Lexington FHA Loan Rates, Closing Costs & Stats

LEXINGTON-FAYETTE, KY

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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.

    Lexington's 110 lenders originated 1,130 FHA loans during 2023. The total origination value was $267,850,000, with an average FHA loan value of $237,035.

    Lexington FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lexington averaged 6.21% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Lexington's average FHA mortgage closing costs are $6,854.

    The average rate for the prior week (2024-12-06) was 6.48% and one month ago for the week of 2024-11-08, the average rate was 6.54%.

    The average rate one year ago was 6.65%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.43%.

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

    Lexington 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 Lexington level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 146 6.22% $9,862
    STOCKTON MORTGAGE CORPORATION 95 6.61% $11,016
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 87 6.61% $8,291
    UNITED WHOLESALE MORTGAGE, LLC 61 6.48% $10,568
    THRIVE MORTGAGE, LLC 52 6.03% $12,469
    GENEVA FINANCIAL, LLC 41 6.49% $10,384
    Bank of England 35 6.60% $10,528
    Republic State Mortgage Co. 29 6.67% $10,304
    UNION HOME MORTGAGE CORP. 25 6.78% $10,488
    Peoples Exchange Bank 21 6.12% $7,131
    FREEDOM MORTGAGE CORPORATION 19 6.76% $11,991
    Carrington Mortgage Services, LLC 18 6.11% $11,723
    HOMESIDE FINANCIAL, LLC 18 6.75% $10,830
    RUOFF MORTGAGE COMPANY, INC. 17 6.74% $6,778
    WesBanco 17 6.34% $8,148
    Northpointe Bank 17 6.51% $10,104
    GUARANTEED RATE, INC. 15 6.73% $10,864
    PENNYMAC LOAN SERVICES, LLC 15 6.09% $12,223
    Prosperity Home Mortgage, LLC 15 6.65% $8,546
    LOANDEPOT.COM, LLC 13 6.24% $10,527
    AMERISAVE MORTGAGE CORPORATION 11 6.10% $12,795
    Central Bank 11 6.65% $5,197
    BROKER SOLUTIONS, INC. 11 6.64% $9,704
    Regions Bank 10 5.88% $9,883
    Mr. Cooper ( Nationstar Mortgage ) 10 6.15% $14,383
    ENDEAVOR CAPITAL, LLC. 10 6.54% $10,096
    CROSSCOUNTRY MORTGAGE, LLC 10 6.84% $10,337
    Fifth Third Bank 9 6.40% $7,483
    PLANET HOME LENDING, LLC 8 6.36% $9,274
    LAKEVIEW LOAN SERVICING, LLC 8 6.09% $13,693
    EVERETT FINANCIAL, INC. 8 7.02% $12,325
    MUTUAL OF OMAHA MORTGAGE, INC. 8 6.61% $11,607
    Republic Bank & Trust Company 8 6.64% $9,479
    FBC MORTGAGE, LLC 8 6.16% $11,202
    Equity Prime Mortgage LLC 7 7.09% $14,286
    U.S. Bank 7 6.50% $8,102
    Century Mortgage Company DBA Century Lending Company 7 6.48% $14,819
    Mortgage Research Center, LLC 6 6.58% $6,270
    NEWREZ LLC 6 6.64% $12,236
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 7.03% $11,980
    Traditional Bank, Inc. 5 6.68% $7,660
    Guardian Savings Bank, A Federal Savings Bank 5 6.68% $9,288
    SWBC MORTGAGE CORPORATION 5 6.60% $7,260
    Stock Yards Bank & Trust Company 5 6.60% $9,410
