Lancaster FHA Loan Rates, Closing Costs & Stats

LANCASTER, PA

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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.

    Lancaster's 106 lenders originated 700 FHA loans during 2023. The total origination value was $166,450,000, with an average FHA loan value of $237,786.

    Lancaster FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lancaster averaged 6.48% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Lancaster's average FHA mortgage closing costs are $8,264.

    The average rate for the prior week (2024-12-06) was 6.15% and one month ago for the week of 2024-11-08, the average rate was 6.21%.

    The average rate one year ago was 7.02%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.42%.

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

    Lancaster 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 Lancaster level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 104 6.23% $11,631
    UNITED WHOLESALE MORTGAGE, LLC 43 6.23% $13,539
    GUILD MORTGAGE COMPANY 37 6.71% $11,613
    BROKER SOLUTIONS, INC. 29 6.70% $13,882
    CROSSCOUNTRY MORTGAGE, LLC 28 6.70% $13,415
    York Traditions Bank 22 6.47% $10,775
    LOANDEPOT.COM, LLC 20 6.40% $11,530
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 19 6.66% $10,805
    EMM LOANS LLC 18 6.58% $10,331
    Fulton Bank 17 6.10% $10,944
    PENNYMAC LOAN SERVICES, LLC 15 5.90% $13,004
    Mr. Cooper ( Nationstar Mortgage ) 14 5.97% $13,769
    FREEDOM MORTGAGE CORPORATION 14 7.03% $14,511
    NEWREZ LLC 12 6.35% $14,132
    MOVEMENT MORTGAGE, LLC 12 6.63% $11,691
    GUARANTEED RATE, INC. 10 6.35% $11,675
    Citizens Bank 10 6.29% $12,183
    Carrington Mortgage Services, LLC 10 6.36% $11,264
    AMERISAVE MORTGAGE CORPORATION 8 6.39% $13,939
    Meridian Bank Corporation 7 6.20% $12,419
    Homesale Mortgage, LLC 7 7.05% $10,063
    AmeriHome Mortgage Company, LLC 7 6.13% $11,274
    CMG MORTGAGE, INC. 6 6.67% $14,732
    Univest Bank and Trust Co. 5 6.05% $12,551
    NFM, INC. 5 6.78% $13,916
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.44% $16,375
    FIRST ALLIANCE HOME MORTGAGE, LLC 4 6.94% $14,785
    Paramount Residential Mortgage Group, Inc. 4 6.94% $13,588
    Sierra Pacific Mortgage Company, Inc. 4 6.66% $9,232
    SUCCESS MORTGAGE PARTNERS, INC. 4 6.53% $11,727
    UNION HOME MORTGAGE CORP. 4 6.59% $10,545
    LOANPAL, LLC 4 5.56% $14,719
    CONTOUR MORTGAGE CORPORATION 4 6.34% $12,389
    Truist 3 5.79% $8,747
    Equity Prime Mortgage LLC 3 6.17% $14,480
    Keystone Funding, Inc. 3 6.04% $14,784
    ALLIED MORTGAGE GROUP, INC. 3 6.21% $15,241
    VILLAGE CAPITAL MORTGAGE 3 6.71% $12,720
    Wells Fargo Bank 3 6.96% $8,454
    AMERICAN FINANCIAL NETWORK, INC. 3 6.46% $13,979
    CARDINAL FINANCIAL 3 6.21% $8,203
    Mid Penn Bank 3 6.71% $12,330
    M&T Bank 3 6.17% $11,590
    Northpointe Bank 3 6.33% $13,827
