Reno FHA Loan Rates, Closing Costs & Stats

RENO, NV

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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.

    Reno's 93 lenders originated 1,053 FHA loans during 2023. The total origination value was $400,365,000, with an average FHA loan value of $380,214.

    Reno FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Reno averaged 6.14% for the week of 2025-03-14, compared to the national average (all FHA variants) of 6.345% for the same period.

    Reno's average FHA mortgage closing costs are $11,097.

    The average rate for the prior week (2025-03-07) was 5.91% and one month ago for the week of 2025-02-07, the average rate was 6.12%.

    The average rate one year ago was 6.2%.

    For refis of the same type during the week of 2025-03-14, the average rate was 6.52%.

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

    Reno 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 Reno level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 146 6.53% $18,633
    UNITED WHOLESALE MORTGAGE, LLC 100 6.06% $17,508
    DHI MORTGAGE COMPANY, LTD. 62 5.52% $11,391
    QUICKEN LOANS, LLC 59 6.10% $17,006
    CROSSCOUNTRY MORTGAGE, LLC 56 6.52% $17,722
    SUMMIT FUNDING, INC. 50 6.69% $18,549
    CARDINAL FINANCIAL 33 6.50% $17,133
    EAGLE HOME MORTGAGE, LLC 33 5.37% $17,234
    BROKER SOLUTIONS, INC. 31 6.67% $17,050
    PRIMELENDING, A PLAINSCAPITAL COMPANY 30 6.49% $17,230
    AXIA FINANCIAL, LLC 25 6.22% $18,526
    Cornerstone First Mortgage, Inc 21 6.46% $19,037
    NFM, INC. 20 6.81% $18,070
    LOANDEPOT.COM, LLC 19 5.96% $18,710
    PENNYMAC LOAN SERVICES, LLC 18 6.17% $15,758
    ISERVE RESIDENTIAL LENDING, LLC 15 6.65% $16,043
    Equity Prime Mortgage LLC 10 7.51% $16,601
    Gateway First Bank 10 6.79% $14,403
    BAY EQUITY LLC 9 6.01% $18,764
    AMERICAN FINANCIAL NETWORK, INC. 9 6.51% $15,074
    PACIFIC RESIDENTIAL MORTGAGE, LLC 9 6.40% $16,919
    MOVEMENT MORTGAGE, LLC 8 5.75% $19,244
    MASON MCDUFFIE MORTGAGE CORPORATION 8 6.38% $15,696
    FREEDOM MORTGAGE CORPORATION 7 6.61% $22,588
    Paramount Residential Mortgage Group, Inc. 6 7.19% $17,565
    Plains Commerce Bank 6 6.02% $19,227
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.77% $16,525
    TJC Mortgage, Inc. 6 6.83% $16,797
    LAND HOME FINANCIAL SERVICES, INC. 6 7.25% $20,904
    LOANPAL, LLC 6 5.81% $14,380
    Mr. Cooper ( Nationstar Mortgage ) 6 6.33% $17,341
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 6.58% $13,611
    CALCON MUTUAL MORTGAGE LLC 5 7.35% $19,652
    TBI MORTGAGE COMPANY 5 5.80% $18,148
    NEWREZ LLC 5 5.75% $16,420
    TOP FLITE FINANCIAL, INC. 4 6.75% $11,965