    CARDINAL FINANCIAL 5 5.63% $9,275
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.30% $11,672
    TOP FLITE FINANCIAL, INC. 5 6.50% $14,587
    NBKC BANK 4 6.34% $8,494
    Old National Bank 4 6.50% $8,660
    Paramount Residential Mortgage Group, Inc. 4 7.28% $10,707
    RELIANCE FIRST CAPITAL, LLC 4 6.22% $11,218
    MYCUMORTGAGE, LLC 4 7.25% $6,101
    SOUTH CENTRAL BANK, INC. 4 6.75% $8,090
    LIBERTY HOME MORTGAGE CORPORATION 3 7.00% $7,423
    SUN WEST MORTGAGE COMPANY, INC. 3 6.54% $9,623
    GoPrime Mortgage, Inc. 3 7.17% $9,079
    Flagstar Bank, FSB 3 6.67% $9,440
    LAND HOME FINANCIAL SERVICES, INC. 3 7.50% $14,404
    EMM LOANS LLC 3 6.08% $9,726
    EVANSVILLE TEACHERS 3 6.63% $7,688
    JPMorgan Chase Bank 3 7.33% $7,013
    The Federal Savings Bank 3 6.17% $14,070
    FIRST COMMUNITY MORTGAGE, INC. 3 6.63% $12,104
    AMERICAN FINANCIAL NETWORK, INC. 2 7.56% $12,720
    Barrington Bank & Trust Company, N.A. 2 5.75% $11,396
    TJC Mortgage, Inc. 2 5.94% $15,027
    MORTGAGE INVESTORS GROUP, INC. 2 6.63% $8,178
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 6.94% $10,864
    MOVEMENT MORTGAGE, LLC 2 6.50% $7,919
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 7.25% $9,350
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 6.25% $10,001
    S1L, Inc. 2 7.00% $7,448
    ENVOY MORTGAGE, LTD 2 7.00% $15,182
    ZILLOW HOME LOANS, LLC 1 6.75% $6,630
    AMCAP MORTGAGE, LTD. 1 7.13% $13,654
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.63% $9,652
    AmeriHome Mortgage Company, LLC 1 5.75% $12,312
    AmRes Corporation 1 6.75% $11,023
    BAY EQUITY LLC 1 6.00% $6,677
    BETTER MORTGAGE CORPORATION 1 7.13% $8,785
    Citizens Bank 1 5.88% $6,386
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.63% $11,329
    Civista Bank 1 5.75% $6,503
    DAS Acquisition Company, LLC 1 6.25% $9,331
    FirstBank 1 6.00% $9,746
    Florida Capital Bank 1 6.38% $13,163
    Forcht Bank 1 6.00% $8,238
    INTERLINC MORTGAGE SERVICES, LLC 1 6.49% $5,662
    KELLER MORTGAGE, LLC 1 5.13% $13,145
    MICHIGAN MUTUAL, INC. 1 5.63% $7,933
    MORTGAGE ACCESS CORP. 1 5.63% $17,080
    M&T Bank 1 6.00% $14,774
    NATIONS DIRECT MORTGAGE, LLC 1 6.75% $20,819
    Nations Lending Corporation 1 6.13% $8,817
    NFM, INC. 1 7.25% $10,401
    PHH Mortgage Corporation 1 5.99% $4,553
    Plains Commerce Bank 1 6.63% $5,050
    PNC Bank 1 5.75% $10,182
    Renasant Bank 1 5.75% $10,342
    ROYAL UNITED MORTGAGE LLC 1 6.75% $9,854
    SIRVA MORTGAGE, INC. 1 6.63% $8,220
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.75% $5,789
    SOVEREIGN LENDING GROUP INCORPORATED 1 6.75% $9,953
    Strong Home Mortgage, LLC 1 7.13% $9,648
    The Huntington National Bank 1 6.25% $13,589
    Union Savings Bank 1 7.00% $4,863
    UNITED HOME LOANS, INC. 1 5.75% $4,868
    VILLAGE CAPITAL MORTGAGE 1 5.88% $21,647
    Western Ohio Mortgage Corporation 1 6.63% $8,063
    ACOPIA, LLC 1 6.50% $6,763

