Panama City FHA Loan Rates, Closing Costs & Stats

PANAMA CITY, FL

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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.

    Panama City's 104 lenders originated 748 FHA loans during 2023. The total origination value was $191,530,000, with an average FHA loan value of $256,056.

    Panama City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Panama City averaged 6.4% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

    Panama City's average FHA mortgage closing costs are $8,223.

    The average rate for the prior week (2025-02-07) was 6.21% and one month ago for the week of 2025-01-10, the average rate was 6.48%.

    The average rate one year ago was 6.5%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.95%.

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

    Panama City 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 Panama City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    DHI MORTGAGE COMPANY, LTD. 110 5.55% $8,788
    UNITED WHOLESALE MORTGAGE, LLC 66 6.45% $12,284
    QUICKEN LOANS, LLC 59 6.28% $12,227
    CARDINAL FINANCIAL 44 6.86% $11,154
    Trustmark National Bank 30 6.49% $9,611
    BROKER SOLUTIONS, INC. 26 6.15% $11,553
    Centennial Bank 20 6.66% $9,335
    GUARANTEED RATE, INC. 18 6.51% $11,754
    Regions Bank 18 5.80% $10,809
    CROSSCOUNTRY MORTGAGE, LLC 16 6.55% $13,307
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 15 6.40% $11,435
    LOANDEPOT.COM, LLC 13 6.37% $11,078
    POINT Mortgage 12 6.83% $12,804
    PRIMELENDING, A PLAINSCAPITAL COMPANY 11 6.34% $10,811
    Equity Prime Mortgage LLC 11 6.68% $10,327
    Tyndall Federal Credit Union 11 6.56% $9,140
    NEWREZ LLC 10 6.69% $13,614
    LAND HOME FINANCIAL SERVICES, INC. 10 6.38% $11,256
    FREEDOM MORTGAGE CORPORATION 8 6.70% $13,994
    MUTUAL OF OMAHA MORTGAGE, INC. 7 6.98% $9,754
    First Federal Bank 7 6.59% $6,572
    PLAZA HOME MORTGAGE, INC. 6 6.58% $8,605
    PENNYMAC LOAN SERVICES, LLC 5 6.12% $13,207
    Truist 5 6.05% $10,066
    Carrington Mortgage Services, LLC 5 5.98% $14,789
    Bank of England 5 6.65% $13,933
    AMERICAN FINANCIAL NETWORK, INC. 5 7.08% $13,331
    THE MORTGAGE FIRM, INC. 5 7.18% $13,144
    OPEN MORTGAGE, LLC 5 6.10% $11,260
    United Fidelity Funding Corp. 5 6.58% $10,758
    Northpointe Bank 4 6.78% $10,040
    EMM LOANS LLC 4 6.38% $13,602
    Ameris Bank 4 6.28% $11,195
    FBC MORTGAGE, LLC 4 7.16% $10,902
    MICHIGAN MUTUAL, INC. 4 6.03% $14,334
    MORTGAGE INVESTORS GROUP, INC. 4 6.72% $12,167
    Mr. Cooper ( Nationstar Mortgage ) 4 5.75% $13,971
    Mortgage Research Center, LLC 3 6.96% $10,003
    MOVEMENT MORTGAGE, LLC 3 5.92% $10,132
    Prosperity Home Mortgage, LLC 3 6.08% $15,973
    Paramount Residential Mortgage Group, Inc. 3 6.79% $13,465
    SUCCESS MORTGAGE PARTNERS, INC. 3 7.50% $14,792
    Wells Fargo Bank 3 6.42% $9,848
