Minneapolis FHA Loan Rates, Closing Costs & Stats
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-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.
Minneapolis's 171 lenders originated 5,584 FHA
loans during 2023. The total origination value was $1,732,420,000, with an average FHA loan value of
$310,247.
Minneapolis FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Minneapolis
averaged
6.04%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Minneapolis's average FHA mortgage closing costs are $8,709.
The average rate for the prior week (2024-10-04) was
5.76% and
one month ago for the week of 2024-09-06, the
average rate was 5.88%.
The average rate one year ago was 7.21%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.17%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Minneapolis 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 Minneapolis level.
Name |
# of Loans |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
UNITED WHOLESALE MORTGAGE, LLC
|
517
|
6.38%
|
$13,914
|
QUICKEN LOANS, LLC
|
362
|
6.24%
|
$12,802
|
CROSSCOUNTRY MORTGAGE, LLC
|
275
|
6.73%
|
$12,648
|
LOANDEPOT.COM, LLC
|
255
|
6.49%
|
$13,084
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
231
|
6.76%
|
$11,899
|
BROKER SOLUTIONS, INC.
|
229
|
6.75%
|
$13,945
|
Bell Bank
|
150
|
6.44%
|
$12,538
|
BAY EQUITY LLC
|
129
|
6.65%
|
$12,077
|
PENNYMAC LOAN SERVICES, LLC
|
123
|
6.25%
|
$13,903
|
MOVEMENT MORTGAGE, LLC
|
122
|
6.58%
|
$12,061
|
Royal Credit Union
|
121
|
6.54%
|
$12,158
|
EVERETT FINANCIAL, INC.
|
120
|
6.75%
|
$11,800
|
EAGLE HOME MORTGAGE, LLC
|
111
|
5.57%
|
$12,830
|
DHI MORTGAGE COMPANY, LTD.
|
91
|
5.63%
|
$7,950
|
Summit Mortgage Corporation
|
84
|
6.67%
|
$12,061
|
American Mortgage & Equity Consultants, Inc.
|
84
|
6.94%
|
$13,411
|
CARDINAL FINANCIAL
|
78
|
6.49%
|
$14,724
|
GUARANTEED RATE, INC.
|
75
|
6.44%
|
$13,001
|
Prosperity Home Mortgage, LLC
|
73
|
6.61%
|
$11,317
|
FREEDOM MORTGAGE CORPORATION
|
64
|
6.86%
|
$15,769
|
TRUSTONE FINANCIAL FEDERAL CREDIT UNION
|
64
|
6.51%
|
$10,977
|
M/I FINANCIAL, LLC
|
55
|
5.85%
|
$16,670
|
Paramount Residential Mortgage Group, Inc.
|
55
|
7.05%
|
$13,668
|
GUARANTEED RATE AFFINITY, LLC
|
53
|
6.74%
|
$13,208
|
Century Mortgage Company DBA Century Lending Company
|
49
|
6.35%
|
$10,802
|
Cambria Financial Group, LLC
|
48
|
6.83%
|
$12,741
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
47
|
6.60%
|
$13,619
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
47
|
6.73%
|
$12,872
|
Flagstar Bank, FSB
|
45
|
6.69%
|
$11,545
|
AMERISAVE MORTGAGE CORPORATION
|
44
|
6.17%
|
$15,653
|
Plains Commerce Bank
|
44
|
6.66%
|
$12,801
|
NEWREZ LLC
|
40
|
6.51%
|
$12,792
|
Barrington Bank & Trust Company, N.A.
|
38
|
6.67%
|
$12,972
|
Goldwater Bank, N.A.
|
37
|
6.32%
|
$12,532
|
PLAZA HOME MORTGAGE, INC.