    The top Lexington FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 146 FHA loans originated. Their average total fees are $9,862, which is $1,154 lower than the next largest lender, STOCKTON MORTGAGE CORPORATION.

    The lowest fee Lexington FHA lenders (with over 10 loans originated) are Central Bank ($5,197), RUOFF MORTGAGE COMPANY, INC. ($6,778), Peoples Exchange Bank ($7,131), WesBanco ($8,148) and ARK-LA-TEX FINANCIAL SERVICES, LLC. ($8,291).

    The lowest rate Lexington FHA lenders (with over 10 loans originated) are Regions Bank (5.88%), THRIVE MORTGAGE, LLC (6.03%), PENNYMAC LOAN SERVICES, LLC (6.09%), AMERISAVE MORTGAGE CORPORATION (6.10%) and Carrington Mortgage Services, LLC (6.11%).

    Lexington FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    LEXINGTON-FAYETTE, KY BOURBON 2022 $420,680 $538,650 $651,050 $809,150
    LEXINGTON-FAYETTE, KY CLARK 2022 $420,680 $538,650 $651,050 $809,150
    LEXINGTON-FAYETTE, KY FAYETTE 2022 $420,680 $538,650 $651,050 $809,150
    LEXINGTON-FAYETTE, KY JESSAMINE 2022 $420,680 $538,650 $651,050 $809,150
    LEXINGTON-FAYETTE, KY SCOTT 2022 $420,680 $538,650 $651,050 $809,150
    LEXINGTON-FAYETTE, KY WOODFORD 2022 $420,680 $538,650 $651,050 $809,150
    LEXINGTON-FAYETTE, KY BOURBON 2023 $472,030 $604,400 $730,525 $907,900
    LEXINGTON-FAYETTE, KY CLARK 2023 $472,030 $604,400 $730,525 $907,900
    LEXINGTON-FAYETTE, KY FAYETTE 2023 $472,030 $604,400 $730,525 $907,900
    LEXINGTON-FAYETTE, KY JESSAMINE 2023 $472,030 $604,400 $730,525 $907,900
    LEXINGTON-FAYETTE, KY SCOTT 2023 $472,030 $604,400 $730,525 $907,900
    LEXINGTON-FAYETTE, KY WOODFORD 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Lexington (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 $269,450 (6.9%) $375,455 (2.1%) 1.00 1,418
    2018-02-01 $283,600 (6.0%) $388,429 (1.3%) 1.03 1,328
    2018-03-01 $299,000 (5.1%) $407,171 (0.0%) 1.05 1,345
    2018-04-01 $309,900 (3.3%) $420,776 (-0.3%) 1.05 1,369
    2018-05-01 $314,609 (4.5%) $430,696 (3.6%) 1.05 1,505
    2018-06-01 $315,000 (5.4%) $429,781 (5.9%) 1.05 1,570
    2018-07-01 $299,950 (3.4%) $418,594 (6.4%) 1.00 1,717
    2018-08-01 $289,042 (3.3%) $403,437 (6.3%) 0.97 1,881
    2018-09-01 $288,950 (3.2%) $397,200 (4.6%) 0.97 1,908
    2018-10-01 $278,937 (-0.3%) $389,178 (2.1%) 0.94 1,955
    2018-11-01 $269,175 (-2.5%) $375,432 (0.2%) 0.91 1,892
    2018-12-01 $265,000 (-1.8%) $367,138 (-1.3%) 0.91 1,752
    2019-01-01 $267,187 (-0.8%) $366,896 (-2.3%) 0.92 1,619
    2019-02-01 $283,700 (0.0%) $380,512 (-2.0%) 0.96 1,465
    2019-03-01 $293,621 (-1.8%) $391,077 (-4.0%) 0.96 1,475
    2019-04-01 $303,973 (-1.9%) $402,543 (-4.3%) 0.97 1,512
    2019-05-01 $309,900 (-1.5%) $403,626 (-6.3%) 0.97 1,615
    2019-06-01 $309,900 (-1.6%) $398,714 (-7.2%) 0.97 1,662
    2019-07-01 $300,000 (0.0%) $392,806 (-6.2%) 0.94 1,774
    2019-08-01 $297,245 (2.8%) $398,369 (-1.3%) 0.94 1,793
    2019-09-01 $293,114 (1.4%) $409,319 (3.1%) 0.94 1,813
    2019-10-01 $290,359 (4.1%) $418,715 (7.6%) 0.94 1,803
    2019-11-01 $288,946 (7.3%) $422,514 (12.5%) 0.95 1,675
    2019-12-01 $283,450 (7.0%) $422,192 (15.0%) 0.95 1,514
    2020-01-01 $291,750 (9.2%) $434,848 (18.5%) 0.97 1,350
    2020-02-01 $309,950 (9.3%) $458,635 (20.5%) 1.01 1,270
    2020-03-01 $318,735 (8.6%) $414,554 (6.0%) 1.00 1,219
