Lafayette FHA Loan Rates, Closing Costs & Stats

LAFAYETTE, LA

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    • 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 89 lenders originated 1,233 FHA loans during 2023. The total origination value was $284,375,000, with an average FHA loan value of $230,637.

    Lafayette FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lafayette averaged 0% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Lafayette's average FHA mortgage closing costs are $7,067.

    The average rate for the prior week (2024-11-08) was 6.41% and one month ago for the week of 2024-10-11, the average rate was 6.21%.

    The average rate one year ago was 6.95%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.4%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 200 6.44% $10,938
    DHI MORTGAGE COMPANY, LTD. 122 5.30% $7,765
    QUICKEN LOANS, LLC 94 6.49% $9,682
    DSLD MORTGAGE, LLC 77 6.24% $5,326
    EUSTIS AND AMERICAN MORTGAGE COMPANY 73 6.76% $9,101
    GMFS LLC 58 6.54% $7,500
    PENNYMAC LOAN SERVICES, LLC 54 6.10% $10,953
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 46 6.69% $7,607
    FIDELITY BANK 33 6.68% $9,505
    CROSSCOUNTRY MORTGAGE, LLC 29 6.93% $10,461
    Assurance Financial Group, L.L.C. 25 6.97% $10,300
    MID AMERICA MORTGAGE, INC. 25 6.73% $8,938
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 21 6.71% $8,155
    NEWREZ LLC 20 6.81% $8,868
    FREEDOM MORTGAGE CORPORATION 16 6.87% $12,165
    CARDINAL FINANCIAL 16 6.76% $11,024
    AMERICAN PACIFIC MORTGAGE CORPORATION 15 6.72% $9,777
    PLAZA HOME MORTGAGE, INC. 13 6.52% $9,403
    Equity Prime Mortgage LLC 12 6.76% $8,109
    MUTUAL OF OMAHA MORTGAGE, INC. 12 6.63% $11,296
    UNION HOME MORTGAGE CORP. 12 6.58% $8,861
    AMERICAN FINANCIAL RESOURCES, INC. 11 6.65% $10,766
    STANDARD MORTGAGE CORPORATION 11 5.86% $7,488
    INSPIRE HOME LOANS INC. 11 5.48% $7,991
    Paramount Residential Mortgage Group, Inc. 9 6.80% $11,233
    LOANDEPOT.COM, LLC 8 6.28% $8,741
    Flagstar Bank, FSB 8 6.52% $8,841
    STOCKTON MORTGAGE CORPORATION 8 7.13% $10,346
    AMERICAN FINANCIAL NETWORK, INC. 8 6.98% $7,928
    MORTGAGE FINANCIAL SERVICES, LLC 7 6.46% $8,671
    JPMorgan Chase Bank 7 6.43% $6,390
    FIRST COMMUNITY MORTGAGE, INC. 7 6.73% $11,153
    First Horizon Bank 5 6.58% $7,412
    Plains Commerce Bank 5 6.55% $8,796
    Carrington Mortgage Services, LLC 4 6.41% $6,664
    Mr. Cooper ( Nationstar Mortgage ) 4 6.13% $9,571