    SUN WEST MORTGAGE COMPANY, INC. 4 6.53% $15,702
    American Mortgage & Equity Consultants, Inc. 4 6.06% $12,884
    VERITAS FUNDING, LLC 3 6.33% $25,915
    Flagstar Bank, FSB 3 6.38% $12,759
    BELEM SERVICING LLC 3 6.83% $16,105
    GREATER NEVADA LLC 3 6.58% $11,425
    CALIBER HOME LOANS, INC. 3 6.58% $13,551
    Sierra Pacific Mortgage Company, Inc. 3 6.38% $15,123
    Carrington Mortgage Services, LLC 3 5.96% $15,443
    PREMIER MORTGAGE RESOURCES, L.L.C. 3 6.04% $16,905
    AMERISAVE MORTGAGE CORPORATION 3 5.75% $11,794
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.08% $20,098
    The Central Trust Bank 2 6.63% $17,453
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.69% $19,014
    UNITED 2 6.44% $17,128
    ON Q FINANCIAL, INC. 2 7.44% $22,633
    MANN FINANCIAL INC. 2 6.56% $15,565
    GENEVA FINANCIAL, LLC 2 7.13% $16,640
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 6.50% $15,072
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 7.50% $14,532
    SOVEREIGN LENDING GROUP INCORPORATED 2 5.31% $12,840
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.25% $21,419
    U.S. Bank 2 5.93% $15,922
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.63% $16,666
    NBKC BANK 2 6.06% $9,597
    Wells Fargo Bank 1 6.00% $10,876
    ALAMEDA MORTGAGE CORPORATION 1 6.25% $19,269
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $15,866
    AmeriHome Mortgage Company, LLC 1 6.63% $11,285
    BEST FINANCE CAPITAL, INC. 1 5.63% $28,484
    BMO Harris Bank 1 7.25% $5,248
    CMG MORTGAGE, INC. 1 6.50% $18,157
    CORNERSTONE HOME LENDING, INC. 1 6.25% $12,179
    DATA MORTGAGE, INC. 1 6.13% $25,162
    FIRST COLONY MORTGAGE CORPORATION 1 7.13% $19,984
    First Option Mortgage, LLC 1 6.63% $25,982
    First Savings Bank 1 5.13% $18,327
    Franklin Loan Corporation 1 5.75% $20,217
    Glacier Bank 1 4.88% $13,147
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 8.25% $7,026
    Hometown Equity Mortgage, LLC 1 5.75% $15,191
    INFINITY EQUITY GROUP, INC. 1 6.63% $16,543
    INTERNATIONAL CITY MORTGAGE, INC. 1 5.88% $11,056
    Ixonia Bank 1 5.88% $23,277
    LAKEVIEW LOAN SERVICING, LLC 1 7.25% $19,038
    NATIONS DIRECT MORTGAGE, LLC 1 6.00% $25,653
    Nations Lending Corporation 1 6.00% $12,668
    Northpointe Bank 1 6.88% $11,288
    OCMBC, INC. 1 6.75% $16,003
    PANORAMA MORTGAGE GROUP, LLC 1 7.13% $17,981
    PHH Mortgage Corporation 1 5.99% $17,567
    PLANET HOME LENDING, LLC 1 5.50% $15,424
    S1L, Inc. 1 7.75% $15,922
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.63% $12,550
    SNAPFI, INC. 1 6.13% $15,849
    UNIVERSAL MORTGAGE & FINANCE, INC. 1 7.13% $8,042
    ACADEMY MORTGAGE CORPORATION 1 7.25% $18,012

