Reading FHA Loan Rates, Closing Costs & Stats

READING, PA

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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.

    Reading's 135 lenders originated 1,258 FHA loans during 2022. The total origination value was $246,750,000, with an average FHA loan value of $196,145.

    Reading FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Reading averaged -0.06% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    Reading's average FHA mortgage closing costs are $7,157.

    The average rate for the prior week (2023-11-17) was 6.83% and one month ago for the week of 2023-10-20, the average rate was 7.34%.

    The average rate one year ago was 6.46%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.19%.

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

    Reading 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 Reading level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 141 5.13% $10,053
    QUICKEN LOANS, LLC 116 4.51% $10,063
    Mortgage America, Inc. 86 4.96% $7,259
    LOANDEPOT.COM, LLC 45 4.94% $9,800
    UNITED WHOLESALE MORTGAGE, LLC 42 5.00% $10,337
    Customers Bank 40 4.73% $6,753
    PENNYMAC LOAN SERVICES, LLC 35 4.00% $8,915
    GUARANTEED RATE, INC. 27 4.71% $10,417
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 27 4.76% $9,860
    GUILD MORTGAGE COMPANY 24 5.06% $9,780
    FREEDOM MORTGAGE CORPORATION 23 5.25% $10,640
    Northpointe Bank 23 4.89% $9,432
    Mr. Cooper ( Nationstar Mortgage ) 21 4.58% $13,164
    Fulton Bank 20 5.39% $6,879
    PLAZA HOME MORTGAGE, INC. 17 5.55% $7,650
    Univest Bank and Trust Co. 17 5.07% $8,260
    Paramount Residential Mortgage Group, Inc. 16 5.37% $10,080
    CALIBER HOME LOANS, INC. 16 4.41% $10,328
    M&T Bank 15 4.15% $8,195
    Citizens Bank 15 5.00% $9,630
    CONTOUR MORTGAGE CORPORATION 15 5.39% $11,608
    Flanagan State Bank 15 4.84% $8,444
    NATIONWIDE MORTGAGE BANKERS, INC. 14 5.21% $11,685
    Carrington Mortgage Services, LLC 13 5.26% $8,415
    BROKER SOLUTIONS, INC. 13 5.03% $9,169
    FINANCE OF AMERICA MORTGAGE LLC 12 4.72% $9,881
    NEWREZ LLC 12 4.21% $10,900
    HOME POINT FINANCIAL CORPORATION 12 4.65% $10,622
    SUCCESS MORTGAGE PARTNERS, INC. 12 4.94% $9,647
    FIRST ALLIANCE HOME MORTGAGE, LLC 11 5.36% $11,498
    AmeriHome Mortgage Company, LLC 10 5.08% $9,831
    PRIMARY RESIDENTIAL MORTGAGE, INC. 10 5.49% $12,371
    AMERISAVE MORTGAGE CORPORATION 9 5.01% $10,010
    Equity Prime Mortgage LLC 9 5.42% $9,088
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 5.30% $9,203
    EMM LOANS LLC 9 5.26% $10,314
    GENEVA FINANCIAL, LLC 8 6.70% $10,520
    CARDINAL FINANCIAL 7 3.64% $11,708
    LAKEVIEW LOAN SERVICING, LLC 7 4.12% $6,736
    UNION HOME MORTGAGE CORP. 7 5.25% $10,958
    Prosperity Home Mortgage, LLC 7 4.77% $9,136
    MOVEMENT MORTGAGE, LLC 6 5.15% $12,226
    Homesale Mortgage, LLC 6 5.31% $10,444
    Flagstar Bank, FSB 5 5.51% $8,903
    ARC HOME LLC 5 4.05% $6,690
    TOP FLITE FINANCIAL, INC. 5 4.55% $15,228
    First National Bank of Pennsylvania 5 5.40% $7,706
    EVERETT FINANCIAL, INC. 5 4.90% $5,735
    ABSOLUTE HOME MORTGAGE CORPORATION 5 6.40% $13,512
    Nations Lending Corporation 5 5.45% $10,482
    ENVOY MORTGAGE, LTD 4 5.13% $11,727
    GUARANTEED RATE AFFINITY, LLC 4 3.63% $7,809
    BAYSHORE MORTGAGE FUNDING, LLC 3 4.88% $10,554
    Gateway First Bank 3 5.00% $6,870
    Bank of England 3 6.04% $11,452
    Wells Fargo Bank 3 5.46% $8,001
    HOMESIDE FINANCIAL, LLC 3 4.75% $9,101
    ALLIED MORTGAGE GROUP, INC. 3 5.54% $12,032
