Milwaukee FHA Loan Rates, Closing Costs & Stats

MILWAUKEE-WAUKESHA, WI

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.

Milwaukee's 162 lenders originated 4,588 FHA loans during 2021. The total origination value was $991,440,000, with an average FHA loan value of $216,094.

Milwaukee FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Milwaukee averaged -0.04% for the week of 2022-11-25, compared to the national average (all FHA variants) of 0% for the same period.

Milwaukee's average FHA mortgage closing costs are $5,902.

The average rate for the prior week (2022-11-18) was 6.29% and one month ago for the week of 2022-10-21, the average rate was 6.59%.

The average rate one year ago was 3.27%.

For refis of the same type during the week of 2022-11-25, the average rate was -0.34%.

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

Milwaukee 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 Milwaukee level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 374 2.74% $5,751
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 288 3.21% $6,247
FREEDOM MORTGAGE CORPORATION 188 2.85% $4,572
LAKEVIEW LOAN SERVICING, LLC 134 3.03% $4,391
UNITED WHOLESALE MORTGAGE, LLC 120 2.77% $6,500
CMG MORTGAGE, INC. 120 3.50% $7,421
PENNYMAC LOAN SERVICES, LLC 106 3.05% $4,596
Paramount Residential Mortgage Group, Inc. 102 3.12% $6,246
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 96 3.42% $8,085
INLANTA MORTGAGE, INC. 90 3.14% $6,115
Mr. Cooper ( Nationstar Mortgage ) 89 3.31% $3,689
FIRST CENTENNIAL MORTGAGE CORPORATION 82 2.86% $5,752
WISCONSIN MORTGAGE CORPORATION 81 2.72% $5,202
CALIBER HOME LOANS, INC. 81 2.82% $5,094
HOMEBRIDGE FINANCIAL SERVICES, INC. 76 2.78% $5,808
Carrington Mortgage Services, LLC 73 3.30% $6,024
LOANDEPOT.COM, LLC 66 3.36% $6,185
NEWREZ LLC 63 2.94% $4,533
GSF Mortgage Corporation 61 2.84% $6,616
FINANCE OF AMERICA MORTGAGE LLC 58 3.09% $6,894
BROKER SOLUTIONS, INC. 57 3.39% $6,682
A + MORTGAGE SERVICES, INC. 57 2.74% $5,742
The Equitable Bank, S.S.B. 51 2.56% $6,058
Associated Bank 49 2.87% $4,871
Prosperity Home Mortgage, LLC 48 3.17% $6,012
CHERRY CREEK MORTGAGE, LLC 47 3.64% $2,997
PARKSIDE LENDING, LLC 44 2.99% $6,039
American Mortgage & Equity Consultants, Inc. 44 3.33% $7,452
VILLAGE CAPITAL MORTGAGE 44 2.79% $2,611
Bank of England 44 3.35% $7,258
CROSSCOUNTRY MORTGAGE, LLC 44 3.08% $7,442
T2 FINANCIAL LLC 43 3.29% $6,523
GUARANTEED RATE, INC. 43 2.99% $7,129
AMERICAN FINANCIAL NETWORK, INC. 40 3.38% $9,774
ARK-LA-TEX FINANCIAL SERVICES, LLC. 38 2.85% $4,969
