Oxnard FHA Loan Rates, Closing Costs & Stats

OXNARD-THOUSAND OAKS-VENTURA, CA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Oxnard's 95 lenders originated 927 FHA loans during 2024. The total origination value was $580,855,000, with an average FHA loan value of $626,597.

    Oxnard FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Oxnard averaged 6.72% for the week of 2025-04-11, compared to the national average (all FHA variants) of 6.429% for the same period.

    Oxnard's average FHA mortgage closing costs are $15,913.

    The average rate for the prior week (2025-04-04) was 6.35% and one month ago for the week of 2025-03-07, the average rate was 6.31%.

    The average rate one year ago was 6.66%.

    For refis of the same type during the week of 2025-04-11, the average rate was 6.3%.

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

    Oxnard 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 Oxnard level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 165 6.13% $21,987
    QUICKEN LOANS, LLC 63 6.18% $21,551
    Golden Empire Mortgage, Inc. 35 6.22% $21,146
    NEWREZ LLC 33 6.00% $21,528
    PENNYMAC LOAN SERVICES, LLC 27 5.92% $20,995
    FREEDOM MORTGAGE CORPORATION 23 5.96% $22,907
    OCMBC, INC. 22 6.14% $23,594
    MLD MORTGAGE INC. 18 6.19% $17,482
    AUGUSTA FINANCIAL, INC. 18 5.89% $22,630
    CMG MORTGAGE, INC. 16 6.11% $22,605
    Sierra Pacific Mortgage Company, Inc. 16 6.13% $24,555
    Flagstar Bank, FSB 16 6.07% $19,680
    BM Real Estate Services, Inc. 13 6.16% $21,223
    Nations Lending Corporation 13 6.98% $20,273
    Equity Prime Mortgage LLC 13 6.61% $21,583
    Paramount Residential Mortgage Group, Inc. 12 6.06% $24,779
    LOANDEPOT.COM, LLC 12 6.06% $22,907
    ML Mortgage Corp. 12 5.99% $21,214
    DIGNIFIED HOME LOANS, LLC 11 5.91% $27,687
    Hometown Equity Mortgage, LLC 10 5.84% $22,606
    HOMEAMERICAN MORTGAGE CORPORATION 10 4.36% $16,602
    BROKER SOLUTIONS, INC. 10 6.59% $25,420
    GUARANTEED RATE, INC. 10 6.19% $22,943
    CROSSCOUNTRY MORTGAGE, LLC 10 6.23% $27,110
    AXIA FINANCIAL, LLC 8 5.77% $25,510
    OPEN MORTGAGE, LLC 7 6.68% $30,631
    SUN WEST MORTGAGE COMPANY, INC. 7 6.05% $27,602
    AMERICAN PACIFIC MORTGAGE CORPORATION 7 6.25% $29,729
    AMERICAN FINANCIAL NETWORK, INC. 7 6.34% $26,040
    Century Mortgage Company DBA Century Lending Company 7 5.75% $23,395
    NATIONS DIRECT MORTGAGE, LLC 7 6.32% $22,748
    Mr. Cooper ( Nationstar Mortgage ) 6 6.50% $20,609
    MOVEMENT MORTGAGE, LLC 5 6.08% $19,250
    FIRST COLONY MORTGAGE CORPORATION 5 6.15% $18,843
    JMAC LENDING, INC. 5 5.90% $18,878
    LAKEVIEW LOAN SERVICING, LLC 5 6.13% $11,228
    Shea Mortgage Inc. 5 6.28% $17,900