    The top Reno FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 146 FHA loans originated. Their average total fees are $18,633, which is $1,125 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Reno FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($11,391), Gateway First Bank ($14,403), PENNYMAC LOAN SERVICES, LLC ($15,758), ISERVE RESIDENTIAL LENDING, LLC ($16,043) and Equity Prime Mortgage LLC ($16,601).

    The lowest rate Reno FHA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC (5.37%), DHI MORTGAGE COMPANY, LTD. (5.52%), LOANDEPOT.COM, LLC (5.96%), UNITED WHOLESALE MORTGAGE, LLC (6.06%) and QUICKEN LOANS, LLC (6.10%).

    Reno FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    RENO, NV STOREY 2022 $534,750 $684,550 $827,500 $1,028,350
    RENO, NV WASHOE 2022 $534,750 $684,550 $827,500 $1,028,350
    RENO, NV STOREY 2023 $621,000 $795,000 $960,950 $1,194,250
    RENO, NV WASHOE 2023 $621,000 $795,000 $960,950 $1,194,250

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Reno (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 $422,450 (8.6%) $1,040,487 (30.4%) 1.57 999
    2018-02-01 $437,425 (9.4%) $1,063,980 (29.4%) 1.59 932
    2018-03-01 $438,250 (9.7%) $1,010,958 (26.1%) 1.54 952
    2018-04-01 $454,499 (13.6%) $1,014,272 (27.2%) 1.54 1,022
    2018-05-01 $443,736 (5.3%) $959,068 (18.0%) 1.48 1,145
    2018-06-01 $440,000 (3.1%) $928,499 (13.9%) 1.47 1,276
    2018-07-01 $435,000 (-0.9%) $889,063 (-1.4%) 1.45 1,605
    2018-08-01 $429,350 (0.0%) $856,547 (-2.4%) 1.44 1,804
    2018-09-01 $425,000 (-3.1%) $828,412 (-7.7%) 1.43 1,963
    2018-10-01 $410,625 (-4.5%) $795,454 (-11.6%) 1.39 2,052
    2018-11-01 $407,350 (-5.5%) $799,562 (-13.0%) 1.38 1,965
    2018-12-01 $400,000 (-7.0%) $807,400 (-15.2%) 1.38 1,838
    2019-01-01 $404,500 (-4.3%) $845,774 (-18.7%) 1.40 1,625
    2019-02-01 $412,438 (-5.7%) $879,548 (-17.3%) 1.39 1,505
    2019-03-01 $425,836 (-2.8%) $891,009 (-11.9%) 1.39 1,459
    2019-04-01 $433,811 (-4.6%) $888,654 (-12.4%) 1.38 1,468
    2019-05-01 $432,000 (-2.6%) $849,059 (-11.5%) 1.35 1,693
    2019-06-01 $445,000 (1.1%) $842,455 (-9.3%) 1.39 1,868
    2019-07-01 $440,475 (1.3%) $842,069 (-5.3%) 1.38 2,055
    2019-08-01 $439,936 (2.5%) $849,114 (-0.9%) 1.39 2,072
    2019-09-01 $439,916 (3.5%) $862,092 (4.1%) 1.41 2,007
    2019-10-01 $439,902 (7.1%) $882,273 (10.9%) 1.42 1,935
    2019-11-01 $439,000 (7.8%) $919,632 (15.0%) 1.44 1,726
    2019-12-01 $447,000 (11.8%) $975,727 (20.9%) 1.49 1,448
    2020-01-01 $449,000 (11.0%) $1,028,567 (21.6%) 1.50 1,241
    2020-02-01 $465,000 (12.7%) $1,100,574 (25.1%) 1.52 1,079
    2020-03-01 $464,700 (9.1%) $1,079,483 (21.2%) 1.46 1,105
    2020-04-01 $449,688 (3.7%) $967,102 (8.8%) 1.41 1,349
    2020-05-01 $472,635 (9.4%) $993,083 (17.0%) 1.44 1,339
    2020-06-01 $499,000 (12.1%) $1,114,352 (32.3%) 1.47 1,213
    2020-07-01 $509,000 (15.6%) $982,545 (16.7%) 1.48 1,061
    2020-08-01 $499,000 (13.4%) $989,975 (16.6%) 1.43 946
    2020-09-01 $527,500 (19.9%) $1,003,750 (16.4%) 1.51 856
    2020-10-01 $510,000 (15.9%) $1,083,108 (22.8%) 1.46 766
    2020-11-01 $499,500 (13.8%) $1,091,599 (18.7%) 1.46 609