TOTAL MORTGAGE SERVICES, LLC 36 3.65% $6,980
The Federal Savings Bank 34 3.33% $6,027
JPMorgan Chase Bank 32 2.88% $3,973
SUN WEST MORTGAGE COMPANY, INC. 32 3.15% $5,701
PLANET HOME LENDING, LLC 30 2.85% $5,993
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 29 3.39% $6,670
AMERICAN PACIFIC MORTGAGE CORPORATION 29 3.46% $6,868
LAND HOME FINANCIAL SERVICES, INC. 28 3.62% $7,577
Ixonia Bank 24 3.13% $7,270
LEADERONE FINANCIAL CORPORATION 24 3.50% $6,625
U.S. Bank 24 3.05% $5,870
Bank Five Nine 24 3.03% $6,310
ENVOY MORTGAGE, LTD 23 3.45% $6,352
First Guaranty Mortgage Corporation 22 3.09% $5,656
Bell Bank 22 3.02% $5,962
ACADEMY MORTGAGE CORPORATION 21 3.40% $6,850
TOWNE MORTGAGE COMPANY 21 3.30% $6,406
Barrington Bank & Trust Company, N.A. 20 3.20% $6,087
HOME POINT FINANCIAL CORPORATION 18 2.81% $5,437
AMERISAVE MORTGAGE CORPORATION 17 2.94% $7,410
Waterstone Mortgage Corporation 16 3.77% $7,959
CIBC Bank USA 15 3.09% $6,801
MID AMERICA MORTGAGE, INC. 14 2.94% $3,300
MUTUAL OF OMAHA MORTGAGE, INC. 14 3.11% $6,303
First-Citizens Bank & Trust Company 13 2.94% $5,806
NATIONS RELIABLE LENDING, LLC 13 3.57% $7,028
UNION HOME MORTGAGE CORP. 12 3.45% $6,740
CIBM Bank 12 3.12% $5,360
SOUTHWEST FUNDING, LP 11 3.45% $11,566
V.I.P. MORTGAGE, INC. 10 3.17% $7,535
VERITAS FUNDING, LLC 10 3.56% $6,922
HOMESIDE FINANCIAL, LLC 10 3.21% $7,099
Flagstar Bank, FSB 10 2.86% $6,485
OCEANSIDE MORTGAGE COMPANY 9 2.68% $3,336
MORIA DEVELOPMENT, INC. 9 3.69% $7,803
AXIA FINANCIAL, LLC 9 3.36% $7,334
Mortgage Research Center, LLC 8 3.06% $4,755
GUILD MORTGAGE COMPANY 8 3.09% $9,169
SUCCESS MORTGAGE PARTNERS, INC. 8 3.41% $6,876
The Huntington National Bank 7 2.91% $5,410
FIRST STATE MORTGAGE SERVICES, LLC 7 2.95% $6,513
GUARANTEED RATE AFFINITY, LLC 7 2.96% $7,018
Nations Lending Corporation 7 3.16% $11,805
STEARNS LENDING, LLC 7 2.89% $5,973
AMERICAN FINANCING CORPORATION 6 2.77% $6,825
Neighborhood Loans, Inc. 6 4.40% $6,768
NATIONS DIRECT MORTGAGE, LLC 6 3.64% $8,035
Peoples Bank 5 3.70% $6,549
PRIMARY RESIDENTIAL MORTGAGE, INC. 5 3.28% $6,327
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 3.65% $7,649
Loan Simple, Inc. 5 3.35% $6,533
EVERETT FINANCIAL, INC. 5 3.53% $5,589
Plains Commerce Bank 4 2.75% $7,630
Old National Bank 4 2.97% $5,568
MICHIGAN MUTUAL, INC. 4 3.25% $8,244
BMO Harris Bank 4 2.78% $6,049
COMPASS MORTGAGE, INC. 4 3.19% $6,412
BAYSHORE MORTGAGE FUNDING, LLC 4 3.38% $5,600
KELLER MORTGAGE, LLC 4 2.88% $5,488
PNC Bank 4 3.00% $4,757
PLAZA HOME MORTGAGE, INC. 4 3.12% $5,126