    VILLAGE CAPITAL MORTGAGE 5 6.50% $18,943
    Carrington Mortgage Services, LLC 4 6.72% $20,597
    GEO-CORP, INC. 4 7.75% $38,450
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 5.81% $24,505
    Lakeview Community Capital, LLC 4 6.38% $12,782
    CITY FIRST MORTGAGE SERVICES, L.L.C. 3 5.96% $25,854
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.38% $23,418
    PLAZA HOME MORTGAGE, INC. 3 6.25% $23,504
    GUILD MORTGAGE COMPANY 3 6.75% $31,786
    CAMPOS FINANCIAL CORP. 3 6.42% $21,614
    ALAMEDA MORTGAGE CORPORATION 3 6.08% $20,345
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.25% $36,442
    BECKAM FUNDING CORP. 2 7.56% $44,178
    CENTRAL COAST LENDING, INC. 2 6.63% $15,147
    EAGLE HOME MORTGAGE, LLC 2 5.50% $19,485
    GUARANTEED RATE AFFINITY, LLC 2 5.94% $18,014
    LAND HOME FINANCIAL SERVICES, INC. 2 7.50% $30,167
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.31% $24,558
    NATIONWIDE MORTGAGE BANKERS, INC. 2 7.00% $25,861
    NORWICH COMMERCIAL GROUP, INC. 2 6.25% $16,484
    ONY GLO, INC. 2 5.31% $13,176
    PANORAMA MORTGAGE GROUP, LLC 2 7.00% $29,583
    U.S. Bank 2 6.19% $21,245
    JMJ FINANCIAL GROUP 1 6.25% $32,176
    TruHome Solutions, LLC 1 5.88% $19,582
    INTELLILOAN, INC. 1 6.25% $12,679
    HOMEXPRESS MORTGAGE CORP. 1 4.99% $16,211
    American Mortgage & Equity Consultants, Inc. 1 6.63% $22,472
    NETWORK CAPITAL FUNDING CORPORATION 1 7.13% $36,302
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.75% $26,969
    NEW WAVE LENDING GROUP INC 1 6.13% $29,460
    NMSI, INC. 1 6.00% $26,888
    ZILLOW HOME LOANS, LLC 1 6.25% $19,170
    Home Mortgage Alliance Corp 1 6.63% $8,482
    AMERICAN FINANCING CORPORATION 1 6.00% $26,804
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.25% $20,027
    V.I.P. MORTGAGE, INC. 1 6.25% $7,466
    GENEVA FINANCIAL, LLC 1 6.75% $23,219
    Franklin Loan Corporation 1 6.13% $36,218
    Performance Financial, Inc. 1 5.63% $21,252
    PHH Mortgage Corporation 1 5.88% $16,277
    Plains Commerce Bank 1 5.38% $21,935
    PLANET HOME LENDING, LLC 1 5.50% $12,434
    ENVOY MORTGAGE, LTD 1 6.63% $23,498
    PNC Bank 1 6.25% $28,071
    Cornerstone First Mortgage, Inc 1 5.75% $26,797
    S1L, Inc. 1 6.25% $27,266
    COASTAL FUNDING SLC, INC. 1 6.63% $30,183
    City Lending Inc. 1 7.75% $31,129
    ST FIN CORP 1 5.25% $24,971
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.63% $13,449
    The Loan Store, Inc. 1 6.25% $18,855
    MID AMERICA MORTGAGE, INC. 1 6.88% $7,109
    LOANPAL, LLC 1 5.63% $8,185
    MORTGAGE CAPITAL PARTNERS, INC. 1 6.25% $18,708
    MORTGAGE MANAGEMENT CONSULTANTS, INC. 1 6.53% $23,548
    AHL FUNDING 1 5.63% $30,151
    LEADERONE FINANCIAL CORPORATION 1 6.63% $30,479