    2020-12-01 $512,250 (14.6%) $1,115,228 (14.3%) 1.52 482
    2021-01-01 $499,950 (11.4%) $1,103,396 (7.3%) 1.49 420
    2021-02-01 $482,500 (3.8%) $957,645 (-13.0%) 1.40 363
    2021-03-01 $479,975 (3.3%) $986,196 (-8.6%) 1.36 398
    2021-04-01 $490,000 (9.0%) $848,962 (-12.2%) 1.33 646
    2021-05-01 $510,000 (7.9%) $911,590 (-8.2%) 1.35 498
    2021-06-01 $559,950 (12.2%) $978,725 (-12.2%) 1.47 504
    2021-07-01 $575,000 (13.0%) $998,124 (1.6%) 1.52 634
    2021-08-01 $577,000 (15.6%) $1,025,661 (3.6%) 1.54 791
    2021-09-01 $572,750 (8.6%) $1,022,032 (1.8%) 1.53 881
    2021-10-01 $580,500 (13.8%) $1,009,103 (-6.8%) 1.55 908
    2021-11-01 $575,000 (15.1%) $1,036,700 (-5.0%) 1.54 804
    2021-12-01 $562,450 (9.8%) $1,067,492 (-4.3%) 1.52 593
    2022-01-01 $569,000 (13.8%) $1,148,206 (4.1%) 1.54 500
    2022-02-01 $578,500 (19.9%) $1,246,568 (30.2%) 1.50 438
    2022-03-01 $589,250 (22.8%) $1,266,552 (28.4%) 1.48 483
    2022-04-01 $620,000 (26.5%) $1,137,183 (34.0%) 1.48 676
    2022-05-01 $645,750 (26.6%) $1,112,030 (22.0%) 1.48 1,012
    2022-06-01 $636,600 (13.7%) $1,094,007 (11.8%) 1.42 1,475
    2022-07-01 $599,900 (4.3%) $1,037,343 (3.9%) 1.35 1,840
    2022-08-01 $595,000 (3.1%) $1,006,173 (-1.9%) 1.38 1,946
    2022-09-01 $577,000 (0.7%) $980,782 (-4.0%) 1.35 1,923
    2022-10-01 $569,900 (-1.8%) $986,996 (-2.2%) 1.34 1,905
    2022-11-01 $552,499 (-3.9%) $1,020,644 (-1.6%) 1.33 1,723
    2022-12-01 $550,000 (-2.2%) $1,035,305 (-3.0%) 1.36 1,423
    2023-01-01 $554,900 (-2.5%) $1,055,268 (-8.1%) 1.37 1,171
    2023-02-01 $568,463 (-1.7%) $1,108,931 (-11.0%) 1.37 977
    2023-03-01 $588,500 (-0.1%) $1,101,231 (-13.1%) 1.39 881
    2023-04-01 $614,414 (-0.9%) $1,136,690 (0.0%) 1.43 844
    2023-05-01 $629,950 (-2.5%) $1,166,259 (4.9%) 1.43 991
    2023-06-01 $644,125 (1.2%) $1,164,662 (6.5%) 1.45 1,112
    2023-07-01 $650,000 (8.4%) $1,219,221 (17.5%) 1.48 1,197
    2023-08-01 $646,975 (8.7%) $1,232,864 (22.5%) 1.49 1,229
    2023-09-01 $635,393 (10.1%) $1,209,640 (23.3%) 1.48 1,306
    2023-10-01 $621,250 (9.0%) $1,217,631 (23.4%) 1.46 1,309
    2023-11-01 $600,000 (8.6%) $1,196,748 (17.3%) 1.43 1,233
    2023-12-01 $595,000 (8.2%) $1,189,094 (14.9%) 1.45 1,101
    2024-01-01 $599,710 (8.1%) $1,201,327 (13.8%) 1.46 988
    2024-02-01 $599,500 (5.5%) $1,214,911 (9.6%) 1.44 889
    2024-03-01 $615,000 (4.5%) $1,217,656 (10.6%) 1.45 887
    2024-04-01 $617,438 (0.5%) $1,227,247 (8.0%) 1.44 972
    2024-05-01 $637,500 (1.2%) $1,215,352 (4.2%) 1.45 1,127
    2024-06-01 $619,000 (-3.9%) $1,182,943 (1.6%) 1.41 1,393
    2024-07-01 $614,500 (-5.5%) $1,175,103 (-3.6%) 1.41 1,573
    2024-08-01 $599,900 (-7.3%) $1,169,155 (-5.2%) 1.40 1,665
    2024-09-01 $599,450 (-5.7%) $1,155,204 (-4.5%) 1.41 1,689
    2024-10-01 $599,487 (-3.5%) $1,104,807 (-9.3%) 1.41 1,676
    2024-11-01 $594,322 (-1.0%) $1,091,831 (-8.8%) 1.43 1,601
    2024-12-01 $575,000 (-3.4%) $1,012,969 (-14.8%) 1.43 1,412
    2025-01-01 $569,998 (-5.0%) $1,067,920 (-11.1%) 1.42 1,274
    2025-02-01 $572,500 (-4.5%) $1,050,111 (-13.6%) 1.39 1,224
    Reno's median listing price for 2025-02-01 was $572,500, a difference of $-27,000 (-4.5%) versus the prior year and $2,502 versus the prior month.