Servion, Inc. 3 3.04% $7,460
SECURITYNATIONAL MORTGAGE COMPANY 3 3.08% $7,490
Key Mortgage Services, Inc. 3 3.71% $6,933
Wells Fargo Bank 3 2.92% $4,811
LIBERTY HOME MORTGAGE CORPORATION 3 2.75% $7,967
BECKAM FUNDING CORP. 3 4.00% $9,629
TRUSTONE FINANCIAL FEDERAL CREDIT UNION 3 3.04% $6,173
AMERIFIRST FINANCIAL CORPORATION 3 3.21% $7,374
First Federal Bank 3 3.29% $5,622
Mortgages Unlimited Inc. 2 3.19% $8,740
HANCOCK MORTGAGE PARTNERS, LLC 2 3.56% $4,991
Low VA Rates, LLC 2 3.88% $3,921
Magnolia Bank 2 2.88% $7,715
Midwest Community Bank 2 2.81% $6,011
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 3.25% $6,707
First Home Bank 2 2.81% $8,021
Northpointe Bank 2 2.81% $9,109
Fifth Third Bank 2 2.94% $6,823
PHH Mortgage Corporation 2 2.94% $7,198
EMBRACE HOME LOANS, INC. 2 2.87% $6,782
DAS Acquisition Company, LLC 2 3.63% $8,191
Colten Mortgage, LLC 2 3.50% $5,786
TCF National Bank 2 2.75% $5,047
CELEBRITY HOME LOANS, LLC 2 2.81% $7,727
THOMPSON KANE & COMPANY, LLC 2 3.00% $6,929
BETTER MORTGAGE CORPORATION 2 2.56% $7,188
AmeriHome Mortgage Company, LLC 2 2.94% $7,587
M&T Bank 1 3.13% $8,143
GATEWAY MORTGAGE CORPORATION 1 3.00% $8,265
MOVEMENT MORTGAGE, LLC 1 2.75% $5,744
EMM LOANS LLC 1 2.75% $13,910
Ameris Bank 1 2.63% $4,589
RUOFF MORTGAGE COMPANY, INC. 1 3.63% $5,651
GENEVA FINANCIAL, LLC 1 3.75% $6,412
GERSHMAN INVESTMENT CORP. 1 3.25% $5,647
SIWELL, INC. 1 2.25% $5,002
InterContinental Capital Group, Inc 1 2.88% $11,594
ZILLOW HOME LOANS, LLC 1 3.00% $4,675
MLD MORTGAGE INC. 1 3.88% $6,168
SUMMIT FUNDING, INC. 1 3.75% $6,328
Hometown Lenders, Inc. 1 3.25% $9,108
CHURCHILL MORTGAGE CORPORATION 1 4.13% $6,698
Waukesha State Bank 1 2.75% $7,770
Independent Bank 1 2.88% $5,258
Mid-Continent Funding, Inc. 1 3.25% $6,811
Blue Ridge Bank 1 3.00% $7,613
The Union Bank Company 1 3.63% $8,825
INLAND BANK & TRUST 1 3.25% $5,987
TJC Mortgage, Inc. 1 2.50% $10,987
JLB CORPORATION 1 3.25% $6,928
Goldwater Bank, N.A. 1 3.50% $11,577
LENDUS, LLC 1 2.99% $9,643
Lend Smart Mortgage, LLC 1 3.63% $4,195
Austin Capital Bank SSB 1 3.00% $5,454
UNIVERSAL LENDING CORPORATION 1 3.13% $5,400
AmRes Corporation 1 3.63% $7,049
NORWICH COMMERCIAL GROUP, INC. 1 3.25% $6,364
NBKC BANK 1 2.63% $8,207
FirstBank 1 3.75% $5,535
A Mortgage Boutique, LLC 1 2.88% $4,333
First Midwest Bank 1 3.63% $7,652
Wolfe Financial, Inc 1 3.88% $5,984
Victorian Finance, LLC 1 2.75% $6,320
MYCUMORTGAGE, LLC 1 3.13% $3,274
Equity Prime Mortgage LLC 1 3.75% $4,187
First National Bank of Omaha 1 2.88% $6,629