    2020-04-01 $316,553 (4.1%) $416,691 (3.5%) 0.99 1,232
    2020-05-01 $323,475 (4.4%) $436,068 (8.0%) 0.98 1,166
    2020-06-01 $324,900 (4.8%) $467,554 (17.3%) 0.96 1,100
    2020-07-01 $325,890 (8.6%) $454,149 (15.6%) 0.94 995
    2020-08-01 $329,000 (10.7%) $456,993 (14.7%) 0.94 967
    2020-09-01 $327,559 (11.8%) $456,204 (11.5%) 0.94 913
    2020-10-01 $326,767 (12.5%) $455,472 (8.8%) 0.94 896
    2020-11-01 $321,950 (11.4%) $451,567 (6.9%) 0.94 824
    2020-12-01 $319,900 (12.9%) $440,364 (4.3%) 0.95 751
    2021-01-01 $324,900 (11.4%) $453,507 (4.3%) 0.97 668
    2021-02-01 $329,780 (6.4%) $464,315 (1.2%) 0.96 574
    2021-03-01 $328,975 (3.2%) $468,324 (13.0%) 0.93 544
    2021-04-01 $331,080 (4.6%) $490,600 (17.7%) 0.90 566
    2021-05-01 $344,305 (6.4%) $518,436 (18.9%) 0.91 565
    2021-06-01 $328,000 (1.0%) $477,862 (2.2%) 0.86 610
    2021-07-01 $315,000 (-3.3%) $462,975 (1.9%) 0.83 658
    2021-08-01 $317,450 (-3.5%) $456,489 (-0.1%) 0.85 708
    2021-09-01 $314,675 (-3.9%) $457,952 (0.4%) 0.84 723
    2021-10-01 $311,900 (-4.6%) $446,520 (-2.0%) 0.83 682
    2021-11-01 $317,500 (-1.4%) $467,460 (3.5%) 0.85 606
    2021-12-01 $319,500 (-0.1%) $458,145 (4.0%) 0.87 507
    2022-01-01 $329,360 (1.4%) $490,040 (8.1%) 0.89 409
    2022-02-01 $348,095 (5.6%) $494,651 (6.5%) 0.91 396
    2022-03-01 $352,500 (7.2%) $506,204 (8.1%) 0.88 439
    2022-04-01 $375,390 (13.4%) $501,017 (2.1%) 0.89 483
    2022-05-01 $388,450 (12.8%) $504,976 (-2.6%) 0.89 568
    2022-06-01 $394,700 (20.3%) $493,676 (3.3%) 0.88 688
    2022-07-01 $399,000 (26.7%) $494,916 (6.9%) 0.90 801
    2022-08-01 $383,600 (20.8%) $490,924 (7.5%) 0.89 853
    2022-09-01 $386,950 (23.0%) $496,852 (8.5%) 0.90 846
    2022-10-01 $386,900 (24.1%) $507,050 (13.6%) 0.91 901
    2022-11-01 $374,757 (18.0%) $474,894 (1.6%) 0.90 924
    2022-12-01 $369,900 (15.8%) $461,018 (0.6%) 0.91 893
    2023-01-01 $387,100 (17.5%) $485,795 (-0.9%) 0.96 769
    2023-02-01 $397,450 (14.2%) $496,741 (0.4%) 0.96 720
    2023-03-01 $399,900 (13.5%) $504,073 (-0.4%) 0.94 710
    2023-04-01 $399,900 (6.5%) $510,750 (1.9%) 0.93 698
    2023-05-01 $409,400 (5.4%) $530,166 (5.0%) 0.93 705
    2023-06-01 $414,975 (5.1%) $536,676 (8.7%) 0.93 739
    2023-07-01 $409,900 (2.7%) $528,081 (6.7%) 0.93 788
    2023-08-01 $399,850 (4.2%) $509,960 (3.9%) 0.92 849
    2023-09-01 $397,173 (2.6%) $507,596 (2.2%) 0.92 894
    2023-10-01 $397,561 (2.8%) $509,706 (0.5%) 0.94 956
    2023-11-01 $393,046 (4.9%) $510,535 (7.5%) 0.94 989
    2023-12-01 $390,717 (5.6%) $501,915 (8.9%) 0.95 886
    2024-01-01 $395,000 (2.0%) $510,918 (5.2%) 0.96 780
    2024-02-01 $399,425 (0.5%) $519,278 (4.5%) 0.96 737
    2024-03-01 $399,900 (0.0%) $533,785 (5.9%) 0.94 717
    2024-04-01 $399,900 (0.0%) $547,674 (7.2%) 0.93 759
    2024-05-01 $401,950 (-1.8%) $568,266 (7.2%) 0.91 772
    2024-06-01 $400,000 (-3.6%) $555,544 (3.5%) 0.90 878
    2024-07-01 $399,900 (-2.4%) $538,365 (2.0%) 0.91 968
    2024-08-01 $395,000 (-1.2%) $545,010 (6.9%) 0.92 996
    2024-09-01 $398,685 (0.4%) $552,623 (8.9%) 0.94 1,041
    2024-10-01 $396,305 (-0.3%) $549,112 (7.7%) 0.93 1,046
    2024-11-01 $399,000 (1.5%) $546,402 (7.0%) 0.96 1,158
    Lexington's median listing price for 2024-11-01 was $399,000, a difference of $5,954 (1.5%) versus the prior year and $2,695 versus the prior month.

