Las Vegas FHA Loans

LAS VEGAS-HENDERSON-PARADISE, NV

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.

Las Vegas's 188 lenders originated 14,319 FHA loans during 2021. The total origination value was $3,845,185,000, with an average FHA loan value of $268,537.

Las Vegas FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Las Vegas averaged 5.27% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.6% and one month ago for the week of 2022-04-08, the average rate was 4.87%.

The average rate one year ago was 3.08%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.85%.

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

Las Vegas FHA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Las Vegas level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
GUILD MORTGAGE COMPANY 852 3.11% $10,067
QUICKEN LOANS, LLC 761 2.65% $7,367
FREEDOM MORTGAGE CORPORATION 580 2.73% $5,809
LOANDEPOT.COM, LLC 460 3.34% $9,233
UNITED WHOLESALE MORTGAGE, LLC 433 2.76% $8,568
LAKEVIEW LOAN SERVICING, LLC 388 2.88% $5,346
PENNYMAC LOAN SERVICES, LLC 335 2.91% $5,831
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 333 3.40% $10,182
ALL WESTERN MORTGAGE, INC. 302 3.44% $9,290
BROKER SOLUTIONS, INC. 299 3.30% $9,194
CROSSCOUNTRY MORTGAGE, LLC 263 3.12% $10,404
Mr. Cooper ( Nationstar Mortgage ) 243 3.04% $5,355
HOME POINT FINANCIAL CORPORATION 231 2.84% $8,439
CALIBER HOME LOANS, INC. 231 2.82% $7,199
DHI MORTGAGE COMPANY, LTD. 227 2.74% $8,875
VILLAGE CAPITAL & INVESTMENT LLC 214 2.67% $3,174
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 197 3.23% $9,912
RESIDENTIAL BANCORP. 174 3.23% $10,382
PLANET HOME LENDING, LLC 168 3.05% $8,778
SECURITYNATIONAL MORTGAGE COMPANY 164 3.26% $10,810
HOMEBRIDGE FINANCIAL SERVICES, INC. 164 2.67% $6,970
INSPIRE HOME LOANS INC. 161 3.15% $12,280
CELEBRITY HOME LOANS, LLC 161 3.38% $10,065
PANORAMA MORTGAGE GROUP, LLC 159 3.39% $10,038
RMS & Associates 157 3.26% $10,814
GUARANTEED RATE, INC. 157 3.10% $9,365
DATA MORTGAGE, INC. 156 3.58% $9,966
EAGLE HOME MORTGAGE, LLC 153 3.31% $11,089
HOMEAMERICAN MORTGAGE CORPORATION 139 2.71% $5,944
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 138 3.34% $11,457
MANN FINANCIAL INC. 134 3.43% $10,460
KBHS HOME LOANS, LLC 132 3.23% $11,621
Carrington Mortgage Services, LLC 128 3.29% $8,569
CMG MORTGAGE, INC. 122 3.30% $11,282
SWBC MORTGAGE CORPORATION 109 3.31% $9,305
NOVA FINANCIAL & INVESTMENT CORPORATION 108 3.16% $8,209
SUMMIT FUNDING, INC. 101 3.48% $12,316
FBC MORTGAGE, LLC 98 3.19% $9,670
NEWREZ LLC 89 2.84% $6,170
PINNACLE LENDING GROUP, INC. 81 2.84% $8,456
SUN WEST MORTGAGE COMPANY, INC. 78 3.05% $9,071
MORTGAGE MANAGEMENT CONSULTANTS, INC. 77 3.35% $7,838
Amerifirst Financial, Inc. 75 3.24% $10,021
AXIA FINANCIAL, LLC 75 3.24% $9,870
FINANCE OF AMERICA MORTGAGE LLC 74 3.23% $9,573
MOVEMENT MORTGAGE, LLC 65 3.39% $8,010
AMERICAN FINANCIAL NETWORK, INC. 63 3.21% $11,563
