Morristown FHA Loan Rates, Closing Costs & Stats

MORRISTOWN, TN

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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.

    Morristown's 92 lenders originated 651 FHA loans during 2024. The total origination value was $154,015,000, with an average FHA loan value of $236,582.

    Morristown FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Morristown averaged 6.81% for the week of 2025-05-23, compared to the national average (all FHA variants) of 6.612% for the same period.

    Morristown's average FHA mortgage closing costs are $8,045.

    The average rate for the prior week (2025-05-16) was 6.64% and one month ago for the week of 2025-04-18, the average rate was 6.77%.

    The average rate one year ago was 6.94%.

    For refis of the same type during the week of 2025-05-23, the average rate was 6.73%.

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

    Morristown 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 Morristown level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    MORTGAGE INVESTORS GROUP, INC. 71 6.48% $9,940
    QUICKEN LOANS, LLC 56 6.38% $10,624
    CMG MORTGAGE, INC. 39 6.35% $11,884
    DHI MORTGAGE COMPANY, LTD. 37 6.09% $7,620
    UNITED WHOLESALE MORTGAGE, LLC 37 6.26% $12,524
    STOCKTON MORTGAGE CORPORATION 25 6.53% $11,179
    UNION HOME MORTGAGE CORP. 25 6.31% $12,117
    FREEDOM MORTGAGE CORPORATION 15 6.56% $9,513
    EVERETT FINANCIAL, INC. 13 6.73% $9,057
    FIRST COMMUNITY MORTGAGE, INC. 13 6.21% $10,389
    AMERICAN FINANCIAL RESOURCES, INC. 12 6.61% $11,464
    Equity Prime Mortgage LLC 11 6.75% $13,906
    PENNYMAC LOAN SERVICES, LLC 11 6.21% $12,414
    CARDINAL FINANCIAL 11 6.74% $12,413
    CROSSCOUNTRY MORTGAGE, LLC 10 6.19% $12,470
    BROKER SOLUTIONS, INC. 9 7.21% $11,466
    GUILD MORTGAGE COMPANY 8 6.67% $11,007
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 8 6.53% $8,983
    NEWREZ LLC 7 6.23% $8,872
    Wolfe Financial, Inc 7 7.05% $10,324
    AMERICAN PACIFIC MORTGAGE CORPORATION 7 7.18% $14,413
    Sierra Pacific Mortgage Company, Inc. 6 6.58% $10,754
    Regions Bank 5 6.15% $9,842
    AMERICAN FINANCIAL NETWORK, INC. 5 6.65% $13,806
    GVC MORTGAGE, INC. 5 6.33% $11,725
    LOANDEPOT.COM, LLC 5 6.38% $11,168
    MOVEMENT MORTGAGE, LLC 5 6.30% $10,171
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.78% $11,023
    Mortgage Research Center, LLC 5 6.80% $6,560
    Carrington Mortgage Services, LLC 4 6.28% $9,728
    CORNERSTONE HOME LENDING, INC. 4 6.66% $10,332
    AMERISAVE MORTGAGE CORPORATION 4 6.25% $13,853
    MUTUAL OF OMAHA MORTGAGE, INC. 4 7.06% $14,509