    Plains Commerce Bank 3 4.04% $6,123
    EMBRACE HOME LOANS, INC. 3 4.91% $8,670
    CHERRY CREEK MORTGAGE, LLC 3 5.38% $4,266
    MCLEAN MORTGAGE CORPORATION 3 4.63% $9,803
    OCMBC, INC. 3 6.04% $11,633
    NFM, INC. 3 4.08% $11,666
    Mortgage Research Center, LLC 3 6.00% $11,639
    TIDEWATER MORTGAGE SERVICES, INC. 2 5.25% $15,147
    Truist 2 5.65% $8,578
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 5.25% $7,502
    MORTGAGE ACCESS CORP. 2 5.94% $10,130
    TOTAL MORTGAGE SERVICES, LLC 2 4.75% $15,781
    US MORTGAGE CORPORATION 2 4.19% $10,701
    Meridian Bank Corporation 2 4.50% $7,074
    DHI MORTGAGE COMPANY, LTD. 2 4.37% $11,916
    AMERICAN FINANCING CORPORATION 2 3.94% $14,626
    Huntingdon Valley Bank 2 5.94% $13,852
    JPMorgan Chase Bank 2 5.19% $6,870
    MILEND, INC. 2 6.19% $19,885
    FIRST HERITAGE FINANCIAL, LLC 2 4.81% $8,683
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.13% $20,962
    Lakeview Community Capital, LLC 2 3.25% $4,174
    ZILLOW HOME LOANS, LLC 2 4.69% $8,189
    T2 FINANCIAL LLC 1 5.63% $10,453
    ACADEMY MORTGAGE CORPORATION 1 6.13% $7,606
    AMERICAN FINANCIAL RESOURCES, INC. 1 4.13% $10,285
    AMERICAN HERITAGE FCU 1 5.50% $14,141
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.50% $14,457
    BETTER MORTGAGE CORPORATION 1 3.88% $7,864
    Blue Ridge Bank 1 4.75% $8,568
    CHURCHILL MORTGAGE CORPORATION 1 5.63% $8,758
    CLIFFCO, INC. 1 5.38% $14,504
    CMG MORTGAGE, INC. 1 3.63% $13,541
    Cornerstone First Mortgage, Inc 1 4.99% $8,376
    DIRECT MORTGAGE LOANS, LLC 1 4.50% $16,992
    DRAPER AND KRAMER MORTGAGE CORP. 1 5.50% $13,241
    FLAT BRANCH MORTGAGE, INC. 1 3.50% $16,321
    GSF Mortgage Corporation 1 6.63% $7,785
    Hometown Equity Mortgage, LLC 1 6.13% $13,489
    KELLER MORTGAGE, LLC 1 5.75% $7,389
    KeyBank 1 3.38% $7,792
    Kwik Mortgage Corporation 1 4.13% $7,366
    LENDING CAPITAL GROUP Inc 1 5.63% $9,946
    LIBERTY HOME MORTGAGE CORPORATION 1 5.38% $16,412
    LOANPAL, LLC 1 4.50% $11,146
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 6.13% $10,537
    MICHIGAN MUTUAL, INC. 1 4.63% $8,097
    MLB RESIDENTIAL LENDING, LLC 1 4.88% $11,560
    MLD MORTGAGE INC. 1 5.25% $10,297
    Mortgage Network, Inc. 1 6.38% $8,885
    NATION ONE MORTGAGE CORPORATION 1 6.50% $18,279
    NETWORK CAPITAL FUNDING CORPORATION 1 5.25% $14,742
    NORWICH COMMERCIAL GROUP, INC. 1 5.75% $12,039
    PENTAGON FEDERAL CREDIT UNION 1 5.00% $8,092
    Peoples Bank 1 5.63% $6,960
    PHH Mortgage Corporation 1 5.25% $8,495
    Philadelphia Mortgage Advisors, Inc. 1 3.25% $7,137
    PLANET HOME LENDING, LLC 1 4.99% $6,330
    PNC Bank 1 4.25% $8,089
    Presidential Bank, FSB 1 3.63% $9,631
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.25% $7,628
    Princeton Mortgage Corporation 1 7.13% $7,786
    Quaint Oak Mortgage, LLC 1 6.13% $12,584
    RELIANCE FIRST CAPITAL, LLC 1 6.88% $9,281
    RESIDENTIAL BANCORP 1 3.75% $6,577
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 4.25% $15,027
    Santander Bank, N.A. 1 2.88% $7,656
    Sierra Pacific Mortgage Company, Inc. 1 4.88% $11,162
    STEARNS LENDING, LLC 1 3.88% $8,055
    SUN WEST MORTGAGE COMPANY, INC. 1 5.50% $19,160
    1ST 2ND MORTGAGE COMPANY OF N.J., INC. 1 4.25% $7,355
    The Federal Savings Bank 1 4.50% $21,491
    The Huntington National Bank 1 5.13% $12,487
    Towne Bank 1 5.25% $8,668
    UNITED MORTGAGE CORP 1 4.38% $12,440
    Waterstone Mortgage Corporation 1 5.63% $13,597
    Wyndham Capital Mortgage, Inc. 1 3.50% $9,126

