Lafayette FHA Loan Rates, Closing Costs & Stats

LAFAYETTE, LA

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.

Lafayette's 100 lenders originated 1,465 FHA loans during 2024. The total origination value was $364,835,000, with an average FHA loan value of $249,034.

Lafayette FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Lafayette averaged 6.41% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

Lafayette's average FHA mortgage closing costs are $7,319.

The average rate for the prior week (2025-03-28) was 6.21% and one month ago for the week of 2025-02-28, the average rate was 6.4%.

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 5.98%.

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

Lafayette 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 Lafayette level.

Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 221 6.18% $10,953
DHI MORTGAGE COMPANY, LTD. 183 4.74% $7,176
DSLD MORTGAGE, LLC 135 5.79% $4,855
QUICKEN LOANS, LLC 87 6.52% $10,011
FREEDOM MORTGAGE CORPORATION 56 6.32% $11,733
EUSTIS AND AMERICAN MORTGAGE COMPANY 50 6.45% $9,831
Equity Prime Mortgage LLC 46 6.50% $8,778
ARK-LA-TEX FINANCIAL SERVICES, LLC. 43 6.29% $7,674
CROSSCOUNTRY MORTGAGE, LLC 33 6.42% $9,920
Assurance Financial Group, L.L.C. 31 6.78% $9,236
GMFS LLC 31 6.44% $6,440
NEWREZ LLC 29 6.48% $8,859
Flagstar Bank, FSB 28 6.37% $8,841
PENNYMAC LOAN SERVICES, LLC 25 6.14% $9,457
FIRST COMMUNITY MORTGAGE, INC. 25 6.45% $9,146
FIDELITY BANK 24 6.34% $8,229
MID AMERICA MORTGAGE, INC. 20 7.28% $6,400
TOWNE MORTGAGE COMPANY 17 6.41% $9,756
SOUTHWEST FUNDING, LP 15 6.97% $8,789
STANDARD MORTGAGE CORPORATION 14 6.16% $9,119
AMERICAN FINANCIAL RESOURCES, INC. 12 6.96% $8,268
First Horizon Bank 12 6.42% $8,610
AMERICAN PACIFIC MORTGAGE CORPORATION 11 6.78% $9,607
Residential Acceptance Corporation 10 7.14% $11,706
PLANET HOME LENDING, LLC 10 6.21% $6,934
PLAZA HOME MORTGAGE, INC. 9 6.85% $9,620
Plains Commerce Bank 8 6.17% $10,804
INSPIRE HOME LOANS INC. 7 5.29% $8,356
AmeriHome Mortgage Company, LLC 7 6.43% $6,638
Hancock Whitney Bank 7 6.02% $8,769
UNION HOME MORTGAGE CORP. 7 6.63% $7,014
AMERICAN FINANCIAL NETWORK, INC. 6 6.90% $11,290
GENEVA FINANCIAL, LLC 6 6.79% $7,513
LAKEVIEW LOAN SERVICING, LLC 6 6.75% $7,948
HOMEBRIDGE FINANCIAL SERVICES, INC. 6 6.50% $7,822
MICHIGAN MUTUAL, INC. 5 6.73% $7,594
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.47% $10,197
T2 FINANCIAL LLC 5 6.53% $10,662
BROKER SOLUTIONS, INC. 5 6.73% $11,376
AMERITRUST MORTGAGE CORPORATION 5 7.10% $14,353
Summit Mortgage Corporation 5 6.38% $10,226