    The top Oxnard FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 165 FHA loans originated. Their average total fees are $21,987, which is $437 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Oxnard FHA lenders (with over 10 loans originated) are HOMEAMERICAN MORTGAGE CORPORATION ($16,602), MLD MORTGAGE INC. ($17,482), Flagstar Bank, FSB ($19,680), Nations Lending Corporation ($20,273) and PENNYMAC LOAN SERVICES, LLC ($20,995).

    The lowest rate Oxnard FHA lenders (with over 10 loans originated) are HOMEAMERICAN MORTGAGE CORPORATION (4.36%), Hometown Equity Mortgage, LLC (5.84%), AUGUSTA FINANCIAL, INC. (5.89%), DIGNIFIED HOME LOANS, LLC (5.91%) and PENNYMAC LOAN SERVICES, LLC (5.92%).

    Oxnard FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    OXNARD-THOUSAND OAKS-VENTURA, CA VENTURA 2022 $851,000 $1,089,450 $1,316,900 $1,636,550
    OXNARD-THOUSAND OAKS-VENTURA, CA VENTURA 2023 $948,750 $1,214,600 $1,468,150 $1,824,550

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Oxnard (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 $748,350 (5.4%) $1,408,395 (12.2%) 2.77 1,068
    2018-02-01 $738,000 (-2.1%) $1,367,883 (4.6%) 2.68 1,155
    2018-03-01 $729,900 (-4.6%) $1,328,219 (0.5%) 2.56 1,288
    2018-04-01 $750,000 (-2.5%) $1,363,833 (2.9%) 2.54 1,411
    2018-05-01 $741,725 (-2.2%) $1,322,529 (3.2%) 2.48 1,607
    2018-06-01 $739,000 (-1.5%) $1,282,303 (2.7%) 2.46 1,759
    2018-07-01 $739,450 (-2.1%) $1,249,036 (0.2%) 2.47 1,884
    2018-08-01 $717,450 (-4.2%) $1,207,856 (-0.1%) 2.40 1,956
    2018-09-01 $699,000 (-6.8%) $1,165,838 (-3.3%) 2.35 2,012
    2018-10-01 $696,112 (-8.1%) $1,142,578 (-11.2%) 2.36 1,975
    2018-11-01 $684,500 (-8.7%) $1,142,143 (-11.4%) 2.32 1,905
    2018-12-01 $680,000 (-9.3%) $1,170,638 (-12.1%) 2.35 1,666
    2019-01-01 $683,500 (-8.7%) $1,187,763 (-15.7%) 2.36 1,553
    2019-02-01 $682,500 (-7.5%) $1,207,077 (-11.8%) 2.31 1,517
    2019-03-01 $691,386 (-5.3%) $1,190,675 (-10.4%) 2.26 1,586
    2019-04-01 $699,450 (-6.7%) $1,159,838 (-15.0%) 2.22 1,680
    2019-05-01 $702,500 (-5.3%) $1,159,917 (-12.3%) 2.20 1,799
    2019-06-01 $719,950 (-2.6%) $1,180,210 (-8.0%) 2.25 1,850
    2019-07-01 $733,675 (-0.8%) $1,194,873 (-4.3%) 2.30 1,869
    2019-08-01 $738,155 (2.9%) $1,181,346 (-2.2%) 2.34 1,789
    2019-09-01 $750,386 (7.4%) $1,196,640 (2.6%) 2.40 1,660
    2019-10-01 $753,591 (8.3%) $1,206,835 (5.6%) 2.43 1,573
    2019-11-01 $725,000 (5.9%) $1,175,328 (2.9%) 2.38 1,532
    2019-12-01 $757,500 (11.4%) $1,281,551 (9.5%) 2.53 1,220
    2020-01-01 $784,425 (14.8%) $1,317,768 (11.0%) 2.62 1,139
    2020-02-01 $795,000 (16.5%) $1,334,703 (10.6%) 2.60 1,127
    2020-03-01 $812,700 (17.6%) $1,344,927 (13.0%) 2.55 1,144
    2020-04-01 $772,475 (10.4%) $1,245,209 (7.4%) 2.42 1,228
    2020-05-01 $793,750 (13.0%) $1,264,305 (9.0%) 2.41 1,323
    2020-06-01 $811,450 (12.7%) $1,303,034 (10.4%) 2.39 1,207
    2020-07-01 $827,000 (12.7%) $1,347,702 (12.8%) 2.40 1,086
    2020-08-01 $829,000 (12.3%) $1,382,900 (17.1%) 2.38 955
    2020-09-01 $849,000 (13.1%) $1,440,603 (20.4%) 2.43 875
    2020-10-01 $824,500 (9.4%) $1,447,968 (20.0%) 2.36 901
    2020-11-01 $799,000 (10.2%) $1,454,401 (23.7%) 2.34 768
    2020-12-01 $819,450 (8.2%) $1,516,175 (18.3%) 2.44 609