    The top Reading FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 141 FHA loans originated. Their average total fees are $10,053, which is $10 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Reading FHA lenders (with over 10 loans originated) are Customers Bank ($6,753), Fulton Bank ($6,879), Mortgage America, Inc. ($7,259), PLAZA HOME MORTGAGE, INC. ($7,650) and M&T Bank ($8,195).

    The lowest rate Reading FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (4.00%), M&T Bank (4.15%), NEWREZ LLC (4.21%), CALIBER HOME LOANS, INC. (4.41%) and QUICKEN LOANS, LLC (4.51%).

    Reading FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Reading (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 $171,945 (1.2%) $224,736 (3.4%) 0.64 1,243
    2018-02-01 $174,950 (0.6%) $224,422 (0.6%) 0.64 1,161
    2018-03-01 $179,900 (2.8%) $232,785 (4.0%) 0.63 1,102
    2018-04-01 $187,475 (1.3%) $237,518 (3.8%) 0.64 1,158
    2018-05-01 $199,900 (4.1%) $247,800 (6.9%) 0.67 1,190
    2018-06-01 $209,990 (10.6%) $256,687 (9.8%) 0.70 1,252
    2018-07-01 $209,050 (8.2%) $255,063 (7.9%) 0.70 1,253
    2018-08-01 $210,500 (12.4%) $255,859 (9.1%) 0.71 1,253
    2018-09-01 $209,900 (16.7%) $253,221 (9.4%) 0.71 1,254
    2018-10-01 $209,950 (16.7%) $255,392 (10.3%) 0.71 1,245
    2018-11-01 $209,900 (20.2%) $254,543 (12.5%) 0.71 1,239
    2018-12-01 $204,990 (17.2%) $251,406 (9.4%) 0.71 1,176
    2019-01-01 $199,948 (16.3%) $251,747 (12.0%) 0.69 1,071
    2019-02-01 $199,945 (14.3%) $256,610 (14.3%) 0.68 1,009
    2019-03-01 $208,471 (15.9%) $261,609 (12.4%) 0.68 997
    2019-04-01 $222,400 (18.6%) $268,665 (13.1%) 0.71 988
    2019-05-01 $222,400 (11.3%) $269,590 (8.8%) 0.70 1,008
    2019-06-01 $220,000 (4.8%) $268,804 (4.7%) 0.69 1,032
    2019-07-01 $219,900 (5.2%) $265,746 (4.2%) 0.69 1,097
    2019-08-01 $218,991 (4.0%) $269,098 (5.2%) 0.69 1,078
    2019-09-01 $225,127 (7.3%) $273,852 (8.2%) 0.72 1,045
    2019-10-01 $232,423 (10.7%) $278,512 (9.1%) 0.75 999
    2019-11-01 $235,000 (12.0%) $280,092 (10.0%) 0.77 953
    2019-12-01 $233,725 (14.0%) $281,449 (12.0%) 0.78 841
    2020-01-01 $229,950 (15.0%) $282,298 (12.1%) 0.77 770
    2020-02-01 $247,300 (23.7%) $287,164 (11.9%) 0.81 717
    2020-03-01 $259,900 (24.7%) $297,699 (13.8%) 0.81 674
    2020-04-01 $274,400 (23.4%) $313,554 (16.7%) 0.86 592
    2020-05-01 $259,900 (16.9%) $302,981 (12.4%) 0.79 618
    2020-06-01 $249,950 (13.6%) $306,332 (14.0%) 0.74 586