PRIMARY RESIDENTIAL MORTGAGE, INC. 63 3.44% $11,154
Sierra Pacific Mortgage Company, Inc. 58 3.01% $9,995
AMERISAVE MORTGAGE CORPORATION 57 2.91% $8,697
WESTERN EXPRESS LENDING 53 3.25% $9,153
LOANPAL, LLC 53 2.58% $10,150
Neighborhood Loans, Inc. 52 3.31% $9,699
Paramount Residential Mortgage Group, Inc. 52 3.28% $9,747
First Option Mortgage, LLC 48 3.09% $10,167
Loan Simple, Inc. 47 3.38% $10,475
Equity Prime Mortgage LLC 42 3.16% $6,920
ML Mortgage Corp. 41 3.14% $10,333
Flagstar Bank, FSB 37 2.89% $8,281
InterContinental Capital Group, Inc 33 2.67% $8,736
ONE NEVADA CREDIT UNION 32 2.57% $7,482
CANOPY MORTGAGE, LLC 32 2.61% $8,959
The Federal Savings Bank 31 2.64% $11,317
Hometown Lenders, Inc. 31 3.41% $9,375
First Guaranty Mortgage Corporation 30 2.85% $7,050
HAMILTON HOME LOANS, INC. 30 2.81% $8,298
HOME FUNDING CORPORATION 30 3.37% $9,801
GENEVA FINANCIAL, LLC 27 3.13% $10,293
PULTE MORTGAGE LLC 27 3.06% $6,695
INTERNATIONAL CITY MORTGAGE, INC. 26 3.31% $9,232
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 26 3.15% $9,411
MORTGAGE SOLUTIONS OF COLORADO, LLC 25 3.39% $11,110
CITY FIRST MORTGAGE SERVICES, L.L.C. 25 3.31% $10,559
LEADERONE FINANCIAL CORPORATION 22 3.15% $9,443
Town Square Mortgage & Investments, Inc. 22 3.07% $9,618
ON Q FINANCIAL, INC. 21 3.19% $8,891
AMERICAN PACIFIC MORTGAGE CORPORATION 20 3.18% $9,906
Bank of England 20 3.49% $10,104
SOVEREIGN LENDING GROUP INCORPORATED 20 2.82% $8,632
U.S. Bank 19 3.19% $7,483
STEARNS LENDING, LLC 19 2.89% $8,506
RESIDENTIAL WHOLESALE MORTGAGE, INC. 18 3.08% $8,649
INTERCAP LENDING INC. 17 3.41% $10,539
OCMBC, INC. 16 3.08% $9,039
South Pacific Financial Corporation 16 2.79% $12,256
BEST CAPITAL FUNDING 16 2.95% $10,028
Commerce Home Mortgage, Inc. 16 3.10% $8,501
LAND HOME FINANCIAL SERVICES, INC. 14 3.66% $11,999
NATIONS DIRECT MORTGAGE, LLC 14 3.21% $8,918
MUTUAL OF OMAHA MORTGAGE, INC. 14 3.00% $10,496
DIGNIFIED HOME LOANS, LLC 14 3.03% $8,866
ARK-LA-TEX FINANCIAL SERVICES, LLC. 13 2.86% $7,508
DRAPER AND KRAMER MORTGAGE CORP. 13 3.23% $9,633
Low VA Rates, LLC 12 2.75% $5,877
ROUNDPOINT MORTGAGE SERVICING CORPORATION 12 3.30% $9,827
LADERA LENDING, INC. 11 3.01% $8,978
HighTechLending Inc 11 3.17% $9,634
Zions Bancorporation, N.A. 10 2.65% $6,983
EVERETT FINANCIAL, INC. 10 3.89% $8,106
CHURCHILL MORTGAGE CORPORATION 10 3.70% $10,034
JPMorgan Chase Bank 10 2.93% $5,130
KELLER MORTGAGE, LLC 10 2.83% $6,816
Nations Lending Corporation 10 2.99% $12,409
ANGEL OAK HOME LOANS LLC 9 3.38% $8,549
Barrington Bank & Trust Company, N.A. 9 2.92% $8,510
CORNERSTONE HOME LENDING, INC. 9 3.26% $9,858
United Fidelity Funding Corp. 9 2.75% $9,783
BAY EQUITY LLC 9 2.90% $10,230
Austin Capital Bank SSB 9 3.21% $10,124
AmRes Corporation 9 2.71% $8,431
DIRECT MORTGAGE LOANS, LLC 8 3.30% $11,888
INTELLILOAN, INC. 8 2.89% $6,878
VAN DYK MORTGAGE CORPORATION 8 2.91% $7,238