Regions Bank 5 6.33% $8,444
VILLAGE CAPITAL MORTGAGE 5 6.45% $5,158
Carrington Mortgage Services, LLC 5 6.40% $9,657
CARDINAL FINANCIAL 4 6.81% $9,733
Mr. Cooper ( Nationstar Mortgage ) 4 6.50% $7,230
CANOPY MORTGAGE, LLC 4 6.81% $11,415
Gulf Coast Bank and Trust Company 4 5.93% $6,968
LOANDEPOT.COM, LLC 4 6.39% $9,166
CORNERSTONE HOME LENDING, INC. 3 6.00% $12,992
AMERISAVE MORTGAGE CORPORATION 3 5.96% $14,708
HOMESIDE FINANCIAL, LLC 3 6.52% $6,990
Lakeview Community Capital, LLC 3 6.42% $8,017
Mortgage Research Center, LLC 3 7.17% $5,143
STOCKTON MORTGAGE CORPORATION 3 6.83% $6,375
AFFORDABLE MORTGAGE ADVISORS, LLC. 2 6.44% $6,845
Century Mortgage Company DBA Century Lending Company 2 5.49% $18,413
GUILD MORTGAGE COMPANY 2 6.51% $8,240
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 6.75% $8,848
MOVEMENT MORTGAGE, LLC 2 6.25% $8,622
MUTUAL OF OMAHA MORTGAGE, INC. 2 5.25% $17,627
MYCUMORTGAGE, LLC 2 6.25% $7,295
NATIONS RELIABLE LENDING, LLC 2 6.25% $13,680
SFMC, LP 2 6.19% $14,294
SUN WEST MORTGAGE COMPANY, INC. 2 6.87% $7,483
The Loan Store, Inc. 2 6.63% $7,085
THE MORTGAGE LINK, INC. 2 6.25% $15,215
NATIONS DIRECT MORTGAGE, LLC 1 6.75% $5,419
Midwest Mortgage Associates Corporation 1 7.25% $6,553
LAND HOME FINANCIAL SERVICES, INC. 1 7.13% $10,102
PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.75% $9,882
Presidential Bank, FSB 1 6.75% $13,875
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.63% $13,366
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 5.75% $15,655
Red River Bank 1 6.19% $5,072
GUARANTEED RATE AFFINITY, LLC 1 6.99% $12,285
RELIANCE FIRST CAPITAL, LLC 1 6.63% $10,026
Renasant Bank 1 6.63% $8,799
First Financial Bank 1 5.75% $8,597
ROYAL UNITED MORTGAGE LLC 1 7.25% $7,967
ALLIED MORTGAGE GROUP, INC. 1 6.63% $2,960
SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.50% $6,872
First Federal Bank 1 6.63% $5,174
EMM LOANS LLC 1 6.25% $11,191
Cornerstone First Mortgage, Inc 1 7.13% $8,611
CMG MORTGAGE, INC. 1 6.50% $11,563
V.I.P. MORTGAGE, INC. 1 6.25% $5,381
CALCON MUTUAL MORTGAGE LLC 1 7.63% $11,122
The Federal Savings Bank 1 7.75% $6,059
Wells Fargo Bank 1 6.50% $8,744
ZILLOW HOME LOANS, LLC 1 5.75% $11,333
BARKSDALE 1 6.38% $11,809
Bank of England 1 6.25% $15,434
Ameris Bank 1 6.25% $9,492
U.S. Bank 1 6.75% $6,796
VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.25% $10,676
NBKC BANK 1 5.50% $13,394
PANORAMA MORTGAGE GROUP, LLC 1 7.25% $16,099
Paramount Residential Mortgage Group, Inc. 1 6.25% $8,599
Nations Lending Corporation 1 6.50% $4,526