    United Community Bank 3 6.08% $12,402
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.83% $10,344
    Plains Commerce Bank 3 6.96% $8,285
    PLANET HOME LENDING, LLC 2 6.00% $12,934
    NOVA FINANCIAL & INVESTMENT CORPORATION 2 6.00% $5,820
    NFM, INC. 2 6.13% $10,291
    DAS Acquisition Company, LLC 2 7.75% $11,808
    Nations Lending Corporation 2 6.50% $10,176
    Capital City Home Loans, LLC 2 6.88% $13,486
    SWBC MORTGAGE CORPORATION 2 6.69% $5,659
    GARDNER FINANCIAL SERVICES, LTD. 2 7.38% $11,094
    SUN WEST MORTGAGE COMPANY, INC. 2 6.31% $12,985
    Fifth Third Bank 2 6.00% $9,902
    INSPIRE HOME LOANS INC. 2 5.25% $8,645
    BancorpSouth 2 5.94% $9,814
    Sierra Pacific Mortgage Company, Inc. 2 5.50% $18,929
    EUSTIS AND AMERICAN MORTGAGE COMPANY 2 6.44% $13,596
    CMG MORTGAGE, INC. 2 7.19% $11,988
    NATIONWIDE MORTGAGE BANKERS, INC. 2 6.81% $15,760
    ZILLOW HOME LOANS, LLC 1 5.50% $16,864
    ACADEMY MORTGAGE CORPORATION 1 7.25% $9,284
    AHL FUNDING 1 7.00% $13,441
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.13% $7,614
    AMERICAN FINANCING CORPORATION 1 5.63% $10,350
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.75% $19,253
    ASPIRE FINANCIAL, INC. 1 5.75% $8,013
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.75% $9,404
    BankPlus 1 6.63% $4,670
    CALCON MUTUAL MORTGAGE LLC 1 7.00% $15,859
    Century Mortgage Company DBA Century Lending Company 1 7.25% $11,798
    Community Bank of Mississippi 1 7.13% $10,927
    COUNTRYPLACE MORTGAGE, LTD. 1 6.50% $22,508
    ENDEAVOR CAPITAL, LLC. 1 5.75% $6,518
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 6.99% $16,038
    GUARANTEED RATE AFFINITY, LLC 1 6.25% $9,481
    GUILD MORTGAGE COMPANY 1 6.63% $11,428
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.25% $9,297
    HOMESIDE FINANCIAL, LLC 1 7.63% $16,486
    Lakeview Community Capital, LLC 1 5.63% $11,157
    LOANLEADERS OF AMERICA, INC. 1 6.25% $14,217
    Loan Simple, Inc. 1 5.50% $16,735
    MID AMERICA MORTGAGE, INC. 1 7.38% $5,063
    MORTGAGE ONE OF THE SOUTH, INC. 1 6.00% $7,524
    NATIONS DIRECT MORTGAGE, LLC 1 6.75% $16,101
    ON Q FINANCIAL, INC. 1 7.75% $16,995
    POLARIS HOME FUNDING CORP. 1 6.63% $12,682
    RELIANCE FIRST CAPITAL, LLC 1 7.00% $6,181
    RESIDENTIAL BANCORP 1 7.50% $16,929
    RESIDENTIAL HOME MORTGAGE CORPORATION 1 6.13% $12,019
    ROYAL UNITED MORTGAGE LLC 1 6.88% $10,772
    SECURITYNATIONAL MORTGAGE COMPANY 1 6.63% $8,718
    SmartBank 1 6.25% $9,673
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.00% $9,931
    STOCKTON MORTGAGE CORPORATION 1 5.63% $13,643
    SUMMIT FUNDING, INC. 1 6.25% $19,041
    Towne Bank 1 6.63% $11,448
    TOWNE MORTGAGE COMPANY 1 6.75% $15,235
    UNIVERSAL MORTGAGE & FINANCE, INC. 1 6.63% $23,525
    University Bank 1 6.25% $10,132
    Waterstone Mortgage Corporation 1 6.13% $11,304
    1ST SIGNATURE LENDING, LLC 1 6.50% $15,694