    Reno's median listing price comes in at 139% of the national average.

    Reno's average listing price for 2025-02-01 was $1,050,111, a difference of $-164,800 (-13.6%) versus the prior year and $-17,809 versus the prior month.

    For the 2025-02-01 period, Reno had 1,224 MLS listings, a difference of -50 listings (-4%) versus the prior month and 335 listings (38%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Reno (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 78 days 2,222 sqft
    2018-02-01 54 days 2,224 sqft
    2018-03-01 45 days 2,174 sqft
    2018-04-01 44 days 2,204 sqft
    2018-05-01 36 days 2,095 sqft
    2018-06-01 37 days 2,081 sqft
    2018-07-01 38 days 2,064 sqft
    2018-08-01 41 days 2,031 sqft
    2018-09-01 45 days 2,018 sqft
    2018-10-01 52 days 1,996 sqft
    2018-11-01 60 days 1,980 sqft
    2018-12-01 71 days 1,989 sqft
    2019-01-01 78 days 1,969 sqft
    2019-02-01 69 days 1,993 sqft
    2019-03-01 56 days 2,044 sqft
    2019-04-01 44 days 2,093 sqft
    2019-05-01 40 days 2,077 sqft
    2019-06-01 43 days 2,113 sqft
    2019-07-01 45 days 2,086 sqft
    2019-08-01 49 days 2,068 sqft
    2019-09-01 56 days 2,073 sqft
    2019-10-01 61 days 2,079 sqft
    2019-11-01 65 days 2,074 sqft
    2019-12-01 71 days 2,120 sqft
    2020-01-01 72 days 2,121 sqft
    2020-02-01 58 days 2,169 sqft
    2020-03-01 38 days 2,122 sqft
    2020-04-01 41 days 2,067 sqft
    2020-05-01 45 days 2,123 sqft
    2020-06-01 44 days 2,222 sqft
    2020-07-01 42 days 2,230 sqft
    2020-08-01 42 days 2,148 sqft
    2020-09-01 33 days 2,166 sqft
    2020-10-01 45 days 2,090 sqft
    2020-11-01 53 days 2,026 sqft
    2020-12-01 57 days 2,045 sqft
    2021-01-01 47 days 2,011 sqft
    2021-02-01 33 days 1,862 sqft
    2021-03-01 19 days 1,822 sqft
    2021-04-01 18 days 1,801 sqft
    2021-05-01 27 days 1,832 sqft
    2021-06-01 29 days 1,891 sqft
    2021-07-01 29 days 1,976 sqft
    2021-08-01 29 days 1,944 sqft
    2021-09-01 32 days 1,935 sqft
    2021-10-01 37 days 2,001 sqft
    2021-11-01 41 days 1,960 sqft
    2021-12-01 50 days 1,933 sqft
    2022-01-01 53 days 1,923 sqft
    2022-02-01 33 days 1,922 sqft
    2022-03-01 29 days 1,948 sqft
    2022-04-01 27 days 2,024 sqft
    2022-05-01 26 days 2,022 sqft
    2022-06-01 30 days 2,015 sqft
    2022-07-01 37 days 1,979 sqft
    2022-08-01 47 days 1,990 sqft
    2022-09-01 57 days 1,965 sqft
    2022-10-01 63 days 1,959 sqft
    2022-11-01 69 days 1,964 sqft
    2022-12-01 82 days 1,958 sqft
    2023-01-01 92 days 1,962 sqft
    2023-02-01 89 days 1,973 sqft
    2023-03-01 62 days 1,994 sqft
    2023-04-01 46 days 2,078 sqft
    2023-05-01 37 days 2,089 sqft
    2023-06-01 38 days 2,117 sqft
    2023-07-01 42 days 2,164 sqft
    2023-08-01 44 days 2,141 sqft
    2023-09-01 50 days 2,109 sqft
    2023-10-01 56 days 2,088 sqft
    2023-11-01 60 days 2,070 sqft
    2023-12-01 71 days 2,021 sqft
    2024-01-01 76 days 2,005 sqft
    2024-02-01 69 days 2,002 sqft
    2024-03-01 51 days 2,011 sqft
    2024-04-01 41 days 2,022 sqft
    2024-05-01 34 days 1,996 sqft
    2024-06-01 38 days 1,960 sqft
    2024-07-01 45 days 1,958 sqft
    2024-08-01 51 days 1,938 sqft
    2024-09-01 56 days 1,904 sqft
    2024-10-01 58 days 1,929 sqft
    2024-11-01 64 days 1,874 sqft
    2024-12-01 74 days 1,835 sqft
    2025-01-01 75 days 1,832 sqft
    2025-02-01 65 days 1,822 sqft
    Reno's median listing age (time on market) for 2025-02-01 was 65 days. This is -5% shorter than the same period one year ago.

    Reno's median square footage for active listings during the 2025-02-01 period was 1,822 sqft. One year prior, the average listing was 2,002 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).