The top Lafayette FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 221 FHA loans originated. Their average total fees are $10,953, which is $3,777 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

The lowest fee Lafayette FHA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC ($4,855), MID AMERICA MORTGAGE, INC. ($6,400), GMFS LLC ($6,440), PLANET HOME LENDING, LLC ($6,934) and DHI MORTGAGE COMPANY, LTD. ($7,176).

The lowest rate Lafayette FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (4.74%), DSLD MORTGAGE, LLC (5.79%), PENNYMAC LOAN SERVICES, LLC (6.14%), STANDARD MORTGAGE CORPORATION (6.16%) and UNITED WHOLESALE MORTGAGE, LLC (6.18%).

Lafayette FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
LAFAYETTE, LA ACADIA 2022 $420,680 $538,650 $651,050 $809,150
LAFAYETTE, LA IBERIA 2022 $420,680 $538,650 $651,050 $809,150
LAFAYETTE, LA LAFAYETTE 2022 $420,680 $538,650 $651,050 $809,150
LAFAYETTE, LA ST. MARTIN 2022 $420,680 $538,650 $651,050 $809,150
LAFAYETTE, LA VERMILION 2022 $420,680 $538,650 $651,050 $809,150
LAFAYETTE, LA ACADIA 2023 $472,030 $604,400 $730,525 $907,900
LAFAYETTE, LA IBERIA 2023 $472,030 $604,400 $730,525 $907,900
LAFAYETTE, LA LAFAYETTE 2023 $472,030 $604,400 $730,525 $907,900
LAFAYETTE, LA ST. MARTIN 2023 $472,030 $604,400 $730,525 $907,900
LAFAYETTE, LA VERMILION 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Lafayette (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 $212,425 (-1.0%) $264,546 (-2.0%) 0.79 1,908
2018-02-01 $214,300 (-1.0%) $268,960 (0.1%) 0.78 1,930
2018-03-01 $215,000 (-1.9%) $270,834 (-1.6%) 0.75 2,018
2018-04-01 $219,183 (-2.6%) $276,517 (-2.3%) 0.74 2,027
2018-05-01 $219,000 (-2.7%) $276,132 (-3.1%) 0.73 2,091
2018-06-01 $217,500 (-3.3%) $275,234 (-3.5%) 0.73 2,168
2018-07-01 $217,800 (-2.3%) $276,035 (-2.9%) 0.73 2,216
2018-08-01 $217,600 (-1.1%) $273,029 (-2.5%) 0.73 2,255
2018-09-01 $218,703 (-0.1%) $273,536 (-1.6%) 0.74 2,221
2018-10-01 $215,000 (-0.9%) $269,033 (-2.8%) 0.73 2,203
2018-11-01 $215,000 (0.0%) $272,031 (-0.3%) 0.73 2,164
2018-12-01 $215,000 (1.0%) $272,748 (1.9%) 0.74 2,135
2019-01-01 $215,250 (1.3%) $276,764 (4.6%) 0.74 2,035
2019-02-01 $218,650 (2.0%) $281,958 (4.8%) 0.74 2,067
2019-03-01 $219,800 (2.2%) $286,127 (5.7%) 0.72 2,066
2019-04-01 $221,400 (1.0%) $290,734 (5.1%) 0.70 2,062
2019-05-01 $226,475 (3.4%) $295,283 (6.9%) 0.71 1,999
2019-06-01 $226,750 (4.3%) $296,241 (7.6%) 0.71 2,013
2019-07-01 $229,000 (5.1%) $300,855 (9.0%) 0.72 2,005
2019-08-01 $227,909 (4.7%) $301,092 (10.3%) 0.72 1,965
2019-09-01 $226,273 (3.5%) $301,580 (10.3%) 0.72 1,915
2019-10-01 $225,000 (4.7%) $302,686 (12.5%) 0.73 1,869
2019-11-01 $220,900 (2.7%) $298,107 (9.6%) 0.72 1,836
2019-12-01 $219,684 (2.2%) $292,253 (7.2%) 0.73 1,742
2020-01-01 $220,000 (2.2%) $293,739 (6.1%) 0.74 1,653
2020-02-01 $219,500 (0.4%) $298,639 (5.9%) 0.72 1,677
2020-03-01 $222,450 (1.2%) $311,720 (8.9%) 0.70 1,685
2020-04-01 $225,000 (1.6%) $313,931 (8.0%) 0.70 1,610
2020-05-01 $226,230 (-0.1%) $318,531 (7.9%) 0.69 1,579
2020-06-01 $225,450 (-0.6%) $322,912 (9.0%) 0.66 1,466
2020-07-01 $229,680 (0.3%) $325,731 (8.3%) 0.67 1,365