    The top Panama City FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 110 FHA loans originated. Their average total fees are $8,788, which is $3,497 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Panama City FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($8,788), Tyndall Federal Credit Union ($9,140), Centennial Bank ($9,335), Trustmark National Bank ($9,611) and Equity Prime Mortgage LLC ($10,327).

    The lowest rate Panama City FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.55%), Regions Bank (5.80%), BROKER SOLUTIONS, INC. (6.15%), QUICKEN LOANS, LLC (6.28%) and PRIMELENDING, A PLAINSCAPITAL COMPANY (6.34%).

    Panama City FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    PANAMA CITY, FL BAY 2022 $420,680 $538,650 $651,050 $809,150
    PANAMA CITY, FL BAY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Panama City (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 $262,450 (5.0%) $338,950 (6.2%) 1.00 1,728
    2018-02-01 $265,000 (6.0%) $339,305 (6.0%) 0.98 1,747
    2018-03-01 $269,900 (6.6%) $343,946 (5.2%) 0.96 1,778
    2018-04-01 $279,250 (7.5%) $347,424 (3.7%) 0.97 1,836
    2018-05-01 $278,475 (4.4%) $351,028 (3.0%) 0.94 1,865
    2018-06-01 $280,990 (4.5%) $360,683 (5.0%) 0.97 1,760
    2018-07-01 $279,948 (4.1%) $365,271 (5.5%) 0.97 1,766
    2018-08-01 $279,950 (5.1%) $365,400 (3.9%) 0.96 1,806
    2018-09-01 $279,900 (4.4%) $359,362 (3.2%) 0.96 1,863
    2018-10-01 $279,900 (5.7%) $363,153 (5.3%) 0.97 1,768
    2018-11-01 $289,675 (7.9%) $376,101 (9.7%) 1.00 1,525
    2018-12-01 $301,995 (14.0%) $383,786 (9.6%) 1.06 1,556
    2019-01-01 $305,250 (16.3%) $384,454 (13.4%) 1.07 1,504
    2019-02-01 $307,875 (16.2%) $391,196 (15.3%) 1.06 1,583
    2019-03-01 $316,371 (17.2%) $397,973 (15.7%) 1.05 1,576
    2019-04-01 $323,921 (16.0%) $405,461 (16.7%) 1.04 1,559
    2019-05-01 $315,000 (13.1%) $407,247 (16.0%) 1.00 1,637
    2019-06-01 $315,495 (12.3%) $398,606 (10.5%) 1.00 1,622
    2019-07-01 $317,123 (13.3%) $400,800 (9.7%) 1.01 1,650
    2019-08-01 $313,545 (12.0%) $393,725 (7.8%) 1.01 1,738
    2019-09-01 $305,364 (9.1%) $383,548 (6.7%) 0.98 1,839
    2019-10-01 $299,000 (6.8%) $376,365 (3.6%) 0.97 1,907
    2019-11-01 $299,000 (3.2%) $373,228 (-0.8%) 0.98 1,923
    2019-12-01 $293,500 (-2.8%) $365,098 (-4.9%) 0.98 1,988
    2020-01-01 $289,900 (-5.0%) $369,774 (-3.8%) 0.98 1,928
    2020-02-01 $287,700 (-6.6%) $367,594 (-6.0%) 0.95 1,948
    2020-03-01 $292,450 (-7.6%) $374,019 (-6.0%) 0.93 2,051
    2020-04-01 $294,000 (-9.2%) $373,577 (-7.9%) 0.92 2,249
    2020-05-01 $296,000 (-6.0%) $376,349 (-7.6%) 0.91 2,176
    2020-06-01 $309,700 (-1.8%) $382,480 (-4.1%) 0.91 1,922
    2020-07-01 $309,189 (-2.5%) $383,996 (-4.2%) 0.90 1,748
    2020-08-01 $309,750 (-1.2%) $386,978 (-1.7%) 0.89 1,631
    2020-09-01 $301,200 (-1.4%) $392,788 (2.4%) 0.89 1,455
    2020-10-01 $309,500 (3.5%) $399,352 (6.1%) 0.89 1,373
    2020-11-01 $305,000 (2.0%) $412,430 (10.5%) 0.91 1,353
    2020-12-01 $294,894 (0.5%) $407,295 (11.6%) 0.88 1,442