    2020-07-01 $270,725 (23.1%) $326,177 (22.7%) 0.78 485
    2020-08-01 $270,000 (23.3%) $321,979 (19.7%) 0.77 478
    2020-09-01 $259,950 (15.5%) $317,509 (15.9%) 0.74 476
    2020-10-01 $264,900 (14.0%) $325,720 (17.0%) 0.76 459
    2020-11-01 $267,400 (13.8%) $315,915 (12.8%) 0.78 464
    2020-12-01 $261,150 (11.7%) $311,097 (10.5%) 0.78 431
    2021-01-01 $259,000 (12.6%) $316,954 (12.3%) 0.77 366
    2021-02-01 $284,900 (15.2%) $346,614 (20.7%) 0.83 284
    2021-03-01 $288,450 (11.0%) $354,445 (19.1%) 0.82 273
    2021-04-01 $278,250 (1.4%) $342,029 (9.1%) 0.75 284
    2021-05-01 $274,900 (5.8%) $339,512 (12.1%) 0.73 312
    2021-06-01 $237,500 (-5.0%) $314,919 (2.8%) 0.63 406
    2021-07-01 $248,990 (-8.0%) $322,760 (-1.1%) 0.66 413
    2021-08-01 $245,995 (-8.9%) $315,320 (-2.1%) 0.66 447
    2021-09-01 $242,450 (-6.7%) $312,485 (-1.6%) 0.65 437
    2021-10-01 $245,990 (-7.1%) $320,169 (-1.7%) 0.66 437
    2021-11-01 $243,998 (-8.8%) $310,687 (-1.7%) 0.65 410
    2021-12-01 $231,250 (-11.5%) $296,522 (-4.7%) 0.63 351
    2022-01-01 $239,900 (-7.4%) $308,678 (-2.6%) 0.65 272
    2022-02-01 $239,450 (-16.0%) $313,873 (-9.5%) 0.62 260
    2022-03-01 $257,000 (-10.9%) $332,217 (-6.3%) 0.64 251
    2022-04-01 $260,000 (-6.6%) $337,078 (-1.5%) 0.62 269
    2022-05-01 $253,450 (-7.8%) $333,228 (-1.9%) 0.58 281
    2022-06-01 $256,750 (8.1%) $348,786 (10.8%) 0.57 343
    2022-07-01 $259,900 (4.4%) $344,522 (6.7%) 0.59 397
    2022-08-01 $266,225 (8.2%) $341,054 (8.2%) 0.62 416
    2022-09-01 $249,450 (2.9%) $331,758 (6.2%) 0.58 427
    2022-10-01 $252,450 (2.6%) $337,484 (5.4%) 0.59 425
    2022-11-01 $274,900 (12.7%) $347,588 (11.9%) 0.66 415
    2022-12-01 $279,900 (21.0%) $341,014 (15.0%) 0.69 361
    2023-01-01 $276,175 (15.1%) $351,373 (13.8%) 0.68 308
    2023-02-01 $294,225 (22.9%) $361,502 (15.2%) 0.71 282
    2023-03-01 $304,350 (18.4%) $384,377 (15.7%) 0.72 285
    2023-04-01 $319,900 (23.0%) $388,382 (15.2%) 0.74 299
    2023-05-01 $324,925 (28.2%) $400,010 (20.0%) 0.74 310
    2023-06-01 $340,329 (32.6%) $418,852 (20.1%) 0.76 325
    2023-07-01 $337,754 (30.0%) $426,262 (23.7%) 0.77 310
    2023-08-01 $330,825 (24.3%) $403,604 (18.3%) 0.76 325
    2023-09-01 $349,900 (40.3%) $406,765 (22.6%) 0.81 342
    2023-10-01 $347,671 (37.7%) $406,877 (20.6%) 0.82 367
    Reading's median listing price for 2023-10-01 was $347,671, a difference of $95,221 (37.7%) versus the prior year and $-2,229 versus the prior month.