|
37
|
6.16%
|
$14,486
|
Mr. Cooper ( Nationstar Mortgage )
|
36
|
6.11%
|
$17,902
|
Tradition Mortgage, LLC
|
36
|
6.37%
|
$13,059
|
U.S. Bank
|
36
|
6.66%
|
$10,001
|
Ixonia Bank
|
35
|
7.03%
|
$11,593
|
Alerus Financial
|
35
|
6.55%
|
$9,133
|
AMERICAN FINANCIAL NETWORK, INC.
|
32
|
6.61%
|
$14,340
|
CMG MORTGAGE, INC.
|
31
|
7.06%
|
$13,118
|
MEGASTAR FINANCIAL CORP.
|
29
|
6.74%
|
$10,849
|
SWBC MORTGAGE CORPORATION
|
29
|
6.80%
|
$10,565
|
PULTE MORTGAGE LLC
|
28
|
5.81%
|
$8,789
|
The Huntington National Bank
|
28
|
6.74%
|
$9,437
|
Bank of England
|
25
|
6.81%
|
$11,074
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
24
|
6.53%
|
$14,455
|
Neighborhood Loans, Inc.
|
24
|
6.97%
|
$11,549
|
UNION HOME MORTGAGE CORP.
|
21
|
7.23%
|
$12,072
|
Nations Lending Corporation
|
20
|
6.69%
|
$11,643
|
Carrington Mortgage Services, LLC
|
19
|
6.43%
|
$13,801
|
Waterstone Mortgage Corporation
|
18
|
6.72%
|
$14,653
|
Mortgages Unlimited Inc.
|
17
|
6.17%
|
$11,477
|
DRAPER AND KRAMER MORTGAGE CORP.
|
16
|
6.72%
|
$9,891
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
16
|
6.81%
|
$12,635
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
16
|
6.43%
|
$13,916
|
Servion, Inc.
|
16
|
6.57%
|
$10,044
|
CITY FIRST MORTGAGE SERVICES, L.L.C.
|
16
|
6.94%
|
$13,028
|
ZILLOW HOME LOANS, LLC
|
15
|
6.33%
|
$12,325
|
LAKEVIEW LOAN SERVICING, LLC
|
15
|
5.84%
|
$12,260
|
PLANET HOME LENDING, LLC
|
14
|
6.40%
|
$10,281
|
Equity Prime Mortgage LLC
|
14
|
7.08%
|
$16,312
|
Sierra Pacific Mortgage Company, Inc.
|
11
|
6.80%
|
$13,635
|
EMM LOANS LLC
|
11
|
5.85%
|
$15,021
|
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION
|
10
|
6.61%
|
$15,963
|
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC.
|
10
|
6.35%
|
$12,813
|
MID AMERICA MORTGAGE, INC.
|
10
|
7.13%
|
$7,754
|
SUN WEST MORTGAGE COMPANY, INC.
|
10
|
6.37%
|
$12,547
|
MILEND, INC.
|
8
|
6.02%
|
$16,413
|
AXIA FINANCIAL, LLC
|
8
|
6.41%
|
$12,332
|
Wells Fargo Bank
|
8
|
6.64%
|
$9,504
|
Mortgage Research Center, LLC
|
8
|
6.70%
|
$10,567
|
HOMESIDE FINANCIAL, LLC
|
7
|
6.68%
|
$13,118
|
AMERICAN FINANCIAL RESOURCES, INC.
|
7
|
6.84%
|
$14,085
|
Associated Bank
|
7
|
6.34%
|
$8,719
|
CORTRUST MORTGAGE, INC.
|
7
|
6.48%
|
$10,521
|
DATA MORTGAGE, INC.
|
7
|
7.27%
|
$14,000
|
CALIBER HOME LOANS, INC.
|
7
|
6.77%
|
$10,911
|
MASON MCDUFFIE MORTGAGE CORPORATION
|
7
|
6.32%
|
$14,574
|
LOANPAL, LLC
|
6
|
5.98%
|
$18,410
|
The Federal Savings Bank
|
6
|
6.54%
|
$17,417
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
6
|
6.38%
|
$14,179
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
6
|
6.65%
|
$11,126
|
TOWNE MORTGAGE COMPANY
|
6
|
6.89%
|
$13,215
|
PHH Mortgage Corporation
|
6
|
6.77%
|
$11,293
|
HOMEOWNERS FINANCIAL GROUP USA, LLC
|
5
|
6.35%
|
$9,915
|
LAND HOME FINANCIAL SERVICES, INC.