    2021-01-01 $289,290 (-0.2%) $394,149 (6.6%) 0.87 1,446
    2021-02-01 $289,328 (0.6%) $409,098 (11.3%) 0.85 1,028
    2021-03-01 $296,450 (1.4%) $435,462 (16.4%) 0.85 833
    2021-04-01 $315,645 (7.4%) $482,078 (29.0%) 0.86 695
    2021-05-01 $335,016 (13.2%) $508,712 (35.2%) 0.90 657
    2021-06-01 $356,975 (15.3%) $531,743 (39.0%) 0.95 670
    2021-07-01 $378,999 (22.6%) $528,472 (37.6%) 1.01 857
    2021-08-01 $399,000 (28.8%) $545,289 (40.9%) 1.07 1,024
    2021-09-01 $399,700 (32.7%) $548,746 (39.7%) 1.08 1,068
    2021-10-01 $399,500 (29.1%) $548,899 (37.5%) 1.08 1,052
    2021-11-01 $385,750 (26.5%) $550,284 (33.4%) 1.04 944
    2021-12-01 $367,318 (24.6%) $546,736 (34.2%) 1.00 865
    2022-01-01 $369,000 (27.6%) $573,893 (45.6%) 1.02 728
    2022-02-01 $401,000 (38.6%) $606,905 (48.4%) 1.09 605
    2022-03-01 $427,000 (44.0%) $666,379 (53.0%) 1.09 638
    2022-04-01 $463,500 (46.8%) $696,818 (44.5%) 1.13 799
    2022-05-01 $484,500 (44.6%) $732,645 (44.0%) 1.12 992
    2022-06-01 $497,750 (39.4%) $717,057 (34.9%) 1.11 1,227
    2022-07-01 $489,000 (29.0%) $673,846 (27.5%) 1.12 1,526
    2022-08-01 $478,000 (19.8%) $651,564 (19.5%) 1.12 1,678
    2022-09-01 $452,500 (13.2%) $621,357 (13.2%) 1.07 1,733
    2022-10-01 $441,700 (10.6%) $602,758 (9.8%) 1.06 1,805
    2022-11-01 $435,000 (12.8%) $583,175 (6.0%) 1.06 1,849
    2022-12-01 $430,000 (17.1%) $585,365 (7.1%) 1.09 1,753
    2023-01-01 $434,450 (17.7%) $588,973 (2.6%) 1.10 1,621
    2023-02-01 $432,300 (7.8%) $584,591 (-3.7%) 1.06 1,540
    2023-03-01 $433,650 (1.6%) $595,270 (-10.7%) 1.04 1,530
    2023-04-01 $450,000 (-2.9%) $625,997 (-10.2%) 1.07 1,538
    2023-05-01 $449,250 (-7.3%) $623,683 (-14.9%) 1.03 1,687
    2023-06-01 $454,450 (-8.7%) $636,167 (-11.3%) 1.03 1,724
    2023-07-01 $457,500 (-6.4%) $643,468 (-4.5%) 1.06 1,750
    2023-08-01 $449,900 (-5.9%) $632,536 (-2.9%) 1.04 1,872
    2023-09-01 $450,000 (-0.6%) $630,035 (1.4%) 1.07 1,934
    2023-10-01 $450,000 (1.9%) $631,214 (4.7%) 1.08 2,037
    2023-11-01 $448,625 (3.1%) $615,544 (5.6%) 1.07 2,188
    2023-12-01 $447,000 (4.0%) $609,873 (4.2%) 1.10 2,209
    2024-01-01 $440,000 (1.3%) $602,304 (2.3%) 1.09 2,184
    2024-02-01 $437,575 (1.2%) $602,648 (3.1%) 1.06 2,274
    2024-03-01 $440,000 (1.5%) $601,539 (1.1%) 1.06 2,438
    2024-04-01 $447,000 (-0.7%) $607,490 (-3.0%) 1.05 2,566
    2024-05-01 $449,000 (-0.1%) $608,911 (-2.4%) 1.02 2,678
    2024-06-01 $443,500 (-2.4%) $606,350 (-4.7%) 1.01 2,728
    2024-07-01 $444,500 (-2.8%) $614,391 (-4.5%) 1.03 2,739
    2024-08-01 $439,000 (-2.4%) $608,479 (-3.8%) 1.04 2,786
    2024-09-01 $429,725 (-4.5%) $595,914 (-5.4%) 1.03 2,782
    2024-10-01 $429,975 (-4.5%) $593,982 (-5.9%) 1.03 2,760
    2024-11-01 $425,000 (-5.3%) $583,584 (-5.2%) 1.03 2,680
    2024-12-01 $419,500 (-6.2%) $578,615 (-5.1%) 1.06 2,639
    2025-01-01 $414,950 (-5.7%) $564,084 (-6.4%) 0.00 2,553
    Panama City's median listing price for 2025-01-01 was $414,950, a difference of $-25,050 (-5.7%) versus the prior year and $-4,550 versus the prior month.