    Paramount Residential Mortgage Group, Inc. 4 6.19% $9,970
    AmeriHome Mortgage Company, LLC 3 6.58% $7,099
    CANOPY MORTGAGE, LLC 3 5.71% $22,493
    RELIANCE FIRST CAPITAL, LLC 3 6.38% $12,078
    ROSS MORTGAGE CORPORATION 3 7.25% $8,044
    NFM, INC. 3 6.96% $9,278
    VILLAGE CAPITAL MORTGAGE 3 6.08% $8,946
    LAKEVIEW LOAN SERVICING, LLC 3 5.96% $9,247
    MILEND, INC. 3 6.54% $10,386
    SUN WEST MORTGAGE COMPANY, INC. 3 6.63% $11,603
    Truist 3 6.08% $11,478
    SUMMIT FUNDING, INC. 2 7.44% $17,784
    AMERICAN FINANCING CORPORATION 2 5.94% $13,836
    Century Mortgage Company DBA Century Lending Company 2 6.49% $9,559
    FirstBank 2 6.19% $9,600
    FLAT BRANCH MORTGAGE, INC. 2 6.38% $8,441
    GUARANTEED RATE, INC. 2 6.00% $11,639
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.31% $4,778
    LOANPAL, LLC 2 5.44% $13,523
    MICHIGAN MUTUAL, INC. 2 6.56% $11,127
    MID AMERICA MORTGAGE, INC. 2 7.44% $6,029
    Mr. Cooper ( Nationstar Mortgage ) 2 6.25% $9,671
    SUCCESS MORTGAGE PARTNERS, INC. 2 6.63% $11,768
    ABSOLUTE HOME MORTGAGE CORPORATION 2 6.69% $9,306
    The Federal Savings Bank 2 7.00% $9,561
    Nations Lending Corporation 1 6.25% $16,834
    HOMESIDE FINANCIAL, LLC 1 7.50% $15,070
    GMFS LLC 1 6.00% $9,005
    Gateway First Bank 1 6.75% $11,862
    Flagstar Bank, FSB 1 6.46% $7,290
    PHH Mortgage Corporation 1 7.49% $9,268
    PLANET HOME LENDING, LLC 1 6.38% $4,740
    PLAZA HOME MORTGAGE, INC. 1 7.25% $7,518
    POLARIS HOME FUNDING CORP. 1 5.75% $10,354
    Presidential Bank, FSB 1 6.75% $8,211
    Prosperity Home Mortgage, LLC 1 5.25% $15,809
    FIRST HOME MORTGAGE CORPORATION 1 6.63% $11,236
    FIRST COLONY MORTGAGE CORPORATION 1 5.75% $13,705
    ENDEAVOR CAPITAL, LLC. 1 6.63% $9,746
    Countybank 1 6.50% $8,753
    ROYAL UNITED MORTGAGE LLC 1 6.38% $13,069
    RUOFF MORTGAGE COMPANY, INC. 1 5.50% $19,395
    SECURITYNATIONAL MORTGAGE COMPANY 1 6.88% $8,834
    COMPASS MORTGAGE, INC. 1 6.38% $7,173
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 7.00% $3,861
    BM Real Estate Services, Inc. 1 6.49% $16,561
    American Mortgage & Equity Consultants, Inc. 1 6.13% $17,788
    ALAMEDA MORTGAGE CORPORATION 1 7.00% $12,636
    Sunflower Bank 1 7.75% $13,878
    BETTER MORTGAGE CORPORATION 1 6.00% $14,499
    ZILLOW HOME LOANS, LLC 1 6.50% $10,454
    Barrington Bank & Trust Company, N.A. 1 5.00% $16,787
    Bank of England 1 6.75% $10,743
    United Community Bank 1 6.75% $7,844
    AXIA FINANCIAL, LLC 1 7.25% $12,999
    Magnolia Bank 1 7.75% $9,147
    VERITAS FUNDING, LLC 1 6.25% $17,430
    INTELLILOAN, INC. 1 6.13% $4,371
    MYCUMORTGAGE, LLC 1 7.63% $6,170