|
5
|
7.10%
|
$15,506
|
LEADERONE FINANCIAL CORPORATION
|
5
|
6.83%
|
$12,185
|
Citizens Bank
|
5
|
6.83%
|
$12,768
|
VILLAGE CAPITAL MORTGAGE
|
5
|
6.00%
|
$12,657
|
TOP FLITE FINANCIAL, INC.
|
4
|
7.03%
|
$14,729
|
CRESCENT MORTGAGE COMPANY
|
4
|
6.84%
|
$12,207
|
CORNERSTONE HOME LENDING, INC.
|
4
|
6.66%
|
$10,170
|
CHURCHILL MORTGAGE CORPORATION
|
4
|
6.53%
|
$12,344
|
GUILD MORTGAGE COMPANY
|
4
|
6.72%
|
$8,973
|
First Bank & Trust
|
4
|
6.00%
|
$11,625
|
OCMBC, INC.
|
4
|
7.50%
|
$13,139
|
AMERICAN FINANCING CORPORATION
|
4
|
6.15%
|
$16,072
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
4
|
6.81%
|
$21,825
|
Bank of America
|
3
|
6.92%
|
$6,258
|
AMERICAN PORTFOLIO MORTGAGE CORPORATION
|
3
|
6.29%
|
$11,801
|
Armed Forces Bank
|
3
|
6.25%
|
$12,233
|
Bremer Bank
|
3
|
6.92%
|
$9,127
|
COMPASS MORTGAGE, INC.
|
3
|
6.54%
|
$10,861
|
JPMorgan Chase Bank
|
3
|
6.46%
|
$6,919
|
NBKC BANK
|
3
|
6.17%
|
$9,637
|
V.I.P. MORTGAGE, INC.
|
3
|
6.54%
|
$13,523
|
Gate City Bank
|
2
|
6.38%
|
$8,921
|
CANOPY MORTGAGE, LLC
|
2
|
6.06%
|
$22,294
|
KELLER MORTGAGE, LLC
|
2
|
5.00%
|
$13,344
|
The Union Bank Company
|
2
|
6.31%
|
$12,978
|
THRIVE MORTGAGE, LLC
|
2
|
6.63%
|
$13,263
|
POLARIS HOME FUNDING CORP.
|
2
|
6.38%
|
$12,755
|
BNC National Bank
|
2
|
5.06%
|
$16,172
|
MANN FINANCIAL INC.
|
2
|
6.88%
|
$12,231
|
OCEANSIDE MORTGAGE COMPANY
|
2
|
6.19%
|
$6,648
|
BETTER MORTGAGE CORPORATION
|
2
|
5.44%
|
$10,135
|
GUARANTY HOME MORTGAGE CORPORATION
|
2
|
5.81%
|
$14,861
|
JMAC LENDING, INC.
|
2
|
6.94%
|
$14,136
|
SUMMIT FUNDING, INC.
|
2
|
6.63%
|
$15,309
|
GREENSTATE CREDIT UNION
|
2
|
6.13%
|
$10,312
|
AmeriHome Mortgage Company, LLC
|
2
|
7.13%
|
$8,182
|
LIBERTY HOME MORTGAGE CORPORATION
|
2
|
6.63%
|
$15,428
|
Heritage Bank
|
2
|
7.19%
|
$11,461
|
The Central Trust Bank
|
2
|
6.88%
|
$6,973
|
M&T Bank
|
2
|
6.50%
|
$11,246
|
NATIONS DIRECT MORTGAGE, LLC
|
2
|
6.75%
|
$12,852
|
GENEVA FINANCIAL, LLC
|
1
|
7.25%
|
$8,374
|
RESIDENTIAL BANCORP
|
1
|
5.75%
|
$10,751
|
RUOFF MORTGAGE COMPANY, INC.