    EMBRACE HOME LOANS, INC. 3 6.25% $13,735
    TOP FLITE FINANCIAL, INC. 3 7.17% $14,570
    LAKEVIEW LOAN SERVICING, LLC 3 5.88% $11,203
    HOMESIDE FINANCIAL, LLC 2 7.00% $14,305
    Orrstown Bank 2 6.75% $9,964
    MILEND, INC. 2 6.56% $15,885
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 7.25% $14,274
    AMERICAN FINANCING CORPORATION 2 6.31% $13,519
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 6.25% $11,311
    PNC Bank 2 7.00% $14,238
    GUARANTEED RATE AFFINITY, LLC 2 7.20% $10,376
    TIDEWATER MORTGAGE SERVICES, INC. 2 6.31% $12,105
    Plains Commerce Bank 2 6.25% $14,969
    HOWARD HANNA FINANCIAL SERVICES, INC. 2 6.38% $10,024
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 7.31% $13,649
    RELIANCE FIRST CAPITAL, LLC 2 6.06% $16,826
    Alcova Mortgage LLC 2 6.75% $14,204
    GSF Mortgage Corporation 2 6.88% $12,779
    RADIUS FINANCIAL GROUP INC. 2 6.94% $13,211
    Flagstar Bank, FSB 2 6.69% $9,862
    MEMBERS 1ST FEDERAL CREDIT UNION 2 6.38% $10,303
    ZILLOW HOME LOANS, LLC 1 6.00% $9,935
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.50% $12,468
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $18,669
    ARC HOME LLC 1 7.13% $14,633
    FIRST HERITAGE FINANCIAL, LLC 1 6.49% $7,144
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.88% $12,561
    HOMESPIRE MORTGAGE CORPORATION 1 6.88% $12,407
    JPMorgan Chase Bank 1 5.75% $14,061
    Lakeview Community Capital, LLC 1 5.75% $12,556
    LENDING CAPITAL GROUP Inc 1 6.13% $9,645
    Magnolia Bank 1 7.25% $13,217
    MDE Home Loans, LLC 1 6.75% $14,811
    MEMBER FIRST MORTGAGE, LLC 1 7.50% $7,330
    Mortgage America, Inc. 1 5.75% $8,345
    Mortgage Research Center, LLC 1 8.13% $9,771
    NATION ONE MORTGAGE CORPORATION 1 6.63% $18,037
    NATIONS DIRECT MORTGAGE, LLC 1 6.63% $21,561
    Nations Lending Corporation 1 7.38% $8,360
    NETWORK CAPITAL FUNDING CORPORATION 1 5.38% $12,597
    Network Funding, L.P. 1 6.25% $15,696
    NEW DAY FINANCIAL, LLC 1 7.99% $15,799
    NexBank 1 7.25% $10,470
    NJ LENDERS CORP. 1 7.13% $11,204
    Northwest Bank 1 5.75% $12,015
    NVR Mortgage Finance, Inc. 1 4.25% $11,562
    PHH Mortgage Corporation 1 5.63% $13,938
    PIKE CREEK MORTGAGE SERVICES, INC. 1 6.63% $15,918
    PINNACLE MORTGAGE, INC. 1 5.75% $11,361
    PLANET HOME LENDING, LLC 1 7.25% $20,936
    PLAZA HOME MORTGAGE, INC. 1 5.25% $26,365
    POLARIS HOME FUNDING CORP. 1 6.50% $16,201
    PREMIA MORTGAGE, LLC 1 5.75% $6,586
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $17,091
    Prosperity Home Mortgage, LLC 1 7.12% $9,131
    ROYAL UNITED MORTGAGE LLC 1 6.75% $18,375
    RUOFF MORTGAGE COMPANY, INC. 1 5.38% $9,306
    SUN WEST MORTGAGE COMPANY, INC. 1 6.25% $21,211
    T2 FINANCIAL LLC 1 6.25% $13,844
    TD Bank 1 6.38% $8,645
    Towne Bank 1 6.50% $17,806
    Advisors Mortgage Group, L.L.C. 1 6.50% $13,728