    Lexington's median listing price comes in at 96% of the national average.

    Lexington's average listing price for 2024-11-01 was $546,402, a difference of $35,867 (7.0%) versus the prior year and $-2,710 versus the prior month.

    For the 2024-11-01 period, Lexington had 1,158 MLS listings, a difference of 112 listings (11%) versus the prior month and 169 listings (17%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Lexington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 86 days 2,278 sqft
    2018-02-01 82 days 2,334 sqft
    2018-03-01 57 days 2,376 sqft
    2018-04-01 52 days 2,440 sqft
    2018-05-01 45 days 2,471 sqft
    2018-06-01 46 days 2,474 sqft
    2018-07-01 52 days 2,414 sqft
    2018-08-01 52 days 2,376 sqft
    2018-09-01 56 days 2,366 sqft
    2018-10-01 61 days 2,309 sqft
    2018-11-01 67 days 2,258 sqft
    2018-12-01 75 days 2,180 sqft
    2019-01-01 80 days 2,193 sqft
    2019-02-01 79 days 2,286 sqft
    2019-03-01 66 days 2,320 sqft
    2019-04-01 52 days 2,368 sqft
    2019-05-01 50 days 2,362 sqft
    2019-06-01 51 days 2,377 sqft
    2019-07-01 56 days 2,366 sqft
    2019-08-01 56 days 2,353 sqft
    2019-09-01 59 days 2,305 sqft
    2019-10-01 62 days 2,277 sqft
    2019-11-01 66 days 2,238 sqft
    2019-12-01 77 days 2,187 sqft
    2020-01-01 88 days 2,206 sqft
    2020-02-01 85 days 2,300 sqft
    2020-03-01 65 days 2,308 sqft
    2020-04-01 66 days 2,327 sqft
    2020-05-01 64 days 2,381 sqft
    2020-06-01 58 days 2,381 sqft
    2020-07-01 57 days 2,366 sqft
    2020-08-01 60 days 2,365 sqft
    2020-09-01 72 days 2,346 sqft
    2020-10-01 73 days 2,316 sqft
    2020-11-01 78 days 2,233 sqft
    2020-12-01 72 days 2,104 sqft
    2021-01-01 70 days 2,163 sqft
    2021-02-01 72 days 2,134 sqft
    2021-03-01 54 days 2,149 sqft
    2021-04-01 43 days 2,165 sqft
    2021-05-01 38 days 2,180 sqft
    2021-06-01 43 days 2,089 sqft
    2021-07-01 39 days 2,000 sqft
    2021-08-01 40 days 2,036 sqft
    2021-09-01 44 days 2,006 sqft
    2021-10-01 46 days 1,979 sqft
    2021-11-01 52 days 1,995 sqft
    2021-12-01 59 days 1,980 sqft
    2022-01-01 64 days 2,010 sqft
    2022-02-01 53 days 2,034 sqft
    2022-03-01 41 days 2,085 sqft
    2022-04-01 36 days 2,101 sqft
    2022-05-01 39 days 2,153 sqft
    2022-06-01 37 days 2,200 sqft
    2022-07-01 37 days 2,214 sqft
    2022-08-01 40 days 2,218 sqft
    2022-09-01 46 days 2,230 sqft
    2022-10-01 52 days 2,248 sqft
    2022-11-01 57 days 2,199 sqft
    2022-12-01 68 days 2,168 sqft
    2023-01-01 77 days 2,203 sqft
    2023-02-01 77 days 2,257 sqft
    2023-03-01 61 days 2,276 sqft
    2023-04-01 52 days 2,290 sqft
    2023-05-01 51 days 2,301 sqft
    2023-06-01 50 days 2,287 sqft
    2023-07-01 47 days 2,266 sqft
    2023-08-01 46 days 2,224 sqft
    2023-09-01 45 days 2,200 sqft
    2023-10-01 50 days 2,171 sqft
    2023-11-01 56 days 2,132 sqft
    2023-12-01 67 days 2,115 sqft
    2024-01-01 79 days 2,115 sqft
    2024-02-01 73 days 2,132 sqft
    2024-03-01 54 days 2,152 sqft
    2024-04-01 45 days 2,152 sqft
    2024-05-01 37 days 2,187 sqft
    2024-06-01 43 days 2,180 sqft
    2024-07-01 43 days 2,148 sqft
    2024-08-01 49 days 2,133 sqft
    2024-09-01 48 days 2,146 sqft
    2024-10-01 48 days 2,137 sqft
    2024-11-01 51 days 2,133 sqft
    Lexington's median listing age (time on market) for 2024-11-01 was 51 days. This is -8% shorter than the same period one year ago.

    Lexington's median square footage for active listings during the 2024-11-01 period was 2,133 sqft. One year prior, the average listing was 2,132 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).