|
1
|
5.50%
|
$20,255
|
Fifth Third Bank
|
1
|
6.50%
|
$5,552
|
ENDEAVOR CAPITAL, LLC.
|
1
|
6.88%
|
$13,408
|
SouthPoint Bank
|
1
|
7.25%
|
$7,202
|
SOVEREIGN LENDING GROUP INCORPORATED
|
1
|
5.75%
|
$16,394
|
SUCCESS MORTGAGE PARTNERS, INC.
|
1
|
6.99%
|
$19,682
|
EMBRACE HOME LOANS, INC.
|
1
|
5.99%
|
$16,168
|
CONTOUR MORTGAGE CORPORATION
|
1
|
6.50%
|
$13,321
|
CHERRY CREEK MORTGAGE, LLC
|
1
|
5.50%
|
$9,313
|
CAPITAL CREDIT UNION
|
1
|
5.75%
|
$17,616
|
The Loan Store, Inc.
|
1
|
6.38%
|
$10,588
|
TJC Mortgage, Inc.
|
1
|
6.75%
|
$11,765
|
TOTAL MORTGAGE SERVICES, LLC
|
1
|
6.38%
|
$11,989
|
BMO Harris Bank
|
1
|
6.88%
|
$9,107
|
BANKWEST, INC.
|
1
|
5.25%
|
$13,762
|
Academy Bank
|
1
|
6.63%
|
$9,530
|
Axos Bank
|
1
|
6.13%
|
$9,224
|
Ameris Bank
|
1
|
6.25%
|
$21,462
|
ACADEMY MORTGAGE CORPORATION
|
1
|
6.75%
|
$19,062
|
Watermark Capital, Inc.
|
1
|
6.75%
|
$9,798
|
American Bank of Oklahoma
|
1
|
6.13%
|
$20,730
|
MYCUMORTGAGE, LLC
|
1
|
7.13%
|
$8,014
|
Merchants Bank
|
1
|
6.13%
|
$10,280
|
NATIONWIDE MORTGAGE BANKERS, INC.
|
1
|
6.99%
|
$8,852
|
ALAMEDA MORTGAGE CORPORATION
|
1
|
6.63%
|
$9,211
|
NEW DAY FINANCIAL, LLC
|
1
|
7.99%
|
$6,403
|
Loan Simple, Inc.
|
1
|
7.75%
|
$12,688
|
NexBank
|
1
|
6.38%
|
$21,948
|
NFM, INC.
|
1
|
8.25%
|
$11,673
|
North American Savings Bank, F.S.B.
|
1
|
6.63%
|
$12,866
|
North Shore Bank of Commerce
|
1
|
6.63%
|
$11,333
|
Old National Bank
|
1
|
6.50%
|
$8,190
|
ON Q FINANCIAL, INC.
|
1
|
6.13%
|
$7,943
|
Lakeview Community Capital, LLC
|
1
|
6.25%
|
$11,267
|
PENTAGON FEDERAL CREDIT UNION
|
1
|
6.13%
|
$7,618
|
JMJ FINANCIAL GROUP
|
1
|
6.75%
|
$10,935
|
Home Federal Savings Bank
|
1
|
6.25%
|
$7,015
|
PLUS RELOCATION MORTGAGE, LLC
|
1
|
6.75%
|
$14,111
|
PREMIER MORTGAGE RESOURCES, L.L.C.
|
1
|
5.75%
|
$12,723
|
Gulf Coast Bank and Trust Company
|
1
|
6.25%
|
$10,919
|
GSF Mortgage Corporation
|
1
|
7.13%
|
$11,242
|
The top Minneapolis FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
517 FHA loans originated. Their average total fees are
$13,914, which is $1,113
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Minneapolis FHA lenders (with over 10 loans originated) are
MID AMERICA MORTGAGE, INC. ($7,754), DHI MORTGAGE COMPANY, LTD. ($7,950), PULTE MORTGAGE LLC ($8,789), Alerus Financial ($9,133) and The Huntington National Bank ($9,437).