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

    Panama City's average listing price for 2025-01-01 was $564,084, a difference of $-38,220 (-6.4%) versus the prior year and $-14,531 versus the prior month.

    For the 2025-01-01 period, Panama City had 2,553 MLS listings, a difference of -86 listings (-3%) versus the prior month and 369 listings (17%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Panama City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 91 days 1,618 sqft
    2018-02-01 77 days 1,622 sqft
    2018-03-01 59 days 1,637 sqft
    2018-04-01 59 days 1,647 sqft
    2018-05-01 58 days 1,645 sqft
    2018-06-01 70 days 1,665 sqft
    2018-07-01 71 days 1,680 sqft
    2018-08-01 71 days 1,654 sqft
    2018-09-01 71 days 1,636 sqft
    2018-10-01 85 days 1,632 sqft
    2018-11-01 100 days 1,610 sqft
    2018-12-01 101 days 1,542 sqft
    2019-01-01 89 days 1,542 sqft
    2019-02-01 75 days 1,527 sqft
    2019-03-01 74 days 1,524 sqft
    2019-04-01 66 days 1,512 sqft
    2019-05-01 59 days 1,524 sqft
    2019-06-01 57 days 1,544 sqft
    2019-07-01 60 days 1,564 sqft
    2019-08-01 61 days 1,554 sqft
    2019-09-01 61 days 1,543 sqft
    2019-10-01 63 days 1,536 sqft
    2019-11-01 70 days 1,542 sqft
    2019-12-01 77 days 1,542 sqft
    2020-01-01 79 days 1,542 sqft
    2020-02-01 70 days 1,542 sqft
    2020-03-01 65 days 1,542 sqft
    2020-04-01 67 days 1,542 sqft
    2020-05-01 75 days 1,540 sqft
    2020-06-01 85 days 1,542 sqft
    2020-07-01 73 days 1,561 sqft
    2020-08-01 63 days 1,562 sqft
    2020-09-01 61 days 1,542 sqft
    2020-10-01 56 days 1,560 sqft
    2020-11-01 47 days 1,602 sqft
    2020-12-01 51 days 1,627 sqft
    2021-01-01 60 days 1,604 sqft
    2021-02-01 61 days 1,591 sqft
    2021-03-01 43 days 1,616 sqft
    2021-04-01 40 days 1,648 sqft
    2021-05-01 27 days 1,674 sqft
    2021-06-01 31 days 1,588 sqft
    2021-07-01 29 days 1,542 sqft
    2021-08-01 34 days 1,539 sqft
    2021-09-01 41 days 1,564 sqft
    2021-10-01 52 days 1,605 sqft
    2021-11-01 50 days 1,637 sqft
    2021-12-01 51 days 1,656 sqft
    2022-01-01 53 days 1,688 sqft
    2022-02-01 32 days 1,668 sqft
    2022-03-01 31 days 1,679 sqft
    2022-04-01 32 days 1,592 sqft
    2022-05-01 37 days 1,578 sqft
    2022-06-01 41 days 1,574 sqft
    2022-07-01 45 days 1,560 sqft
    2022-08-01 54 days 1,561 sqft
    2022-09-01 61 days 1,564 sqft
    2022-10-01 64 days 1,563 sqft
    2022-11-01 73 days 1,571 sqft
    2022-12-01 82 days 1,579 sqft
    2023-01-01 87 days 1,587 sqft
    2023-02-01 83 days 1,559 sqft
    2023-03-01 68 days 1,544 sqft
    2023-04-01 61 days 1,490 sqft
    2023-05-01 57 days 1,499 sqft
    2023-06-01 60 days 1,501 sqft
    2023-07-01 66 days 1,483 sqft
    2023-08-01 68 days 1,461 sqft
    2023-09-01 65 days 1,470 sqft
    2023-10-01 67 days 1,462 sqft
    2023-11-01 71 days 1,453 sqft
    2023-12-01 79 days 1,432 sqft
    2024-01-01 87 days 1,418 sqft
    2024-02-01 89 days 1,413 sqft
    2024-03-01 75 days 1,418 sqft
    2024-04-01 74 days 1,404 sqft
    2024-05-01 73 days 1,423 sqft
    2024-06-01 82 days 1,427 sqft
    2024-07-01 87 days 1,446 sqft
    2024-08-01 92 days 1,446 sqft
    2024-09-01 94 days 1,445 sqft
    2024-10-01 96 days 1,436 sqft
    2024-11-01 99 days 1,420 sqft
    2024-12-01 104 days 1,416 sqft
    2025-01-01 0 days 1,420 sqft
    Panama City's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    Panama City's median square footage for active listings during the 2025-01-01 period was 1,420 sqft. One year prior, the average listing was 1,418 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).