    Reading's median listing price comes in at 82% of the national average.

    Reading's average listing price for 2023-10-01 was $406,877, a difference of $69,393 (20.6%) versus the prior year and $112 versus the prior month.

    For the 2023-10-01 period, Reading had 367 MLS listings, a difference of 25 listings (7%) versus the prior month and -58 listings (-14%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Reading (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 92 days 1,740 sqft
    2018-02-01 90 days 1,764 sqft
    2018-03-01 65 days 1,791 sqft
    2018-04-01 52 days 1,811 sqft
    2018-05-01 52 days 1,860 sqft
    2018-06-01 53 days 1,916 sqft
    2018-07-01 58 days 1,886 sqft
    2018-08-01 60 days 1,887 sqft
    2018-09-01 64 days 1,900 sqft
    2018-10-01 67 days 1,899 sqft
    2018-11-01 67 days 1,885 sqft
    2018-12-01 73 days 1,860 sqft
    2019-01-01 85 days 1,855 sqft
    2019-02-01 87 days 1,886 sqft
    2019-03-01 69 days 1,938 sqft
    2019-04-01 47 days 1,995 sqft
    2019-05-01 39 days 1,984 sqft
    2019-06-01 40 days 1,952 sqft
    2019-07-01 44 days 1,947 sqft
    2019-08-01 48 days 1,960 sqft
    2019-09-01 53 days 1,992 sqft
    2019-10-01 58 days 2,023 sqft
    2019-11-01 58 days 2,035 sqft
    2019-12-01 70 days 2,009 sqft
    2020-01-01 77 days 2,020 sqft
    2020-02-01 66 days 2,048 sqft
    2020-03-01 44 days 2,080 sqft
    2020-04-01 66 days 2,134 sqft
    2020-05-01 74 days 2,034 sqft
    2020-06-01 40 days 2,047 sqft
    2020-07-01 34 days 2,109 sqft
    2020-08-01 27 days 2,144 sqft
    2020-09-01 25 days 2,028 sqft
    2020-10-01 41 days 2,050 sqft
    2020-11-01 42 days 2,006 sqft
    2020-12-01 47 days 1,960 sqft
    2021-01-01 57 days 1,927 sqft
    2021-02-01 62 days 2,100 sqft
    2021-03-01 45 days 1,988 sqft
    2021-04-01 30 days 1,960 sqft
    2021-05-01 25 days 1,892 sqft
    2021-06-01 31 days 1,811 sqft
    2021-07-01 38 days 1,832 sqft
    2021-08-01 39 days 1,812 sqft
    2021-09-01 39 days 1,784 sqft
    2021-10-01 43 days 1,792 sqft
    2021-11-01 45 days 1,786 sqft
    2021-12-01 48 days 1,754 sqft
    2022-01-01 49 days 1,692 sqft
    2022-02-01 42 days 1,741 sqft
    2022-03-01 28 days 1,763 sqft
    2022-04-01 26 days 1,810 sqft
    2022-05-01 22 days 1,772 sqft
    2022-06-01 23 days 1,786 sqft
    2022-07-01 29 days 1,800 sqft
    2022-08-01 32 days 1,799 sqft
    2022-09-01 40 days 1,783 sqft
    2022-10-01 39 days 1,800 sqft
    2022-11-01 42 days 1,865 sqft
    2022-12-01 57 days 1,852 sqft
    2023-01-01 62 days 1,838 sqft
    2023-02-01 52 days 1,908 sqft
    2023-03-01 37 days 1,988 sqft
    2023-04-01 34 days 1,978 sqft
    2023-05-01 33 days 1,982 sqft
    2023-06-01 37 days 1,976 sqft
    2023-07-01 39 days 1,979 sqft
    2023-08-01 35 days 1,924 sqft
    2023-09-01 40 days 1,969 sqft
    2023-10-01 38 days 1,981 sqft
    Reading's median listing age (time on market) for 2023-10-01 was 38 days. This is -4% shorter than the same period one year ago.

    Reading's median square footage for active listings during the 2023-10-01 period was 1,981 sqft. One year prior, the average listing was 1,800 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).