originations is MORTGAGE INVESTORS GROUP, INC., with 667 FHA loans originated. Their average total fees are $7,285, which is $800 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Knoxville FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,203), Mr. Cooper ( Nationstar Mortgage ) ($3,960), AmeriHome Mortgage Company, LLC ($4,133), LAKEVIEW LOAN SERVICING, LLC ($4,199) and FREEDOM MORTGAGE CORPORATION ($4,378).

The lowest rate Knoxville FHA lenders (with over 10 loans originated) are A Mortgage Boutique, LLC (2.61%), HOMEBRIDGE FINANCIAL SERVICES, INC. (2.71%), DHI MORTGAGE COMPANY, LTD. (2.72%), Citizens Bank (2.73%) and QUICKEN LOANS, LLC (2.73%).

Knoxville FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
KNOXVILLE, TN ANDERSON 2022 $420,680 $538,650 $651,050 $809,150
KNOXVILLE, TN BLOUNT 2022 $420,680 $538,650 $651,050 $809,150
KNOXVILLE, TN CAMPBELL 2022 $420,680 $538,650 $651,050 $809,150
KNOXVILLE, TN KNOX 2022 $420,680 $538,650 $651,050 $809,150
KNOXVILLE, TN LOUDON 2022 $420,680 $538,650 $651,050 $809,150
KNOXVILLE, TN MORGAN 2022 $420,680 $538,650 $651,050 $809,150
KNOXVILLE, TN ROANE 2022 $420,680 $538,650 $651,050 $809,150
KNOXVILLE, TN UNION 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Knoxville (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 $250,510 (13.9%) $347,971 (9.9%) 0.93 3,367
2018-02-01 $253,877 (10.4%) $353,607 (9.4%) 0.92 3,180
2018-03-01 $265,000 (11.8%) $374,933 (13.2%) 0.93 3,143
2018-04-01 $275,450 (10.2%) $383,457 (10.6%) 0.93 3,189
2018-05-01 $279,900 (12.0%) $391,201 (12.2%) 0.93 3,256
2018-06-01 $279,900 (12.0%) $391,616 (13.0%) 0.93 3,359
2018-07-01 $274,900 (10.0%) $386,396 (11.6%) 0.92 3,567
2018-08-01 $269,900 (8.0%) $379,868 (5.1%) 0.90 3,622
2018-09-01 $267,950 (5.1%) $377,329 (4.0%) 0.90 3,657
2018-10-01 $262,580 (5.0%) $376,903 (7.0%) 0.89 3,666
2018-11-01 $264,900 (3.8%) $382,962 (9.6%) 0.90 3,505
2018-12-01 $260,000 (4.0%) $376,509 (8.5%) 0.90 3,273
2019-01-01 $267,000 (6.6%) $377,905 (8.6%) 0.92 2,979
2019-02-01 $269,900 (6.3%) $382,027 (8.0%) 0.91 2,896
2019-03-01 $278,529 (5.1%) $385,981 (3.0%) 0.91 2,878
2019-04-01 $292,450 (6.2%) $391,399 (2.1%) 0.93 2,867
2019-05-01 $299,338 (6.9%) $396,543 (1.4%) 0.94 2,899
2019-06-01 $299,900 (7.2%) $398,381 (1.7%) 0.94 2,979
2019-07-01 $299,900 (9.1%) $404,788 (4.8%) 0.94 2,968
2019-08-01 $295,809 (9.6%) $402,876 (6.1%) 0.94 2,998
2019-09-01 $289,673 (8.1%) $395,969 (4.9%) 0.93 3,027
2019-10-01 $284,950 (8.5%) $390,771 (3.7%) 0.92 3,025
2019-11-01 $284,900 (7.6%) $398,499 (4.1%) 0.93 2,912
2019-12-01 $282,466 (8.6%) $396,970 (5.4%) 0.94 2,688
2020-01-01 $280,291 (5.0%) $405,099 (7.2%) 0.94 2,437
2020-02-01 $285,000 (5.6%) $413,309 (8.2%) 0.93 2,284
2020-03-01 $302,400 (8.6%) $423,571 (9.7%) 0.95 2,148
2020-04-01 $299,950 (2.6%) $413,523 (5.7%) 0.94 2,265
2020-05-01 $310,000 (3.6%) $429,128 (8.2%) 0.94 2,150
2020-06-01 $324,900 (8.3%) $445,242 (11.8%) 0.96 1,924
2020-07-01 $329,900 (10.0%) $453,060 (11.9%) 0.96 1,715
2020-08-01 $329,900 (11.5%) $445,024 (10.5%) 0.95 1,604
2020-09-01 $322,450 (11.3%) $440,782 (11.3%) 0.92 1,471
2020-10-01 $319,900 (12.3%) $440,514 (12.7%) 0.92 1,477
2020-11-01 $310,000 (8.8%) $441,535 (10.8%) 0.91 1,502
2020-12-01 $300,611 (6.4%) $435,021 (9.6%) 0.89 1,315
2021-01-01 $310,000 (10.6%) $447,128 (10.4%) 0.93 1,114
2021-02-01 $309,900 (8.7%) $459,870 (11.3%) 0.90 844
2021-03-01 $303,745 (0.4%) $468,195 (10.5%) 0.86 727
2021-04-01 $327,400 (9.2%) $482,942 (16.8%) 0.89 663
2021-05-01 $334,700 (8.0%) $478,127 (11.4%) 0.89 751
2021-06-01 $339,900 (4.6%) $477,575 (7.3%) 0.89 892
2021-07-01 $325,000 (-1.5%) $459,098 (1.3%) 0.86 1,015
2021-08-01 $329,950 (0.0%) $478,808 (7.6%) 0.88 1,127
2021-09-01 $326,613 (1.3%) $483,289 (9.6%) 0.87 1,123
2021-10-01 $324,450 (1.4%) $487,442 (10.7%) 0.87 1,136
2021-11-01 $332,450 (7.2%) $505,906 (14.6%) 0.89 1,013
2021-12-01 $338,650 (12.7%) $514,714 (18.3%) 0.92 845
2022-01-01 $349,900 (12.9%) $540,320 (20.8%) 0.95 701
2022-02-01 $374,950 (21.0%) $550,807 (19.8%) 0.98 599
2022-03-01 $367,450 (21.0%) $542,290 (15.8%) 0.92 676
2022-04-01 $386,000 (17.9%) $545,840 (13.0%) 0.92 762
2022-05-01 $399,950 (19.5%) $565,445 (18.3%) 0.91 1,015
2022-06-01 $399,950 (17.7%) $547,689 (14.7%) 0.89 1,296
2022-07-01 $415,000 (27.7%) $539,992 (17.6%) 0.94 1,543
2022-08-01 $412,500 (25.0%) $545,897 (14.0%) 0.95 1,611
2022-09-01 $422,450 (29.3%) $554,849 (14.8%) 0.99 1,667
2022-10-01 $425,000 (31.0%) $547,056 (12.2%) 1.00 1,758
2022-11-01 $425,000 (27.8%) $545,591 (7.8%) 1.02 1,798
Knoxville's median listing price for 2022-11-01 was $425,000, a difference of $92,550 (27.8%) versus the prior year and $0 versus the prior month.