The top Milwaukee FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 374 FHA loans originated. Their average total fees are $5,751, which is $496 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Milwaukee FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,611), CHERRY CREEK MORTGAGE, LLC ($2,997), MID AMERICA MORTGAGE, INC. ($3,300), Mr. Cooper ( Nationstar Mortgage ) ($3,689) and JPMorgan Chase Bank ($3,973).

The lowest rate Milwaukee FHA lenders (with over 10 loans originated) are The Equitable Bank, S.S.B. (2.56%), WISCONSIN MORTGAGE CORPORATION (2.72%), QUICKEN LOANS, LLC (2.74%), A + MORTGAGE SERVICES, INC. (2.74%) and UNITED WHOLESALE MORTGAGE, LLC (2.77%).

Milwaukee FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
MILWAUKEE-WAUKESHA, WI MILWAUKEE 2022 $420,680 $538,650 $651,050 $809,150
MILWAUKEE-WAUKESHA, WI OZAUKEE 2022 $420,680 $538,650 $651,050 $809,150
MILWAUKEE-WAUKESHA, WI WASHINGTON 2022 $420,680 $538,650 $651,050 $809,150
MILWAUKEE-WAUKESHA, WI WAUKESHA 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Milwaukee (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 $227,400 (13.8%) $330,669 (15.2%) 0.84 2,720
2018-02-01 $239,700 (17.5%) $351,391 (20.3%) 0.87 2,546
2018-03-01 $269,900 (23.3%) $371,001 (22.5%) 0.95 2,510
2018-04-01 $274,995 (19.6%) $380,187 (11.9%) 0.93 2,485
2018-05-01 $289,450 (18.2%) $388,878 (10.9%) 0.97 2,629
2018-06-01 $299,000 (19.7%) $401,056 (14.2%) 1.00 2,866
2018-07-01 $293,425 (21.3%) $389,479 (13.1%) 0.98 3,180
2018-08-01 $282,450 (17.7%) $378,642 (11.6%) 0.95 3,428
2018-09-01 $273,900 (17.8%) $373,707 (10.5%) 0.92 3,590
2018-10-01 $269,925 (17.4%) $369,607 (11.1%) 0.91 3,591
2018-11-01 $264,975 (17.3%) $363,812 (9.1%) 0.90 3,395
2018-12-01 $259,900 (18.2%) $355,938 (9.2%) 0.90 2,973
2019-01-01 $272,400 (19.8%) $365,158 (10.4%) 0.94 2,578
2019-02-01 $299,900 (25.1%) $389,224 (10.8%) 1.01 2,371
2019-03-01 $312,814 (15.9%) $402,091 (8.4%) 1.02 2,373
2019-04-01 $329,923 (20.0%) $414,518 (9.0%) 1.05 2,462
2019-05-01 $332,400 (14.8%) $422,425 (8.6%) 1.04 2,499
2019-06-01 $325,000 (8.7%) $417,500 (4.1%) 1.02 2,729
2019-07-01 $327,450 (11.6%) $420,911 (8.1%) 1.03 2,911
2019-08-01 $315,427 (11.7%) $408,509 (7.9%) 1.00 3,122
2019-09-01 $301,068 (9.9%) $394,545 (5.6%) 0.96 3,284
2019-10-01 $289,450 (7.2%) $381,703 (3.3%) 0.93 3,373
2019-11-01 $279,900 (5.6%) $371,248 (2.0%) 0.92 3,085
2019-12-01 $272,450 (4.8%) $367,075 (3.1%) 0.91 2,615
2020-01-01 $277,125 (1.7%) $371,139 (1.6%) 0.93 2,286
2020-02-01 $309,000 (3.0%) $400,565 (2.9%) 1.01 2,079
2020-03-01 $324,950 (3.9%) $414,757 (3.2%) 1.02 2,083
2020-04-01 $337,720 (2.4%) $412,128 (-0.6%) 1.06 2,144
2020-05-01 $369,900 (11.3%) $436,750 (3.4%) 1.12 2,084
2020-06-01 $364,975 (12.3%) $433,905 (3.9%) 1.07 1,969
2020-07-01 $353,648 (8.0%) $439,735 (4.5%) 1.03 1,843
2020-08-01 $339,995 (7.8%) $431,535 (5.6%) 0.97 1,910
2020-09-01 $322,400 (7.1%) $424,225 (7.5%) 0.92 2,014
2020-10-01 $299,000 (3.3%) $399,700 (4.7%) 0.86 2,046
2020-11-01 $289,900 (3.6%) $399,002 (7.5%) 0.85 1,828
2020-12-01 $288,925 (6.1%) $398,774 (8.6%) 0.86 1,538
2021-01-01 $289,900 (4.6%) $402,971 (8.6%) 0.87 1,234
2021-02-01 $302,450 (-2.1%) $415,068 (3.6%) 0.88 1,022
2021-03-01 $300,000 (-7.7%) $415,410 (0.2%) 0.85 1,006
2021-04-01 $314,900 (-6.8%) $425,461 (3.2%) 0.85 1,012
2021-05-01 $314,950 (-14.9%) $419,939 (-3.9%) 0.83 1,147
2021-06-01 $299,950 (-17.8%) $409,501 (-5.6%) 0.79 1,443
2021-07-01 $289,000 (-18.3%) $389,410 (-11.4%) 0.76 1,840
2021-08-01 $289,900 (-14.7%) $388,517 (-10.0%) 0.77 1,967
2021-09-01 $279,450 (-13.3%) $381,877 (-10.0%) 0.75 2,086
2021-10-01 $275,000 (-8.0%) $382,786 (-4.2%) 0.73 1,956
2021-11-01 $266,675 (-8.0%) $379,627 (-4.9%) 0.71 1,699
2021-12-01 $256,475 (-11.2%) $363,456 (-8.9%) 0.70 1,414
2022-01-01 $279,900 (-3.5%) $385,467 (-4.3%) 0.76 1,031
2022-02-01 $277,449 (-8.3%) $397,697 (-4.2%) 0.72 977
2022-03-01 $299,725 (-0.1%) $425,226 (2.4%) 0.75 946
2022-04-01 $329,900 (4.8%) $450,801 (6.0%) 0.79 1,021
2022-05-01 $361,200 (14.7%) $471,234 (12.2%) 0.83 1,126
2022-06-01 $369,950 (23.3%) $476,986 (16.5%) 0.82 1,385
2022-07-01 $359,900 (24.5%) $461,077 (18.4%) 0.81 1,685
2022-08-01 $362,450 (25.0%) $454,436 (17.0%) 0.84 1,738
2022-09-01 $354,950 (27.0%) $446,035 (16.8%) 0.83 1,689
2022-10-01 $369,900 (34.5%) $450,751 (17.8%) 0.87 1,768
Milwaukee's median listing price for 2022-10-01 was $369,900, a difference of $94,900 (34.5%) versus the prior year and $14,950 versus the prior month.