2020-08-01 $239,000 (4.9%) $330,989 (9.9%) 0.68 1,318
2020-09-01 $237,250 (4.9%) $333,851 (10.7%) 0.68 1,204
2020-10-01 $235,000 (4.4%) $340,250 (12.4%) 0.67 1,127
2020-11-01 $233,300 (5.6%) $341,597 (14.6%) 0.68 1,030
2020-12-01 $229,450 (4.5%) $342,499 (17.2%) 0.68 990
2021-01-01 $230,000 (4.6%) $346,735 (18.0%) 0.69 889
2021-02-01 $239,950 (9.3%) $348,746 (16.8%) 0.70 826
2021-03-01 $249,000 (11.9%) $361,906 (16.1%) 0.71 763
2021-04-01 $255,325 (13.5%) $382,882 (22.0%) 0.69 687
2021-05-01 $282,500 (24.9%) $405,844 (27.4%) 0.75 646
2021-06-01 $284,750 (26.3%) $415,741 (28.8%) 0.75 657
2021-07-01 $276,250 (20.3%) $420,321 (29.0%) 0.73 706
2021-08-01 $275,250 (15.2%) $425,538 (28.6%) 0.73 721
2021-09-01 $278,850 (17.5%) $430,831 (29.1%) 0.74 718
2021-10-01 $279,500 (18.9%) $409,354 (20.3%) 0.75 708
2021-11-01 $277,500 (19.0%) $403,473 (18.1%) 0.74 705
2021-12-01 $277,500 (20.9%) $394,657 (15.2%) 0.75 689
2022-01-01 $276,475 (20.2%) $397,302 (14.6%) 0.75 632
2022-02-01 $279,000 (16.3%) $403,943 (15.8%) 0.73 591
2022-03-01 $290,125 (16.5%) $417,325 (15.3%) 0.73 567
2022-04-01 $308,388 (20.8%) $426,286 (11.3%) 0.74 554
2022-05-01 $300,250 (6.3%) $427,208 (5.3%) 0.69 589
2022-06-01 $304,125 (6.8%) $417,726 (0.5%) 0.68 667
2022-07-01 $299,450 (8.4%) $397,690 (-5.4%) 0.67 782
2022-08-01 $295,600 (7.4%) $383,861 (-9.8%) 0.68 815
2022-09-01 $298,975 (7.2%) $387,269 (-10.1%) 0.70 849
2022-10-01 $294,600 (5.4%) $391,016 (-4.5%) 0.69 846
2022-11-01 $288,625 (4.0%) $375,028 (-7.1%) 0.69 894
2022-12-01 $293,250 (5.7%) $375,967 (-4.7%) 0.72 865
2023-01-01 $299,625 (8.4%) $383,123 (-3.6%) 0.74 848
2023-02-01 $295,000 (5.7%) $379,683 (-6.0%) 0.71 843
2023-03-01 $298,950 (3.0%) $384,760 (-7.8%) 0.71 861
2023-04-01 $283,000 (-8.2%) $378,150 (-11.3%) 0.66 888
2023-05-01 $285,281 (-5.0%) $379,070 (-11.3%) 0.65 911
2023-06-01 $280,500 (-7.8%) $376,526 (-9.9%) 0.63 944
2023-07-01 $274,000 (-8.5%) $362,721 (-8.8%) 0.62 1,035
2023-08-01 $270,700 (-8.4%) $358,217 (-6.7%) 0.62 1,044
2023-09-01 $274,900 (-8.1%) $356,699 (-7.9%) 0.64 1,048
2023-10-01 $269,950 (-8.4%) $350,552 (-10.4%) 0.64 1,073
2023-11-01 $273,091 (-5.4%) $349,699 (-6.8%) 0.65 1,114
2023-12-01 $270,000 (-7.9%) $353,280 (-6.0%) 0.66 1,143
2024-01-01 $266,200 (-11.2%) $353,669 (-7.7%) 0.65 1,093
2024-02-01 $267,725 (-9.3%) $358,337 (-5.6%) 0.64 1,065
2024-03-01 $265,000 (-11.4%) $358,961 (-6.7%) 0.62 1,104
2024-04-01 $267,765 (-5.4%) $353,152 (-6.6%) 0.62 1,213
2024-05-01 $269,225 (-5.6%) $355,995 (-6.1%) 0.61 1,214
2024-06-01 $270,000 (-3.7%) $359,667 (-4.5%) 0.61 1,265
2024-07-01 $273,500 (-0.2%) $365,572 (0.8%) 0.63 1,274
2024-08-01 $272,000 (0.5%) $363,742 (1.5%) 0.63 1,328
2024-09-01 $272,100 (-1.0%) $361,661 (1.4%) 0.64 1,334
2024-10-01 $279,950 (3.7%) $366,942 (4.7%) 0.66 1,377
2024-11-01 $275,000 (0.7%) $367,673 (5.1%) 0.66 1,411
2024-12-01 $269,950 (0.0%) $363,290 (2.8%) 0.67 1,428
2025-01-01 $269,525 (1.3%) $366,372 (3.6%) 0.67 1,375
2025-02-01 $269,913 (0.8%) $367,209 (2.5%) 0.66 1,376
2025-03-01 $269,900 (1.9%) $374,762 (4.4%) 0.00 1,364
Lafayette's median listing price for 2025-03-01 was $269,900, a difference of $4,900 (1.9%) versus the prior year and $-13 versus the prior month.