    SUN WEST MORTGAGE COMPANY, INC. 4 6.50% $10,090
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 4 5.69% $11,867
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.83% $7,156
    AMERISAVE MORTGAGE CORPORATION 3 6.21% $10,954
    HOMESIDE FINANCIAL, LLC 3 6.79% $9,266
    PLANET HOME LENDING, LLC 3 6.63% $8,626
    NATIONS DIRECT MORTGAGE, LLC 3 7.21% $15,343
    Mortgage Research Center, LLC 3 7.04% $4,647
    BancorpSouth 2 6.31% $9,389
    CITYWIDE HOME LOANS, LLC 2 6.75% $8,349
    Wolfe Financial, Inc 2 6.63% $9,646
    Regions Bank 2 5.50% $13,079
    BAY EQUITY LLC 2 4.94% $15,088
    Red River Bank 2 5.63% $7,004
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 7.19% $3,998
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 7.06% $7,153
    Century Mortgage Company DBA Century Lending Company 2 7.69% $8,199
    LAKEVIEW LOAN SERVICING, LLC 2 6.25% $9,755
    MOVEMENT MORTGAGE, LLC 2 6.69% $7,696
    Nations Lending Corporation 2 7.19% $6,720
    NTFN, INC. 2 6.50% $8,575
    ZILLOW HOME LOANS, LLC 1 6.75% $9,831
    Bank of England 1 6.25% $8,297
    BROKER SOLUTIONS, INC. 1 8.25% $8,134
    Citizens Bank 1 6.88% $10,436
    CMG MORTGAGE, INC. 1 5.25% $11,373
    Commerce Home Mortgage, Inc. 1 6.88% $12,436
    CRESCENT MORTGAGE COMPANY 1 6.00% $8,397
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.13% $12,751
    EVERETT FINANCIAL, INC. 1 7.63% $8,957
    First Option Mortgage, LLC 1 7.00% $6,157
    Gateway First Bank 1 6.25% $11,717
    GENEVA FINANCIAL, LLC 1 6.63% $7,857
    LAND HOME FINANCIAL SERVICES, INC. 1 7.50% $13,757
    OCMBC, INC. 1 7.25% $4,712
    ON Q FINANCIAL, INC. 1 7.00% $11,906
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.38% $11,016
    RELIANCE FIRST CAPITAL, LLC 1 6.75% $9,045
    Republic State Mortgage Co. 1 7.75% $12,472
    ROYAL UNITED MORTGAGE LLC 1 6.00% $12,262
    Sabine State Bank and Trust Company 1 6.50% $7,517
    Shamrock Home Loans, Inc. 1 7.75% $9,192
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 7.25% $5,801
    SOUTHWEST STAGE FUNDING, LLC 1 6.38% $5,847
    SUMMIT FUNDING, INC. 1 6.75% $9,596
    Summit Mortgage Corporation 1 7.00% $7,371
    The Federal Savings Bank 1 6.75% $15,644
    THE MORTGAGE FIRM, INC. 1 6.63% $7,187
    TJC Mortgage, Inc. 1 7.25% $7,098
    TOP FLITE FINANCIAL, INC. 1 7.00% $10,164
    TOWNE MORTGAGE COMPANY 1 6.13% $8,797
    VILLAGE CAPITAL MORTGAGE 1 6.75% $2,576
    AMCAP MORTGAGE, LTD. 1 7.13% $9,185