    The top Lancaster FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 104 FHA loans originated. Their average total fees are $11,631, which is $1,908 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Lancaster FHA lenders (with over 10 loans originated) are EMM LOANS LLC ($10,331), York Traditions Bank ($10,775), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($10,805), Fulton Bank ($10,944) and Carrington Mortgage Services, LLC ($11,264).

    The lowest rate Lancaster FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.90%), Mr. Cooper ( Nationstar Mortgage ) (5.97%), Fulton Bank (6.10%), UNITED WHOLESALE MORTGAGE, LLC (6.23%) and QUICKEN LOANS, LLC (6.23%).

    Lancaster FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Lancaster (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 $259,800 (6.0%) $296,089 (5.1%) 0.96 1,191
    2018-02-01 $267,073 (10.8%) $306,972 (7.5%) 0.97 1,133
    2018-03-01 $273,679 (11.7%) $315,487 (8.8%) 0.96 1,126
    2018-04-01 $269,900 (8.9%) $311,649 (5.1%) 0.92 1,185
    2018-05-01 $274,845 (10.0%) $316,846 (5.3%) 0.92 1,181
    2018-06-01 $272,977 (9.3%) $316,444 (5.8%) 0.91 1,271
    2018-07-01 $274,900 (12.2%) $318,976 (8.2%) 0.92 1,320
    2018-08-01 $271,350 (10.4%) $320,200 (9.6%) 0.91 1,315
    2018-09-01 $272,700 (10.2%) $320,918 (10.3%) 0.92 1,298
    2018-10-01 $269,900 (8.0%) $323,464 (10.4%) 0.91 1,307
    2018-11-01 $269,900 (9.9%) $321,295 (13.7%) 0.91 1,299
    2018-12-01 $274,900 (10.0%) $323,928 (12.5%) 0.95 1,242
    2019-01-01 $275,000 (5.9%) $325,801 (10.0%) 0.95 1,190
    2019-02-01 $278,948 (4.5%) $329,752 (7.4%) 0.94 1,123
    2019-03-01 $288,043 (5.3%) $337,760 (7.1%) 0.94 1,090
    2019-04-01 $296,093 (9.7%) $345,658 (10.9%) 0.94 1,090
    2019-05-01 $291,973 (6.2%) $343,061 (8.3%) 0.91 1,120
    2019-06-01 $289,900 (6.2%) $346,786 (9.6%) 0.91 1,130
    2019-07-01 $287,725 (4.7%) $347,633 (9.0%) 0.90 1,097
    2019-08-01 $286,682 (5.7%) $348,345 (8.8%) 0.91 1,083
    2019-09-01 $289,356 (6.1%) $348,673 (8.7%) 0.93 1,075
    2019-10-01 $290,420 (7.6%) $348,656 (7.8%) 0.94 1,069
    2019-11-01 $290,000 (7.5%) $346,118 (7.7%) 0.95 1,021
    2019-12-01 $298,316 (8.5%) $353,435 (9.1%) 0.99 891
    2020-01-01 $306,445 (11.4%) $360,929 (10.8%) 1.02 794
    2020-02-01 $319,900 (14.7%) $367,223 (11.4%) 1.05 744
    2020-03-01 $320,200 (11.2%) $374,686 (10.9%) 1.00 718
    2020-04-01 $326,250 (10.2%) $389,335 (12.6%) 1.02 686
    2020-05-01 $319,900 (9.6%) $382,250 (11.4%) 0.97 719
    2020-06-01 $319,900 (10.4%) $378,803 (9.2%) 0.94 740
    2020-07-01 $320,950 (11.6%) $385,764 (11.0%) 0.93 657
    2020-08-01 $334,900 (16.8%) $401,694 (15.3%) 0.96 603
    2020-09-01 $327,095 (13.0%) $395,202 (13.3%) 0.94 574
    2020-10-01 $326,000 (12.3%) $395,735 (13.5%) 0.93 542
    2020-11-01 $329,900 (13.8%) $394,365 (13.9%) 0.96 512