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

Lafayette's average listing price for 2025-03-01 was $374,762, a difference of $15,801 (4.4%) versus the prior year and $7,553 versus the prior month.

For the 2025-03-01 period, Lafayette had 1,364 MLS listings, a difference of -12 listings (-1%) versus the prior month and 260 listings (24%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Lafayette (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 100 days 1,863 sqft
2018-02-01 96 days 1,865 sqft
2018-03-01 74 days 1,862 sqft
2018-04-01 72 days 1,888 sqft
2018-05-01 68 days 1,891 sqft
2018-06-01 72 days 1,897 sqft
2018-07-01 79 days 1,888 sqft
2018-08-01 85 days 1,889 sqft
2018-09-01 88 days 1,893 sqft
2018-10-01 92 days 1,882 sqft
2018-11-01 95 days 1,879 sqft
2018-12-01 100 days 1,875 sqft
2019-01-01 107 days 1,893 sqft
2019-02-01 108 days 1,908 sqft
2019-03-01 98 days 1,910 sqft
2019-04-01 87 days 1,914 sqft
2019-05-01 83 days 1,935 sqft
2019-06-01 81 days 1,933 sqft
2019-07-01 86 days 1,951 sqft
2019-08-01 87 days 1,941 sqft
2019-09-01 86 days 1,926 sqft
2019-10-01 87 days 1,917 sqft
2019-11-01 86 days 1,916 sqft
2019-12-01 89 days 1,903 sqft
2020-01-01 93 days 1,900 sqft
2020-02-01 87 days 1,896 sqft
2020-03-01 73 days 1,922 sqft
2020-04-01 81 days 1,934 sqft
2020-05-01 87 days 1,930 sqft
2020-06-01 94 days 1,926 sqft
2020-07-01 79 days 1,969 sqft
2020-08-01 72 days 2,000 sqft
2020-09-01 73 days 1,983 sqft
2020-10-01 78 days 1,963 sqft
2020-11-01 78 days 1,997 sqft
2020-12-01 78 days 1,993 sqft
2021-01-01 75 days 2,000 sqft
2021-02-01 70 days 2,000 sqft
2021-03-01 57 days 2,010 sqft
2021-04-01 49 days 2,051 sqft
2021-05-01 48 days 2,164 sqft
2021-06-01 45 days 2,135 sqft
2021-07-01 46 days 2,080 sqft
2021-08-01 55 days 2,065 sqft
2021-09-01 60 days 2,077 sqft
2021-10-01 62 days 2,021 sqft
2021-11-01 61 days 1,995 sqft
2021-12-01 63 days 1,996 sqft
2022-01-01 71 days 1,972 sqft
2022-02-01 64 days 1,991 sqft
2022-03-01 59 days 2,091 sqft
2022-04-01 52 days 2,144 sqft
2022-05-01 52 days 2,101 sqft
2022-06-01 48 days 2,013 sqft
2022-07-01 46 days 2,000 sqft
2022-08-01 55 days 1,997 sqft
2022-09-01 62 days 2,000 sqft
2022-10-01 71 days 1,985 sqft
2022-11-01 75 days 1,959 sqft
2022-12-01 85 days 1,950 sqft
2023-01-01 91 days 1,960 sqft
2023-02-01 91 days 1,946 sqft
2023-03-01 66 days 1,949 sqft
2023-04-01 58 days 1,906 sqft
2023-05-01 61 days 1,908 sqft
2023-06-01 64 days 1,902 sqft
2023-07-01 66 days 1,885 sqft
2023-08-01 67 days 1,884 sqft
2023-09-01 71 days 1,887 sqft
2023-10-01 71 days 1,890 sqft
2023-11-01 67 days 1,863 sqft
2023-12-01 73 days 1,863 sqft
2024-01-01 81 days 1,850 sqft
2024-02-01 87 days 1,857 sqft
2024-03-01 71 days 1,851 sqft
2024-04-01 57 days 1,833 sqft
2024-05-01 60 days 1,858 sqft
2024-06-01 71 days 1,866 sqft
2024-07-01 73 days 1,861 sqft
2024-08-01 68 days 1,854 sqft
2024-09-01 76 days 1,861 sqft
2024-10-01 78 days 1,873 sqft
2024-11-01 84 days 1,863 sqft
2024-12-01 88 days 1,842 sqft
2025-01-01 97 days 1,833 sqft
2025-02-01 94 days 1,840 sqft
2025-03-01 0 days 1,851 sqft
Lafayette'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.

Lafayette's median square footage for active listings during the 2025-03-01 period was 1,851 sqft. One year prior, the average listing was 1,851 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).