Bank of America 8 2.98% $6,510
East Coast Capital Corp. 7 3.52% $12,223
MID AMERICA MORTGAGE, INC. 7 3.52% $6,482
TOP FLITE FINANCIAL, INC. 7 3.23% $16,787
HOMEOWNERS FINANCIAL GROUP USA, LLC 7 3.23% $9,451
ZILLOW HOME LOANS, LLC 7 2.64% $10,211
BRIDGELOCK CAPITAL 7 2.89% $8,722
CHERRY CREEK MORTGAGE, LLC 7 3.64% $5,450
Franklin Loan Corporation 6 3.75% $9,988
AMERICAN FINANCING CORPORATION 6 3.02% $6,963
GREATER NEVADA LLC 6 3.27% $10,024
UNITED MORTGAGE CORP. 6 3.06% $9,193
AMERICA FIRST 5 2.60% $9,698
Colten Mortgage, LLC 5 2.90% $9,072
ISERVE RESIDENTIAL LENDING, LLC 5 3.20% $8,466
First Home Bank 5 2.95% $11,692
BECKAM FUNDING CORP. 4 3.63% $15,861
Wells Fargo Bank 4 3.34% $7,102
North American Savings Bank, F.S.B. 4 2.63% $6,439
PHH Mortgage Corporation 4 3.31% $4,830
MORIA DEVELOPMENT, INC. 4 3.63% $10,157
FIRST COLONY MORTGAGE CORPORATION 4 2.69% $9,809
MOUNTAIN WEST FINANCIAL, INC. 4 2.72% $9,198
Citizens Bank 4 2.94% $7,625
Prosperity Home Mortgage, LLC 4 3.09% $8,509
AMERICAN FINANCIAL RESOURCES, INC. 3 3.13% $6,758
Manufacturers and Traders Trust Company 3 3.04% $8,509
NBKC BANK 3 2.71% $8,919
BEST FINANCE CAPITAL, INC. 3 3.17% $11,004
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 2.96% $11,061
First Savings Bank 3 3.00% $7,277
First Federal Bank 3 3.46% $11,762
SNAPFI, INC. 3 2.96% $8,292
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 3.21% $12,131
CLEARPATH LENDING 3 2.75% $4,795
WALL FINANCIAL, INC. 3 2.96% $11,905
Colonial Savings, F.A. 2 2.88% $7,221
Northpointe Bank 2 2.94% $11,414
FirstBank 2 2.50% $7,655
LENDUS, LLC 2 3.31% $9,364
JMJ FINANCIAL GROUP 2 2.94% $11,504
BELEM SERVICING LLC 2 3.56% $7,508
HomeStreet Bank 2 2.63% $9,645
Magnolia Bank 2 2.63% $10,621
CITYWIDE HOME LOANS, LLC 2 2.87% $12,034
Mortgage Research Center, LLC 2 3.00% $9,329
PLAZA HOME MORTGAGE, INC. 2 3.00% $7,486
PREMIER MORTGAGE RESOURCES, L.L.C. 2 3.12% $10,711
NP, Inc. 2 3.00% $5,873
DAS Acquisition Company, LLC 1 4.63% $10,433
UNION HOME MORTGAGE CORP. 1 2.75% $9,551
Allied First Bank,sb 1 3.63% $7,255
MLD MORTGAGE INC. 1 2.50% $8,936
VANDERBILT MORTGAGE AND FINANCE, INC. 1 4.25% $8,351
MICHIGAN MUTUAL, INC. 1 3.13% $6,860
MEMBER FIRST MORTGAGE, LLC 1 2.88% $14,572
V.I.P. MORTGAGE, INC. 1 3.75% $10,391
Peoples Bank 1 3.25% $7,447
Paramount Bank 1 2.88% $7,958
Armed Forces Bank 1 2.63% $6,946
Glacier Bank 1 2.38% $6,592
KS StateBank 1 2.75% $8,154
Florida Capital Bank 1 2.25% $7,669
Great Plains National Bank 1 2.75% $10,178
AmeriHome Mortgage Company, LLC 1 2.63% $9,723
Constant Investments, Inc. 1 2.88% $9,189
S1L, Inc. 1 2.63% $8,031
Citibank 1 2.88% $6,968
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.13% $6,063
Willamette Valley Bank 1 2.63% $13,445
MUFG Union Bank 1 2.38% $8,420
WINNPOINTE CORPORATION 1 3.00% $4,844
Sunflower Bank 1 2.99% $10,723
Axos Bank 1 4.13% $8,527
The Union Bank Company 1 2.50% $8,832