    2021-01-01 $825,450 (5.2%) $1,559,942 (18.4%) 2.46 513
    2021-02-01 $879,450 (10.6%) $1,649,048 (23.6%) 2.56 486
    2021-03-01 $854,450 (5.1%) $1,508,318 (12.2%) 2.42 517
    2021-04-01 $870,000 (12.6%) $1,614,377 (29.7%) 2.35 522
    2021-05-01 $869,000 (9.5%) $1,665,611 (31.7%) 2.31 557
    2021-06-01 $864,500 (6.5%) $1,768,873 (35.8%) 2.28 622
    2021-07-01 $879,900 (6.4%) $1,707,806 (26.7%) 2.32 692
    2021-08-01 $849,000 (2.4%) $1,689,268 (22.2%) 2.26 719
    2021-09-01 $864,375 (1.8%) $1,759,575 (22.1%) 2.31 710
    2021-10-01 $869,000 (5.4%) $1,846,575 (27.5%) 2.32 647
    2021-11-01 $885,225 (10.8%) $1,882,719 (29.5%) 2.37 530
    2021-12-01 $894,500 (9.2%) $1,990,544 (31.3%) 2.42 429
    2022-01-01 $898,900 (8.9%) $2,040,139 (30.8%) 2.43 378
    2022-02-01 $895,950 (1.9%) $2,094,019 (27.0%) 2.33 385
    2022-03-01 $928,536 (8.7%) $2,046,090 (35.7%) 2.32 445
    2022-04-01 $899,900 (3.4%) $1,930,673 (19.6%) 2.15 500
    2022-05-01 $914,825 (5.3%) $1,790,597 (7.5%) 2.09 720
    2022-06-01 $929,210 (7.5%) $1,709,993 (-3.3%) 2.07 866
    2022-07-01 $899,900 (2.3%) $1,538,329 (-9.9%) 2.03 1,106
    2022-08-01 $892,500 (5.1%) $1,469,063 (-13.0%) 2.06 1,147
    2022-09-01 $879,450 (1.7%) $1,463,340 (-16.8%) 2.06 1,077
    2022-10-01 $859,999 (-1.0%) $1,462,341 (-20.8%) 2.02 1,055
    2022-11-01 $875,000 (-1.2%) $1,545,311 (-17.9%) 2.10 1,003
    2022-12-01 $871,000 (-2.6%) $1,617,338 (-18.8%) 2.15 835
    2023-01-01 $873,725 (-2.8%) $1,698,414 (-16.8%) 2.16 708
    2023-02-01 $932,500 (4.1%) $1,812,681 (-13.4%) 2.25 629
    2023-03-01 $944,500 (1.7%) $2,020,304 (-1.3%) 2.23 598
    2023-04-01 $985,000 (9.5%) $2,079,376 (7.7%) 2.29 571
    2023-05-01 $1,076,408 (17.7%) $2,181,585 (21.8%) 2.44 578
    2023-06-01 $1,018,627 (9.6%) $2,160,677 (26.4%) 2.29 618
    2023-07-01 $1,075,000 (19.5%) $2,129,812 (38.5%) 2.44 666
    2023-08-01 $1,021,225 (14.4%) $2,050,014 (39.6%) 2.35 684
    2023-09-01 $1,092,500 (24.2%) $2,078,094 (42.0%) 2.54 688
    2023-10-01 $1,050,000 (22.1%) $1,957,512 (33.9%) 2.47 735
    2023-11-01 $1,037,222 (18.5%) $1,918,147 (24.1%) 2.47 756
    2023-12-01 $1,044,500 (19.9%) $1,948,663 (20.5%) 2.55 667
    2024-01-01 $1,054,610 (20.7%) $1,995,622 (17.5%) 2.58 627
    2024-02-01 $1,094,500 (17.4%) $2,031,486 (12.1%) 2.63 627
    2024-03-01 $1,065,000 (12.8%) $2,143,023 (6.1%) 2.51 680
    2024-04-01 $1,093,500 (11.0%) $2,113,265 (1.6%) 2.54 754
    2024-05-01 $1,152,000 (7.0%) $2,145,771 (-1.6%) 2.62 837
    2024-06-01 $1,050,000 (3.1%) $1,925,121 (-10.9%) 2.39 969
    2024-07-01 $1,093,500 (1.7%) $1,911,495 (-10.3%) 2.50 1,019
    2024-08-01 $1,050,000 (2.8%) $1,862,606 (-9.1%) 2.44 1,057
    2024-09-01 $999,350 (-8.5%) $1,781,514 (-14.3%) 2.35 1,059
    2024-10-01 $999,125 (-4.9%) $1,757,200 (-10.2%) 2.35 1,064
    2024-11-01 $999,900 (-3.6%) $1,747,073 (-8.9%) 2.40 982
    2024-12-01 $999,999 (-4.3%) $1,812,408 (-7.0%) 2.48 866
    2025-01-01 $994,000 (-5.8%) $1,816,716 (-9.0%) 2.48 887
    2025-02-01 $999,450 (-8.7%) $1,846,235 (-9.1%) 2.43 1,005
    2025-03-01 $1,049,500 (-1.5%) $1,818,950 (-15.1%) 0.00 1,102
    Oxnard's median listing price for 2025-03-01 was $1,049,500, a difference of $-15,500 (-1.5%) versus the prior year and $50,050 versus the prior month.