    The top Morristown FHA lender as defined by loan originations is MORTGAGE INVESTORS GROUP, INC., with 71 FHA loans originated. Their average total fees are $9,940, which is $684 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Morristown FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($7,620), EVERETT FINANCIAL, INC. ($9,057), FREEDOM MORTGAGE CORPORATION ($9,513), MORTGAGE INVESTORS GROUP, INC. ($9,940) and FIRST COMMUNITY MORTGAGE, INC. ($10,389).

    The lowest rate Morristown FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (6.09%), CROSSCOUNTRY MORTGAGE, LLC (6.19%), FIRST COMMUNITY MORTGAGE, INC. (6.21%), PENNYMAC LOAN SERVICES, LLC (6.21%) and UNITED WHOLESALE MORTGAGE, LLC (6.26%).

    Morristown FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Morristown (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 $236,725 (33.4%) $315,037 (27.5%) 0.00 485
    2018-02-01 $235,000 (34.3%) $322,566 (32.4%) 0.00 460
    2018-03-01 $229,900 (27.8%) $324,806 (32.1%) 0.00 468
    2018-04-01 $247,700 (25.2%) $332,045 (28.4%) 0.00 457
    2018-05-01 $244,538 (17.4%) $324,043 (17.9%) 0.00 470
    2018-06-01 $241,400 (14.8%) $318,997 (13.6%) 0.00 479
    2018-07-01 $229,900 (10.8%) $304,902 (5.7%) 0.00 504
    2018-08-01 $229,900 (10.8%) $298,484 (-0.2%) 0.00 497
    2018-09-01 $229,825 (6.1%) $301,110 (-1.0%) 0.00 512
    2018-10-01 $216,950 (-2.5%) $294,573 (-2.3%) 0.00 518
    2018-11-01 $214,450 (-1.6%) $287,280 (-6.9%) 0.00 493
    2018-12-01 $215,000 (-6.5%) $280,403 (-9.7%) 0.00 455
    2019-01-01 $219,000 (-7.5%) $281,053 (-10.8%) 0.00 420
    2019-02-01 $219,900 (-6.4%) $285,891 (-11.4%) 0.00 395
    2019-03-01 $234,900 (2.2%) $304,159 (-6.4%) 0.00 374
    2019-04-01 $243,650 (-1.6%) $323,516 (-2.6%) 0.00 370
    2019-05-01 $243,650 (-0.4%) $340,703 (5.1%) 0.00 392
    2019-06-01 $245,000 (1.5%) $343,521 (7.7%) 0.00 419
    2019-07-01 $231,450 (0.7%) $336,519 (10.4%) 0.00 442
    2019-08-01 $229,900 (0.0%) $329,839 (10.5%) 0.00 429
    2019-09-01 $229,900 (0.0%) $324,450 (7.8%) 0.00 417
    2019-10-01 $229,923 (6.0%) $321,722 (9.2%) 0.00 409
    2019-11-01 $229,900 (7.2%) $325,301 (13.2%) 0.00 397
    2019-12-01 $233,675 (8.7%) $324,060 (15.6%) 0.00 362
    2020-01-01 $223,900 (2.2%) $303,796 (8.1%) 0.00 347
    2020-02-01 $229,900 (4.6%) $307,479 (7.6%) 0.00 335
    2020-03-01 $229,900 (-2.1%) $309,545 (1.8%) 0.00 316
    2020-04-01 $231,660 (-4.9%) $305,147 (-5.7%) 0.00 300
    2020-05-01 $249,900 (2.6%) $324,607 (-4.7%) 0.00 277
    2020-06-01 $262,225 (7.0%) $345,732 (0.6%) 0.00 236
    2020-07-01 $271,950 (17.5%) $360,605 (7.2%) 0.00 225
    2020-08-01 $279,900 (21.8%) $375,727 (13.9%) 0.00 212
    2020-09-01 $281,800 (22.6%) $372,727 (14.9%) 0.00 182
    2020-10-01 $255,000 (10.9%) $375,362 (16.7%) 0.00 183
    2020-11-01 $251,819 (9.5%) $369,070 (13.5%) 0.00 195
    2020-12-01 $249,900 (6.9%) $381,096 (17.6%) 0.00 186
    2021-01-01 $247,578 (10.6%) $363,678 (19.7%) 0.00 174
    2021-02-01 $293,475 (27.7%) $393,235 (27.9%) 0.00 142