The top Las Vegas FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 852 FHA loans originated. Their average total fees are $10,067, which is $2,700 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Las Vegas FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($3,174), JPMorgan Chase Bank ($5,130), LAKEVIEW LOAN SERVICING, LLC ($5,346), Mr. Cooper ( Nationstar Mortgage ) ($5,355) and FREEDOM MORTGAGE CORPORATION ($5,809).

The lowest rate Las Vegas FHA lenders (with over 10 loans originated) are ONE NEVADA CREDIT UNION (2.57%), LOANPAL, LLC (2.58%), CANOPY MORTGAGE, LLC (2.61%), The Federal Savings Bank (2.64%) and QUICKEN LOANS, LLC (2.65%).

Las Vegas FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
LAS VEGAS-HENDERSON-PARADISE, NV CLARK 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Las Vegas (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 $341,450 (18.3%) $572,330 (28.2%) 1.26 4,453
2018-02-01 $340,350 (14.9%) $562,086 (21.7%) 1.23 4,458
2018-03-01 $348,000 (16.0%) $567,528 (20.6%) 1.20 4,538
2018-04-01 $350,000 (11.3%) $568,263 (18.2%) 1.17 4,722
2018-05-01 $351,500 (10.2%) $564,341 (14.6%) 1.17 4,868
2018-06-01 $359,000 (11.3%) $573,141 (14.8%) 1.20 5,119
2018-07-01 $346,983 (8.4%) $526,483 (5.6%) 1.16 5,378
2018-08-01 $337,000 (5.5%) $497,803 (-0.6%) 1.13 6,162
2018-09-01 $329,999 (3.3%) $485,437 (-3.7%) 1.10 7,104
2018-10-01 $324,450 (1.5%) $473,252 (-6.9%) 1.09 8,003
2018-11-01 $319,975 (0.8%) $471,510 (-7.6%) 1.07 8,502
2018-12-01 $319,900 (-1.5%) $470,669 (-10.3%) 1.10 8,392
2019-01-01 $314,444 (-7.9%) $460,396 (-19.6%) 1.08 8,503
2019-02-01 $310,000 (-8.9%) $456,100 (-18.9%) 1.04 8,987
2019-03-01 $312,143 (-10.3%) $458,834 (-19.2%) 1.02 9,031
2019-04-01 $316,150 (-9.7%) $464,249 (-18.3%) 1.00 9,053
2019-05-01 $319,950 (-9.0%) $467,398 (-17.2%) 0.99 9,773
2019-06-01 $323,888 (-9.8%) $472,385 (-17.6%) 1.00 9,747
2019-07-01 $324,900 (-6.4%) $476,610 (-9.5%) 1.01 9,661
2019-08-01 $322,857 (-4.2%) $477,907 (-4.0%) 1.02 9,343
2019-09-01 $319,950 (-3.1%) $477,174 (-1.7%) 1.02 9,075
2019-10-01 $319,945 (-1.4%) $474,766 (0.3%) 1.02 9,126
2019-11-01 $319,500 (-0.2%) $472,312 (0.2%) 1.03 9,719
2019-12-01 $318,527 (-0.4%) $475,104 (0.9%) 1.06 8,782
2020-01-01 $320,000 (1.8%) $486,238 (5.6%) 1.07 7,966
2020-02-01 $325,000 (4.8%) $495,907 (8.7%) 1.05 7,408
2020-03-01 $335,000 (7.3%) $510,656 (11.3%) 1.05 7,209
2020-04-01 $328,500 (3.9%) $488,020 (5.1%) 1.02 8,582
2020-05-01 $329,000 (2.8%) $486,560 (4.1%) 1.00 8,890
2020-06-01 $336,250 (3.8%) $493,838 (4.5%) 0.98 8,817
2020-07-01 $340,000 (4.7%) $507,950 (6.6%) 0.97 8,265
2020-08-01 $343,500 (6.4%) $514,814 (7.7%) 0.98 8,384
2020-09-01 $344,950 (7.8%) $516,506 (8.2%) 0.99 8,571
2020-10-01 $345,000 (7.8%) $517,449 (9.0%) 0.99 8,397
2020-11-01 $343,575 (7.5%) $524,662 (11.1%) 0.98 7,968
2020-12-01 $339,999 (6.7%) $530,026 (11.6%) 1.00 7,152
2021-01-01 $339,999 (6.3%) $536,958 (10.4%) 1.00 6,055
2021-02-01 $339,950 (4.6%) $558,415 (12.6%) 0.98 5,151
2021-03-01 $355,000 (6.0%) $611,087 (19.7%) 1.00 4,387
2021-04-01 $372,499 (13.4%) $654,691 (34.2%) 1.00 4,186
2021-05-01 $389,900 (18.5%) $659,654 (35.6%) 1.03 4,235
2021-06-01 $399,950 (18.9%) $667,329 (35.1%) 1.04 4,532
2021-07-01 $410,000 (20.6%) $659,994 (29.9%) 1.06 5,003
2021-08-01 $422,000 (22.9%) $659,386 (28.1%) 1.11 5,470
2021-09-01 $429,945 (24.6%) $656,487 (27.1%) 1.13 5,720
2021-10-01 $439,000 (27.3%) $660,802 (27.7%) 1.16 5,748
2021-11-01 $447,500 (30.3%) $671,660 (28.0%) 1.18 5,351
2021-12-01 $449,995 (32.4%) $686,484 (29.5%) 1.20 4,504
2022-01-01 $460,000 (35.3%) $733,468 (36.6%) 1.23 3,757
2022-02-01 $474,450 (39.6%) $764,095 (36.8%) 1.21 3,582
2022-03-01 $480,000 (35.2%) $775,995 (27.0%) 1.19 3,624
2022-04-01 $495,000 (32.9%) $776,550 (18.6%) 1.16 4,052
Las Vegas's median listing price for 2022-04-01 was $495,000, a difference of $122,501 (32.9%) versus the prior year and $15,000 versus the prior month.