    The top Lafayette FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 200 FHA loans originated. Their average total fees are $10,938, which is $3,173 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 ($5,326), STANDARD MORTGAGE CORPORATION ($7,488), GMFS LLC ($7,500), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($7,607) and DHI MORTGAGE COMPANY, LTD. ($7,765).

    The lowest rate Lafayette FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.30%), INSPIRE HOME LOANS INC. (5.48%), STANDARD MORTGAGE CORPORATION (5.86%), PENNYMAC LOAN SERVICES, LLC (6.10%) and DSLD MORTGAGE, LLC (6.24%).

    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 $208,225 (-0.7%) $257,866 (-2.0%) 0.77 2,119
    2018-02-01 $209,900 (-0.1%) $262,204 (0.4%) 0.76 2,154
    2018-03-01 $210,000 (-2.3%) $263,652 (-1.5%) 0.74 2,260
    2018-04-01 $214,400 (-2.6%) $267,566 (-2.6%) 0.73 2,283
    2018-05-01 $213,650 (-2.9%) $267,797 (-3.7%) 0.71 2,350
    2018-06-01 $210,500 (-4.3%) $266,711 (-4.0%) 0.70 2,425
    2018-07-01 $210,000 (-4.0%) $266,548 (-3.6%) 0.70 2,492
    2018-08-01 $210,250 (-2.2%) $263,933 (-3.1%) 0.70 2,530
    2018-09-01 $211,957 (-0.5%) $264,707 (-1.7%) 0.71 2,493
    2018-10-01 $206,475 (-1.8%) $260,159 (-2.9%) 0.70 2,482
    2018-11-01 $208,086 (-0.8%) $262,477 (-0.9%) 0.71 2,431
    2018-12-01 $206,500 (-0.6%) $262,637 (0.7%) 0.71 2,385
    2019-01-01 $209,450 (0.6%) $266,925 (3.5%) 0.72 2,265
    2019-02-01 $210,550 (0.3%) $271,209 (3.4%) 0.71 2,302
    2019-03-01 $212,143 (1.0%) $274,673 (4.2%) 0.69 2,306
    2019-04-01 $215,000 (0.3%) $278,210 (4.0%) 0.68 2,310
    2019-05-01 $217,950 (2.0%) $282,612 (5.5%) 0.68 2,251
    2019-06-01 $219,500 (4.3%) $284,430 (6.6%) 0.69 2,268
    2019-07-01 $219,975 (4.8%) $288,977 (8.4%) 0.69 2,253
    2019-08-01 $219,691 (4.5%) $289,149 (9.6%) 0.70 2,204
    2019-09-01 $219,302 (3.5%) $289,647 (9.4%) 0.70 2,141
    2019-10-01 $219,000 (6.1%) $290,618 (11.7%) 0.71 2,084
    2019-11-01 $214,900 (3.3%) $286,648 (9.2%) 0.70 2,044
    2019-12-01 $211,000 (2.2%) $280,622 (6.9%) 0.70 1,947
    2020-01-01 $210,000 (0.3%) $282,065 (5.7%) 0.70 1,852
    2020-02-01 $210,000 (-0.3%) $286,456 (5.6%) 0.69 1,882
    2020-03-01 $213,750 (0.8%) $298,141 (8.5%) 0.67 1,885
    2020-04-01 $217,750 (1.3%) $300,192 (7.9%) 0.68 1,801
    2020-05-01 $220,000 (0.9%) $307,356 (8.8%) 0.67 1,738
    2020-06-01 $219,250 (-0.1%) $312,262 (9.8%) 0.65 1,618
    2020-07-01 $226,250 (2.9%) $316,447 (9.5%) 0.66 1,507
    2020-08-01 $234,000 (6.5%) $321,871 (11.3%) 0.67 1,449
    2020-09-01 $234,863 (7.1%) $326,834 (12.8%) 0.67 1,319
    2020-10-01 $229,835 (5.0%) $331,236 (14.0%) 0.66 1,245
    2020-11-01 $230,750 (7.4%) $335,088 (16.9%) 0.67 1,138
    2020-12-01 $227,000 (7.6%) $335,192 (19.5%) 0.68 1,094
    2021-01-01 $227,520 (8.3%) $338,888 (20.2%) 0.68 996