The lowest rate Minneapolis FHA lenders (with over 10 loans originated) are
EAGLE HOME MORTGAGE, LLC (5.57%), DHI MORTGAGE COMPANY, LTD. (5.63%), PULTE MORTGAGE LLC (5.81%), LAKEVIEW LOAN SERVICING, LLC (5.84%) and M/I FINANCIAL, LLC (5.85%).
Minneapolis FHA Loan Limits
Metro |
County |
Year |
Single Family Limit |
2 Family Limit |
3 Family Limit |
4 Family Limit |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
ANOKA |
2022 |
$448,500 |
$574,150 |
$694,000 |
$862,500 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
CARVER |
2022 |
$448,500 |
$574,150 |
$694,000 |
$862,500 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
CHISAGO |
2022 |
$448,500 |
$574,150 |
$694,000 |
$862,500 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
DAKOTA |
2022 |
$448,500 |
$574,150 |
$694,000 |
$862,500 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
HENNEPIN |
2022 |
$448,500 |
$574,150 |
$694,000 |
$862,500 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
ISANTI |
2022 |
$448,500 |
$574,150 |
$694,000 |
$862,500 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
LE SUEUR |
2022 |
$448,500 |
$574,150 |
$694,000 |
$862,500 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
MILLE LACS |
2022 |
$448,500 |
$574,150 |
$694,000 |
$862,500 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
RAMSEY |
2022 |
$448,500 |
$574,150 |
$694,000 |
$862,500 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
SCOTT |
2022 |
$448,500 |
$574,150 |
$694,000 |
$862,500 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
SHERBURNE |
2022 |
$448,500 |
$574,150 |
$694,000 |
$862,500 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
WASHINGTON |
2022 |
$448,500 |
$574,150 |
$694,000 |
$862,500 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
WRIGHT |
2022 |
$448,500 |
$574,150 |
$694,000 |
$862,500 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
PIERCE |
2022 |
$448,500 |
$574,150 |
$694,000 |
$862,500 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
ST. CROIX |
2022 |
$448,500 |
$574,150 |
$694,000 |
$862,500 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
ANOKA |
2023 |
$515,200 |
$659,550 |
$797,250 |
$990,800 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
CARVER |
2023 |
$515,200 |
$659,550 |
$797,250 |
$990,800 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
CHISAGO |
2023 |
$515,200 |
$659,550 |
$797,250 |
$990,800 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
DAKOTA |
2023 |
$515,200 |
$659,550 |
$797,250 |
$990,800 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
HENNEPIN |
2023 |
$515,200 |
$659,550 |
$797,250 |
$990,800 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
ISANTI |
2023 |
$515,200 |
$659,550 |
$797,250 |
$990,800 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
LE SUEUR |
2023 |
$515,200 |
$659,550 |
$797,250 |
$990,800 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
MILLE LACS |
2023 |
$515,200 |
$659,550 |
$797,250 |
$990,800 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
RAMSEY |
2023 |
$515,200 |
$659,550 |
$797,250 |
$990,800 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
SCOTT |
2023 |
$515,200 |
$659,550 |
$797,250 |
$990,800 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
SHERBURNE |
2023 |
$515,200 |
$659,550 |
$797,250 |
$990,800 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
WASHINGTON |
2023 |
$515,200 |
$659,550 |
$797,250 |
$990,800 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
WRIGHT |
2023 |
$515,200 |
$659,550 |
$797,250 |
$990,800 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
PIERCE |
2023 |
$515,200 |
$659,550 |
$797,250 |
$990,800 |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI |
ST. CROIX |
2023 |
$515,200 |
$659,550 |
$797,250 |
$990,800 |
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).