    2021-03-01 $333,900 (45.2%) $454,028 (46.7%) 0.00 123
    2021-04-01 $325,000 (40.3%) $469,937 (54.0%) 0.00 125
    2021-05-01 $324,900 (30.0%) $493,960 (52.2%) 0.00 123
    2021-06-01 $307,175 (17.1%) $442,449 (28.0%) 0.00 137
    2021-07-01 $329,900 (21.3%) $472,123 (30.9%) 0.00 161
    2021-08-01 $332,000 (18.6%) $484,535 (29.0%) 0.00 175
    2021-09-01 $299,800 (6.4%) $464,827 (24.7%) 0.00 191
    2021-10-01 $299,900 (17.6%) $469,181 (25.0%) 0.00 206
    2021-11-01 $328,000 (30.3%) $462,941 (25.4%) 0.00 206
    2021-12-01 $331,451 (32.6%) $484,792 (27.2%) 0.00 173
    2022-01-01 $324,950 (31.3%) $469,806 (29.2%) 0.00 141
    2022-02-01 $354,675 (20.9%) $528,684 (34.4%) 0.00 128
    2022-03-01 $369,900 (10.8%) $524,918 (15.6%) 0.00 149
    2022-04-01 $327,450 (0.8%) $495,078 (5.4%) 0.00 169
    2022-05-01 $361,950 (11.4%) $496,683 (0.6%) 0.00 197
    2022-06-01 $363,450 (18.3%) $517,335 (16.9%) 0.00 222
    2022-07-01 $359,900 (9.1%) $506,570 (7.3%) 0.00 259
    2022-08-01 $359,450 (8.3%) $501,275 (3.5%) 0.00 245
    2022-09-01 $359,900 (20.1%) $495,184 (6.5%) 0.00 234
    2022-10-01 $359,000 (19.7%) $495,368 (5.6%) 0.00 246
    2022-11-01 $349,900 (6.7%) $496,293 (7.2%) 0.00 279
    2022-12-01 $351,950 (6.2%) $512,530 (5.7%) 0.00 247
    2023-01-01 $339,175 (4.4%) $475,266 (1.2%) 0.00 216
    2023-02-01 $344,900 (-2.8%) $476,414 (-9.9%) 0.00 222
    2023-03-01 $361,950 (-2.2%) $508,779 (-3.1%) 0.00 230
    2023-04-01 $398,000 (21.6%) $523,082 (5.7%) 0.00 212
    2023-05-01 $449,925 (24.3%) $569,764 (14.7%) 0.00 207
    2023-06-01 $449,950 (23.8%) $568,747 (9.9%) 0.00 236
    2023-07-01 $479,900 (33.3%) $706,537 (39.5%) 0.00 243
    2023-08-01 $486,950 (35.5%) $732,331 (46.1%) 0.00 247
    2023-09-01 $459,950 (27.8%) $635,210 (28.3%) 0.00 251
    2023-10-01 $449,900 (25.3%) $607,462 (22.6%) 0.00 274
    2023-11-01 $449,900 (28.6%) $608,969 (22.7%) 0.00 273
    2023-12-01 $444,900 (26.4%) $602,714 (17.6%) 0.00 258
    2024-01-01 $449,950 (32.7%) $611,219 (28.6%) 0.00 242
    2024-02-01 $459,925 (33.4%) $599,394 (25.8%) 0.00 242
    2024-03-01 $449,789 (24.3%) $587,274 (15.4%) 0.00 242
    2024-04-01 $438,855 (10.3%) $593,866 (13.5%) 0.00 245
    2024-05-01 $449,675 (-0.1%) $602,600 (5.8%) 0.00 279
    2024-06-01 $470,000 (4.5%) $620,332 (9.1%) 0.00 278
    2024-07-01 $463,500 (-3.4%) $631,071 (-10.7%) 0.00 340
    2024-08-01 $434,750 (-10.7%) $620,254 (-15.3%) 0.00 363
    2024-09-01 $421,175 (-8.4%) $608,680 (-4.2%) 0.00 404
    2024-10-01 $426,000 (-5.3%) $589,864 (-2.9%) 0.00 416
    2024-11-01 $419,450 (-6.8%) $588,886 (-3.3%) 0.00 414
    2024-12-01 $399,950 (-10.1%) $586,307 (-2.7%) 0.00 396
    2025-01-01 $402,225 (-10.6%) $575,193 (-5.9%) 0.00 367
    2025-02-01 $407,238 (-11.5%) $586,215 (-2.2%) 0.00 362
    2025-03-01 $429,700 (-4.5%) $603,076 (2.7%) 0.00 365
    2025-04-01 $462,450 (5.4%) $620,015 (4.4%) 0.00 401
    Morristown's median listing price for 2025-04-01 was $462,450, a difference of $23,595 (5.4%) versus the prior year and $32,750 versus the prior month.