    2021-02-01 $235,000 (11.9%) $339,304 (18.5%) 0.68 930
    2021-03-01 $239,950 (12.3%) $353,111 (18.4%) 0.68 853
    2021-04-01 $248,905 (14.3%) $372,194 (24.0%) 0.67 778
    2021-05-01 $275,000 (25.0%) $392,155 (27.6%) 0.73 730
    2021-06-01 $276,250 (26.0%) $403,675 (29.3%) 0.73 726
    2021-07-01 $269,250 (19.0%) $408,165 (29.0%) 0.71 770
    2021-08-01 $269,500 (15.2%) $410,440 (27.5%) 0.72 789
    2021-09-01 $274,200 (16.8%) $412,851 (26.3%) 0.73 790
    2021-10-01 $274,900 (19.6%) $389,720 (17.7%) 0.73 791
    2021-11-01 $269,000 (16.6%) $384,471 (14.7%) 0.72 788
    2021-12-01 $269,000 (18.5%) $378,473 (12.9%) 0.73 755
    2022-01-01 $269,000 (18.2%) $381,448 (12.6%) 0.73 694
    2022-02-01 $272,290 (15.9%) $385,451 (13.6%) 0.71 654
    2022-03-01 $286,000 (19.2%) $396,601 (12.3%) 0.72 631
    2022-04-01 $299,950 (20.5%) $407,443 (9.5%) 0.72 618
    2022-05-01 $296,200 (7.7%) $408,340 (4.1%) 0.68 656
    2022-06-01 $296,800 (7.4%) $399,391 (-1.1%) 0.66 744
    2022-07-01 $292,500 (8.6%) $385,615 (-5.5%) 0.66 864
    2022-08-01 $287,000 (6.5%) $372,326 (-9.3%) 0.66 908
    2022-09-01 $287,975 (5.0%) $374,247 (-9.4%) 0.67 949
    2022-10-01 $280,000 (1.9%) $373,132 (-4.3%) 0.66 964
    2022-11-01 $275,000 (2.2%) $359,756 (-6.4%) 0.66 1,009
    2022-12-01 $276,250 (2.7%) $360,461 (-4.8%) 0.68 966
    2023-01-01 $287,450 (6.9%) $366,587 (-3.9%) 0.71 944
    2023-02-01 $276,700 (1.6%) $363,015 (-5.8%) 0.67 939
    2023-03-01 $283,756 (-0.8%) $368,143 (-7.2%) 0.67 963
    2023-04-01 $269,900 (-10.0%) $363,354 (-10.8%) 0.63 992
    2023-05-01 $269,950 (-8.9%) $364,358 (-10.8%) 0.61 1,022
    2023-06-01 $269,450 (-9.2%) $362,171 (-9.3%) 0.61 1,063
    2023-07-01 $265,000 (-9.4%) $350,270 (-9.2%) 0.60 1,157
    2023-08-01 $265,000 (-7.7%) $346,534 (-6.9%) 0.61 1,163
    2023-09-01 $264,900 (-8.0%) $344,934 (-7.8%) 0.62 1,180
    2023-10-01 $262,450 (-6.3%) $338,927 (-9.2%) 0.62 1,205
    2023-11-01 $264,200 (-3.9%) $338,659 (-5.9%) 0.63 1,248
    2023-12-01 $262,000 (-5.2%) $342,335 (-5.0%) 0.64 1,272
    2024-01-01 $260,000 (-9.6%) $344,379 (-6.1%) 0.63 1,209
    2024-02-01 $260,000 (-6.0%) $346,452 (-4.6%) 0.63 1,183
    2024-03-01 $259,250 (-8.6%) $349,307 (-5.1%) 0.61 1,219
    2024-04-01 $260,000 (-3.7%) $343,329 (-5.5%) 0.60 1,344
    2024-05-01 $260,875 (-3.4%) $344,381 (-5.5%) 0.59 1,362
    2024-06-01 $259,950 (-3.5%) $347,767 (-4.0%) 0.58 1,416
    2024-07-01 $263,000 (-0.8%) $351,138 (0.3%) 0.60 1,426
    2024-08-01 $260,000 (-1.9%) $348,056 (0.4%) 0.60 1,496
    2024-09-01 $260,000 (-1.9%) $342,959 (-0.6%) 0.61 1,513
    2024-10-01 $265,000 (1.0%) $348,109 (2.7%) 0.62 1,554
    Lafayette's median listing price for 2024-10-01 was $265,000, a difference of $2,550 (1.0%) versus the prior year and $5,000 versus the prior month.