    2020-12-01 $331,400 (11.1%) $388,988 (10.1%) 0.99 482
    2021-01-01 $344,900 (12.6%) $400,804 (11.1%) 1.03 415
    2021-02-01 $354,948 (11.0%) $418,382 (13.9%) 1.03 355
    2021-03-01 $350,000 (9.3%) $409,277 (9.2%) 0.99 361
    2021-04-01 $349,900 (7.3%) $412,695 (6.0%) 0.95 387
    2021-05-01 $350,000 (9.4%) $410,742 (7.5%) 0.93 403
    2021-06-01 $323,750 (1.2%) $390,538 (3.1%) 0.85 466
    2021-07-01 $319,900 (-0.3%) $383,547 (-0.6%) 0.84 463
    2021-08-01 $329,204 (-1.7%) $415,139 (3.4%) 0.88 482
    2021-09-01 $323,725 (-1.0%) $421,584 (6.7%) 0.86 469
    2021-10-01 $322,000 (-1.2%) $416,637 (5.3%) 0.86 469
    2021-11-01 $333,370 (1.1%) $425,534 (7.9%) 0.89 424
    2021-12-01 $349,900 (5.6%) $441,724 (13.6%) 0.95 345
    2022-01-01 $369,900 (7.3%) $495,422 (23.6%) 1.00 251
    2022-02-01 $355,000 (0.0%) $473,439 (13.2%) 0.92 261
    2022-03-01 $368,200 (5.2%) $440,737 (7.7%) 0.92 322
    2022-04-01 $374,998 (7.2%) $454,485 (10.1%) 0.89 336
    2022-05-01 $379,950 (8.6%) $469,875 (14.4%) 0.87 374
    2022-06-01 $365,625 (12.9%) $453,750 (16.2%) 0.81 450
    2022-07-01 $364,900 (14.1%) $454,661 (18.5%) 0.82 473
    2022-08-01 $366,443 (11.3%) $458,517 (10.5%) 0.85 458
    2022-09-01 $346,366 (7.0%) $446,199 (5.8%) 0.81 428
    2022-10-01 $379,900 (18.0%) $470,063 (12.8%) 0.89 431
    2022-11-01 $388,725 (16.6%) $476,175 (11.9%) 0.93 442
    2022-12-01 $395,000 (12.9%) $472,056 (6.9%) 0.98 390
    2023-01-01 $399,950 (8.1%) $479,141 (-3.3%) 0.99 379
    2023-02-01 $422,450 (19.0%) $493,382 (4.2%) 1.02 352
    2023-03-01 $428,725 (16.4%) $492,351 (11.7%) 1.01 370
    2023-04-01 $399,900 (6.6%) $484,721 (6.7%) 0.93 327
    2023-05-01 $399,925 (5.3%) $470,852 (0.2%) 0.91 352
    2023-06-01 $398,725 (9.1%) $465,966 (2.7%) 0.90 357
    2023-07-01 $399,000 (9.4%) $472,372 (3.9%) 0.91 352
    2023-08-01 $395,750 (8.0%) $470,996 (2.7%) 0.91 363
    2023-09-01 $399,000 (15.2%) $471,268 (5.6%) 0.93 368
    2023-10-01 $375,000 (-1.3%) $464,265 (-1.2%) 0.88 431
    2023-11-01 $399,900 (2.9%) $484,366 (1.7%) 0.95 408
    2023-12-01 $411,157 (4.1%) $500,049 (5.9%) 1.00 368
    2024-01-01 $429,900 (7.5%) $494,847 (3.3%) 1.05 332
    2024-02-01 $420,250 (-0.5%) $495,608 (0.5%) 1.01 314
    2024-03-01 $419,950 (-2.1%) $502,502 (2.1%) 0.99 298
    2024-04-01 $423,725 (6.0%) $492,422 (1.6%) 0.99 374
    2024-05-01 $444,836 (11.2%) $513,767 (9.1%) 1.01 374
    2024-06-01 $431,385 (8.2%) $498,332 (7.0%) 0.97 403
    2024-07-01 $424,975 (6.5%) $487,514 (3.2%) 0.97 441
    2024-08-01 $414,090 (4.6%) $480,676 (2.1%) 0.96 465
    2024-09-01 $403,450 (1.1%) $474,203 (0.6%) 0.95 498
    2024-10-01 $389,900 (4.0%) $470,654 (1.4%) 0.92 544
    2024-11-01 $395,000 (-1.2%) $488,997 (1.0%) 0.95 529
    Lancaster's median listing price for 2024-11-01 was $395,000, a difference of $-4,900 (-1.2%) versus the prior year and $5,100 versus the prior month.