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

    Oxnard's average listing price for 2025-03-01 was $1,818,950, a difference of $-324,073 (-15.1%) versus the prior year and $-27,285 versus the prior month.

    For the 2025-03-01 period, Oxnard had 1,102 MLS listings, a difference of 97 listings (10%) versus the prior month and 422 listings (62%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Oxnard (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 62 days 2,065 sqft
    2018-02-01 35 days 2,026 sqft
    2018-03-01 35 days 2,027 sqft
    2018-04-01 37 days 2,057 sqft
    2018-05-01 36 days 2,032 sqft
    2018-06-01 38 days 2,020 sqft
    2018-07-01 41 days 2,031 sqft
    2018-08-01 43 days 2,014 sqft
    2018-09-01 44 days 1,979 sqft
    2018-10-01 48 days 1,962 sqft
    2018-11-01 51 days 1,953 sqft
    2018-12-01 61 days 1,927 sqft
    2019-01-01 67 days 1,895 sqft
    2019-02-01 50 days 1,903 sqft
    2019-03-01 43 days 1,913 sqft
    2019-04-01 40 days 1,943 sqft
    2019-05-01 40 days 2,001 sqft
    2019-06-01 44 days 2,027 sqft
    2019-07-01 45 days 2,047 sqft
    2019-08-01 47 days 2,051 sqft
    2019-09-01 49 days 2,067 sqft
    2019-10-01 50 days 2,069 sqft
    2019-11-01 53 days 1,973 sqft
    2019-12-01 58 days 2,020 sqft
    2020-01-01 63 days 2,100 sqft
    2020-02-01 52 days 2,113 sqft
    2020-03-01 41 days 2,136 sqft
    2020-04-01 48 days 2,064 sqft
    2020-05-01 59 days 2,084 sqft
    2020-06-01 52 days 2,126 sqft
    2020-07-01 45 days 2,146 sqft
    2020-08-01 40 days 2,096 sqft
    2020-09-01 42 days 2,103 sqft
    2020-10-01 39 days 2,074 sqft
    2020-11-01 52 days 2,002 sqft
    2020-12-01 57 days 2,024 sqft
    2021-01-01 54 days 2,021 sqft
    2021-02-01 35 days 2,118 sqft
    2021-03-01 28 days 2,036 sqft
    2021-04-01 34 days 2,050 sqft
    2021-05-01 33 days 2,007 sqft
    2021-06-01 31 days 2,021 sqft
    2021-07-01 35 days 1,978 sqft
    2021-08-01 31 days 1,924 sqft
    2021-09-01 34 days 1,956 sqft
    2021-10-01 36 days 1,960 sqft
    2021-11-01 40 days 1,963 sqft
    2021-12-01 45 days 1,983 sqft
    2022-01-01 40 days 1,952 sqft
    2022-02-01 27 days 1,858 sqft
    2022-03-01 27 days 1,877 sqft
    2022-04-01 25 days 1,894 sqft
    2022-05-01 25 days 1,920 sqft
    2022-06-01 27 days 1,922 sqft
    2022-07-01 33 days 1,900 sqft
    2022-08-01 37 days 1,845 sqft
    2022-09-01 46 days 1,840 sqft
    2022-10-01 51 days 1,854 sqft
    2022-11-01 53 days 1,839 sqft
    2022-12-01 63 days 1,842 sqft
    2023-01-01 67 days 1,858 sqft
    2023-02-01 43 days 1,892 sqft
    2023-03-01 42 days 1,880 sqft
    2023-04-01 43 days 1,991 sqft
    2023-05-01 39 days 2,025 sqft
    2023-06-01 38 days 1,933 sqft
    2023-07-01 38 days 1,962 sqft
    2023-08-01 42 days 1,957 sqft
    2023-09-01 42 days 1,988 sqft
    2023-10-01 41 days 1,956 sqft
    2023-11-01 44 days 1,940 sqft
    2023-12-01 56 days 1,949 sqft
    2024-01-01 60 days 1,944 sqft
    2024-02-01 41 days 1,935 sqft
    2024-03-01 37 days 1,936 sqft
    2024-04-01 36 days 1,961 sqft
    2024-05-01 36 days 1,995 sqft
    2024-06-01 38 days 1,923 sqft
    2024-07-01 41 days 1,942 sqft
    2024-08-01 44 days 1,937 sqft
    2024-09-01 46 days 1,903 sqft
    2024-10-01 47 days 1,887 sqft
    2024-11-01 53 days 1,897 sqft
    2024-12-01 59 days 1,892 sqft
    2025-01-01 57 days 1,858 sqft
    2025-02-01 39 days 1,863 sqft
    2025-03-01 0 days 1,886 sqft
    Oxnard's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

    Oxnard's median square footage for active listings during the 2025-03-01 period was 1,886 sqft. One year prior, the average listing was 1,936 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).