    Lafayette's median listing price comes in at 62% of the national average.

    Lafayette's average listing price for 2024-10-01 was $348,109, a difference of $9,182 (2.7%) versus the prior year and $5,150 versus the prior month.

    For the 2024-10-01 period, Lafayette had 1,554 MLS listings, a difference of 41 listings (3%) versus the prior month and 349 listings (29%) 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 1,858 sqft
    2018-02-01 97 days 1,863 sqft
    2018-03-01 74 days 1,863 sqft
    2018-04-01 73 days 1,885 sqft
    2018-05-01 70 days 1,886 sqft
    2018-06-01 73 days 1,890 sqft
    2018-07-01 79 days 1,884 sqft
    2018-08-01 86 days 1,885 sqft
    2018-09-01 88 days 1,891 sqft
    2018-10-01 93 days 1,878 sqft
    2018-11-01 95 days 1,880 sqft
    2018-12-01 100 days 1,875 sqft
    2019-01-01 108 days 1,888 sqft
    2019-02-01 109 days 1,901 sqft
    2019-03-01 98 days 1,906 sqft
    2019-04-01 86 days 1,913 sqft
    2019-05-01 83 days 1,927 sqft
    2019-06-01 82 days 1,930 sqft
    2019-07-01 86 days 1,945 sqft
    2019-08-01 87 days 1,937 sqft
    2019-09-01 86 days 1,924 sqft
    2019-10-01 87 days 1,915 sqft
    2019-11-01 87 days 1,906 sqft
    2019-12-01 92 days 1,900 sqft
    2020-01-01 94 days 1,900 sqft
    2020-02-01 88 days 1,896 sqft
    2020-03-01 73 days 1,919 sqft
    2020-04-01 81 days 1,925 sqft
    2020-05-01 88 days 1,925 sqft
    2020-06-01 96 days 1,925 sqft
    2020-07-01 82 days 1,968 sqft
    2020-08-01 73 days 2,000 sqft
    2020-09-01 73 days 1,985 sqft
    2020-10-01 78 days 1,959 sqft
    2020-11-01 78 days 2,000 sqft
    2020-12-01 80 days 2,002 sqft
    2021-01-01 79 days 2,000 sqft
    2021-02-01 71 days 1,993 sqft
    2021-03-01 59 days 1,998 sqft
    2021-04-01 54 days 2,012 sqft
    2021-05-01 51 days 2,121 sqft
    2021-06-01 46 days 2,113 sqft
    2021-07-01 47 days 2,060 sqft
    2021-08-01 55 days 2,044 sqft
    2021-09-01 60 days 2,051 sqft
    2021-10-01 60 days 1,990 sqft
    2021-11-01 60 days 1,967 sqft
    2021-12-01 63 days 1,984 sqft
    2022-01-01 71 days 1,956 sqft
    2022-02-01 65 days 1,958 sqft
    2022-03-01 59 days 2,073 sqft
    2022-04-01 53 days 2,129 sqft
    2022-05-01 52 days 2,097 sqft
    2022-06-01 48 days 2,000 sqft
    2022-07-01 47 days 2,000 sqft
    2022-08-01 55 days 1,992 sqft
    2022-09-01 61 days 2,000 sqft
    2022-10-01 70 days 1,964 sqft
    2022-11-01 75 days 1,955 sqft
    2022-12-01 85 days 1,938 sqft
    2023-01-01 91 days 1,955 sqft
    2023-02-01 87 days 1,934 sqft
    2023-03-01 66 days 1,948 sqft
    2023-04-01 59 days 1,900 sqft
    2023-05-01 61 days 1,905 sqft
    2023-06-01 65 days 1,900 sqft
    2023-07-01 67 days 1,883 sqft
    2023-08-01 71 days 1,878 sqft
    2023-09-01 71 days 1,877 sqft
    2023-10-01 72 days 1,879 sqft
    2023-11-01 69 days 1,860 sqft
    2023-12-01 75 days 1,861 sqft
    2024-01-01 86 days 1,855 sqft
    2024-02-01 90 days 1,858 sqft
    2024-03-01 69 days 1,851 sqft
    2024-04-01 57 days 1,837 sqft
    2024-05-01 60 days 1,855 sqft
    2024-06-01 71 days 1,867 sqft
    2024-07-01 74 days 1,857 sqft
    2024-08-01 71 days 1,841 sqft
    2024-09-01 75 days 1,852 sqft
    2024-10-01 77 days 1,865 sqft
    Lafayette's median listing age (time on market) for 2024-10-01 was 77 days. This is 7% longer than the same period one year ago.

    Lafayette's median square footage for active listings during the 2024-10-01 period was 1,865 sqft. One year prior, the average listing was 1,879 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).