    Lancaster's median listing price comes in at 95% of the national average.

    Lancaster's average listing price for 2024-11-01 was $488,997, a difference of $4,631 (1.0%) versus the prior year and $18,343 versus the prior month.

    For the 2024-11-01 period, Lancaster had 529 MLS listings, a difference of -15 listings (-3%) versus the prior month and 121 listings (30%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Lancaster (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 86 days 1,864 sqft
    2018-02-01 84 days 1,895 sqft
    2018-03-01 64 days 1,917 sqft
    2018-04-01 54 days 1,900 sqft
    2018-05-01 53 days 1,897 sqft
    2018-06-01 46 days 2,043 sqft
    2018-07-01 47 days 2,038 sqft
    2018-08-01 54 days 2,028 sqft
    2018-09-01 58 days 2,040 sqft
    2018-10-01 56 days 1,993 sqft
    2018-11-01 54 days 1,985 sqft
    2018-12-01 69 days 1,970 sqft
    2019-01-01 71 days 1,942 sqft
    2019-02-01 72 days 1,958 sqft
    2019-03-01 61 days 2,013 sqft
    2019-04-01 44 days 2,083 sqft
    2019-05-01 40 days 2,067 sqft
    2019-06-01 45 days 2,046 sqft
    2019-07-01 46 days 2,030 sqft
    2019-08-01 45 days 2,033 sqft
    2019-09-01 45 days 2,048 sqft
    2019-10-01 44 days 2,058 sqft
    2019-11-01 53 days 2,040 sqft
    2019-12-01 65 days 2,049 sqft
    2020-01-01 71 days 2,110 sqft
    2020-02-01 67 days 2,160 sqft
    2020-03-01 42 days 2,140 sqft
    2020-04-01 61 days 2,150 sqft
    2020-05-01 68 days 2,122 sqft
    2020-06-01 36 days 2,146 sqft
    2020-07-01 34 days 2,161 sqft
    2020-08-01 37 days 2,208 sqft
    2020-09-01 37 days 2,121 sqft
    2020-10-01 43 days 2,054 sqft
    2020-11-01 45 days 2,093 sqft
    2020-12-01 51 days 2,019 sqft
    2021-01-01 52 days 2,064 sqft
    2021-02-01 52 days 2,113 sqft
    2021-03-01 39 days 2,088 sqft
    2021-04-01 26 days 2,075 sqft
    2021-05-01 29 days 2,051 sqft
    2021-06-01 35 days 1,910 sqft
    2021-07-01 39 days 1,927 sqft
    2021-08-01 37 days 1,982 sqft
    2021-09-01 42 days 1,925 sqft
    2021-10-01 40 days 1,968 sqft
    2021-11-01 43 days 1,932 sqft
    2021-12-01 50 days 1,924 sqft
    2022-01-01 48 days 1,975 sqft
    2022-02-01 30 days 1,955 sqft
    2022-03-01 26 days 1,918 sqft
    2022-04-01 33 days 1,976 sqft
    2022-05-01 30 days 2,000 sqft
    2022-06-01 30 days 1,970 sqft
    2022-07-01 32 days 1,970 sqft
    2022-08-01 36 days 1,972 sqft
    2022-09-01 41 days 1,911 sqft
    2022-10-01 37 days 1,969 sqft
    2022-11-01 42 days 2,013 sqft
    2022-12-01 50 days 1,974 sqft
    2023-01-01 54 days 1,945 sqft
    2023-02-01 49 days 1,972 sqft
    2023-03-01 41 days 1,982 sqft
    2023-04-01 34 days 2,043 sqft
    2023-05-01 29 days 2,017 sqft
    2023-06-01 31 days 2,052 sqft
    2023-07-01 34 days 2,055 sqft
    2023-08-01 31 days 1,934 sqft
    2023-09-01 31 days 1,920 sqft
    2023-10-01 30 days 1,924 sqft
    2023-11-01 34 days 1,947 sqft
    2023-12-01 42 days 1,960 sqft
    2024-01-01 47 days 1,941 sqft
    2024-02-01 39 days 1,981 sqft
    2024-03-01 37 days 1,907 sqft
    2024-04-01 29 days 1,918 sqft
    2024-05-01 29 days 1,988 sqft
    2024-06-01 29 days 1,961 sqft
    2024-07-01 33 days 1,969 sqft
    2024-08-01 34 days 1,920 sqft
    2024-09-01 37 days 1,901 sqft
    2024-10-01 31 days 1,879 sqft
    2024-11-01 33 days 1,891 sqft
    Lancaster's median listing age (time on market) for 2024-11-01 was 33 days. This is -2% shorter than the same period one year ago.

    Lancaster's median square footage for active listings during the 2024-11-01 period was 1,891 sqft. One year prior, the average listing was 1,947 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).