    Morristown's median listing price comes in at 0% of the national average.

    Morristown's average listing price for 2025-04-01 was $620,015, a difference of $26,149 (4.4%) versus the prior year and $16,939 versus the prior month.

    For the 2025-04-01 period, Morristown had 401 MLS listings, a difference of 36 listings (10%) versus the prior month and 156 listings (64%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Morristown (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,935 sqft
    2018-02-01 0 days 1,922 sqft
    2018-03-01 0 days 1,959 sqft
    2018-04-01 0 days 1,984 sqft
    2018-05-01 0 days 1,993 sqft
    2018-06-01 0 days 2,005 sqft
    2018-07-01 0 days 1,951 sqft
    2018-08-01 0 days 1,971 sqft
    2018-09-01 0 days 1,980 sqft
    2018-10-01 0 days 1,999 sqft
    2018-11-01 0 days 1,968 sqft
    2018-12-01 0 days 1,940 sqft
    2019-01-01 0 days 1,960 sqft
    2019-02-01 0 days 1,963 sqft
    2019-03-01 0 days 2,043 sqft
    2019-04-01 0 days 2,067 sqft
    2019-05-01 0 days 2,012 sqft
    2019-06-01 0 days 2,052 sqft
    2019-07-01 0 days 2,023 sqft
    2019-08-01 0 days 2,030 sqft
    2019-09-01 0 days 2,076 sqft
    2019-10-01 0 days 2,103 sqft
    2019-11-01 0 days 2,048 sqft
    2019-12-01 0 days 2,026 sqft
    2020-01-01 0 days 1,914 sqft
    2020-02-01 0 days 1,949 sqft
    2020-03-01 0 days 1,956 sqft
    2020-04-01 0 days 1,952 sqft
    2020-05-01 0 days 1,991 sqft
    2020-06-01 0 days 2,033 sqft
    2020-07-01 0 days 1,990 sqft
    2020-08-01 0 days 2,125 sqft
    2020-09-01 0 days 2,051 sqft
    2020-10-01 0 days 1,937 sqft
    2020-11-01 0 days 1,888 sqft
    2020-12-01 0 days 1,883 sqft
    2021-01-01 0 days 1,836 sqft
    2021-02-01 0 days 1,913 sqft
    2021-03-01 0 days 2,011 sqft
    2021-04-01 0 days 2,048 sqft
    2021-05-01 0 days 2,000 sqft
    2021-06-01 0 days 1,981 sqft
    2021-07-01 0 days 2,040 sqft
    2021-08-01 0 days 1,981 sqft
    2021-09-01 0 days 2,028 sqft
    2021-10-01 0 days 2,021 sqft
    2021-11-01 0 days 1,972 sqft
    2021-12-01 0 days 1,969 sqft
    2022-01-01 0 days 1,935 sqft
    2022-02-01 0 days 1,938 sqft
    2022-03-01 0 days 1,928 sqft
    2022-04-01 0 days 1,800 sqft
    2022-05-01 0 days 1,905 sqft
    2022-06-01 0 days 1,965 sqft
    2022-07-01 0 days 1,968 sqft
    2022-08-01 0 days 2,002 sqft
    2022-09-01 0 days 2,010 sqft
    2022-10-01 0 days 2,009 sqft
    2022-11-01 0 days 1,948 sqft
    2022-12-01 0 days 1,971 sqft
    2023-01-01 0 days 1,906 sqft
    2023-02-01 0 days 1,964 sqft
    2023-03-01 0 days 1,984 sqft
    2023-04-01 0 days 1,988 sqft
    2023-05-01 0 days 2,140 sqft
    2023-06-01 0 days 2,056 sqft
    2023-07-01 0 days 2,192 sqft
    2023-08-01 0 days 2,164 sqft
    2023-09-01 0 days 2,086 sqft
    2023-10-01 0 days 2,049 sqft
    2023-11-01 0 days 2,084 sqft
    2023-12-01 0 days 2,085 sqft
    2024-01-01 0 days 2,063 sqft
    2024-02-01 0 days 2,017 sqft
    2024-03-01 0 days 2,014 sqft
    2024-04-01 0 days 2,010 sqft
    2024-05-01 0 days 2,025 sqft
    2024-06-01 0 days 2,052 sqft
    2024-07-01 0 days 2,000 sqft
    2024-08-01 0 days 2,000 sqft
    2024-09-01 0 days 2,000 sqft
    2024-10-01 0 days 2,007 sqft
    2024-11-01 0 days 2,000 sqft
    2024-12-01 0 days 2,000 sqft
    2025-01-01 0 days 2,000 sqft
    2025-02-01 0 days 2,049 sqft
    2025-03-01 0 days 2,080 sqft
    2025-04-01 0 days 2,170 sqft
    Morristown's median listing age (time on market) for 2025-04-01 was 0 days.

    Morristown's median square footage for active listings during the 2025-04-01 period was 2,170 sqft. One year prior, the average listing was 2,010 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).