Las Vegas's median listing price comes in at 116% of the national average.

Las Vegas's average listing price for 2022-04-01 was $776,550, a difference of $121,859 (18.6%) versus the prior year and $555 versus the prior month.

For the 2022-04-01 period, Las Vegas had 4,052 MLS listings, a difference of 428 listings (12%) versus the prior month and -134 listings (-3%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Las Vegas (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 61 days 2,092 sqft
2018-02-01 44 days 2,066 sqft
2018-03-01 38 days 2,102 sqft
2018-04-01 36 days 2,093 sqft
2018-05-01 37 days 2,082 sqft
2018-06-01 37 days 2,100 sqft
2018-07-01 35 days 2,023 sqft
2018-08-01 34 days 1,961 sqft
2018-09-01 36 days 1,924 sqft
2018-10-01 38 days 1,884 sqft
2018-11-01 44 days 1,870 sqft
2018-12-01 53 days 1,854 sqft
2019-01-01 59 days 1,829 sqft
2019-02-01 50 days 1,819 sqft
2019-03-01 42 days 1,827 sqft
2019-04-01 42 days 1,840 sqft
2019-05-01 43 days 1,860 sqft
2019-06-01 44 days 1,876 sqft
2019-07-01 46 days 1,874 sqft
2019-08-01 49 days 1,865 sqft
2019-09-01 49 days 1,837 sqft
2019-10-01 49 days 1,834 sqft
2019-11-01 53 days 1,830 sqft
2019-12-01 62 days 1,812 sqft
2020-01-01 66 days 1,816 sqft
2020-02-01 46 days 1,839 sqft
2020-03-01 39 days 1,855 sqft
2020-04-01 43 days 1,831 sqft
2020-05-01 55 days 1,836 sqft
2020-06-01 52 days 1,848 sqft
2020-07-01 49 days 1,848 sqft
2020-08-01 41 days 1,842 sqft
2020-09-01 39 days 1,842 sqft
2020-10-01 41 days 1,835 sqft
2020-11-01 43 days 1,833 sqft
2020-12-01 51 days 1,796 sqft
2021-01-01 54 days 1,768 sqft
2021-02-01 39 days 1,717 sqft
2021-03-01 31 days 1,741 sqft
2021-04-01 28 days 1,786 sqft
2021-05-01 24 days 1,814 sqft
2021-06-01 25 days 1,826 sqft
2021-07-01 25 days 1,849 sqft
2021-08-01 27 days 1,869 sqft
2021-09-01 29 days 1,882 sqft
2021-10-01 30 days 1,902 sqft
2021-11-01 35 days 1,917 sqft
2021-12-01 38 days 1,923 sqft
2022-01-01 38 days 1,935 sqft
2022-02-01 27 days 1,898 sqft
2022-03-01 23 days 1,906 sqft
2022-04-01 22 days 1,892 sqft
Las Vegas's median listing age (time on market) for 2022-04-01 was 22 days. This is -20% shorter than the same period one year ago.

Las Vegas's median square footage for active listings during the 2022-04-01 period was 1,892 sqft. One year prior, the average listing was 1,786 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).