Milwaukee's median listing price comes in at 87% of the national average.

Milwaukee's average listing price for 2022-10-01 was $450,751, a difference of $67,965 (17.8%) versus the prior year and $4,716 versus the prior month.

For the 2022-10-01 period, Milwaukee had 1,768 MLS listings, a difference of 79 listings (5%) versus the prior month and -188 listings (-10%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Milwaukee (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 83 days 1,686 sqft
2018-02-01 70 days 1,731 sqft
2018-03-01 44 days 1,803 sqft
2018-04-01 39 days 1,841 sqft
2018-05-01 38 days 1,879 sqft
2018-06-01 37 days 1,904 sqft
2018-07-01 43 days 1,868 sqft
2018-08-01 43 days 1,852 sqft
2018-09-01 45 days 1,822 sqft
2018-10-01 47 days 1,812 sqft
2018-11-01 53 days 1,800 sqft
2018-12-01 64 days 1,783 sqft
2019-01-01 73 days 1,802 sqft
2019-02-01 66 days 1,901 sqft
2019-03-01 51 days 1,950 sqft
2019-04-01 43 days 1,995 sqft
2019-05-01 43 days 2,046 sqft
2019-06-01 42 days 2,032 sqft
2019-07-01 43 days 2,019 sqft
2019-08-01 44 days 1,976 sqft
2019-09-01 45 days 1,916 sqft
2019-10-01 47 days 1,870 sqft
2019-11-01 56 days 1,810 sqft
2019-12-01 68 days 1,796 sqft
2020-01-01 74 days 1,786 sqft
2020-02-01 54 days 1,836 sqft
2020-03-01 43 days 1,894 sqft
2020-04-01 45 days 1,910 sqft
2020-05-01 50 days 1,994 sqft
2020-06-01 47 days 1,978 sqft
2020-07-01 45 days 1,972 sqft
2020-08-01 43 days 1,921 sqft
2020-09-01 39 days 1,829 sqft
2020-10-01 41 days 1,740 sqft
2020-11-01 47 days 1,688 sqft
2020-12-01 55 days 1,650 sqft
2021-01-01 60 days 1,642 sqft
2021-02-01 48 days 1,623 sqft
2021-03-01 42 days 1,642 sqft
2021-04-01 30 days 1,664 sqft
2021-05-01 27 days 1,728 sqft
2021-06-01 18 days 1,739 sqft
2021-07-01 25 days 1,673 sqft
2021-08-01 34 days 1,673 sqft
2021-09-01 37 days 1,660 sqft
2021-10-01 42 days 1,642 sqft
2021-11-01 51 days 1,600 sqft
2021-12-01 66 days 1,571 sqft
2022-01-01 68 days 1,610 sqft
2022-02-01 37 days 1,624 sqft
2022-03-01 37 days 1,655 sqft
2022-04-01 31 days 1,689 sqft
2022-05-01 26 days 1,810 sqft
2022-06-01 27 days 1,837 sqft
2022-07-01 30 days 1,811 sqft
2022-08-01 35 days 1,815 sqft
2022-09-01 40 days 1,765 sqft
2022-10-01 37 days 1,798 sqft
Milwaukee's median listing age (time on market) for 2022-10-01 was 37 days. This is -12% shorter than the same period one year ago.

Milwaukee's median square footage for active listings during the 2022-10-01 period was 1,798 sqft. One year prior, the average listing was 1,642 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).