Knoxville's median listing price comes in at 102% of the national average.

Knoxville's average listing price for 2022-11-01 was $545,591, a difference of $39,685 (7.8%) versus the prior year and $-1,465 versus the prior month.

For the 2022-11-01 period, Knoxville had 1,798 MLS listings, a difference of 40 listings (2%) versus the prior month and 785 listings (77%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Knoxville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 89 days 2,202 sqft
2018-02-01 88 days 2,209 sqft
2018-03-01 71 days 2,276 sqft
2018-04-01 59 days 2,308 sqft
2018-05-01 57 days 2,332 sqft
2018-06-01 59 days 2,324 sqft
2018-07-01 59 days 2,323 sqft
2018-08-01 61 days 2,290 sqft
2018-09-01 65 days 2,270 sqft
2018-10-01 71 days 2,273 sqft
2018-11-01 74 days 2,282 sqft
2018-12-01 82 days 2,241 sqft
2019-01-01 88 days 2,231 sqft
2019-02-01 82 days 2,220 sqft
2019-03-01 70 days 2,265 sqft
2019-04-01 60 days 2,332 sqft
2019-05-01 57 days 2,362 sqft
2019-06-01 59 days 2,385 sqft
2019-07-01 62 days 2,400 sqft
2019-08-01 63 days 2,368 sqft
2019-09-01 64 days 2,319 sqft
2019-10-01 64 days 2,287 sqft
2019-11-01 67 days 2,249 sqft
2019-12-01 76 days 2,223 sqft
2020-01-01 86 days 2,200 sqft
2020-02-01 82 days 2,218 sqft
2020-03-01 60 days 2,268 sqft
2020-04-01 58 days 2,289 sqft
2020-05-01 64 days 2,300 sqft
2020-06-01 61 days 2,307 sqft
2020-07-01 59 days 2,325 sqft
2020-08-01 55 days 2,260 sqft
2020-09-01 53 days 2,225 sqft
2020-10-01 49 days 2,200 sqft
2020-11-01 50 days 2,134 sqft
2020-12-01 58 days 2,081 sqft
2021-01-01 72 days 2,086 sqft
2021-02-01 85 days 2,061 sqft
2021-03-01 52 days 2,002 sqft
2021-04-01 47 days 2,054 sqft
2021-05-01 34 days 2,055 sqft
2021-06-01 34 days 2,080 sqft
2021-07-01 36 days 2,005 sqft
2021-08-01 36 days 2,003 sqft
2021-09-01 40 days 1,994 sqft
2021-10-01 39 days 1,985 sqft
2021-11-01 44 days 1,984 sqft
2021-12-01 48 days 1,977 sqft
2022-01-01 51 days 2,000 sqft
2022-02-01 38 days 2,008 sqft
2022-03-01 28 days 1,982 sqft
2022-04-01 26 days 2,030 sqft
2022-05-01 26 days 2,070 sqft
2022-06-01 29 days 2,117 sqft
2022-07-01 33 days 2,147 sqft
2022-08-01 37 days 2,102 sqft
2022-09-01 41 days 2,127 sqft
2022-10-01 44 days 2,154 sqft
2022-11-01 49 days 2,176 sqft
Knoxville's median listing age (time on market) for 2022-11-01 was 49 days. This is 11% longer than the same period one year ago.

Knoxville's median square footage for active listings during the 2022-11-01 period was 2,176 sqft. One year prior, the average listing was 1,984 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).