Roanoke FHA Loan Rates, Closing Costs & Stats

ROANOKE, VA

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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.

    Roanoke's 93 lenders originated 794 FHA loans during 2023. The total origination value was $220,960,000, with an average FHA loan value of $278,287.

    Roanoke FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Roanoke averaged 6.61% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Roanoke's average FHA mortgage closing costs are $6,778.

    The average rate for the prior week (2024-11-01) was 6.29% and one month ago for the week of 2024-10-04, the average rate was 6.11%.

    The average rate one year ago was 7.25%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.82%.

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

    Roanoke 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 Roanoke level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 92 6.21% $9,706
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 84 6.83% $9,494
    Alcova Mortgage LLC 51 7.11% $6,269
    UNION HOME MORTGAGE CORP. 42 6.63% $10,245
    UNITED WHOLESALE MORTGAGE, LLC 35 6.50% $11,842
    MOVEMENT MORTGAGE, LLC 33 6.79% $8,829
    FREEDOM FIRST 20 6.44% $7,208
    EMBRACE HOME LOANS, INC. 17 6.79% $10,444
    CARDINAL FINANCIAL 17 6.68% $12,926
    Atlantic Union Bank 17 6.59% $9,423
    GUILD MORTGAGE COMPANY 15 6.95% $12,328
    SWBC MORTGAGE CORPORATION 15 7.02% $5,052
    LOANDEPOT.COM, LLC 13 6.05% $12,127
    FREEDOM MORTGAGE CORPORATION 13 6.93% $12,199
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 12 6.63% $12,721
    Citizens Bank 12 6.60% $9,718
    BROKER SOLUTIONS, INC. 10 6.55% $10,739
    PENNYMAC LOAN SERVICES, LLC 10 6.15% $9,710
    Mr. Cooper ( Nationstar Mortgage ) 10 6.36% $12,856
    Truist 10 6.51% $6,890
    GUARANTEED RATE, INC. 9 6.58% $9,799
    Renasant Bank 9 6.69% $10,675
    CROSSCOUNTRY MORTGAGE, LLC 9 6.78% $11,808
    AMERISAVE MORTGAGE CORPORATION 8 6.31% $12,280
    Waterstone Mortgage Corporation 8 6.39% $10,280
    ARC HOME LLC 8 6.98% $7,569
    NATION ONE MORTGAGE CORPORATION 7 6.57% $10,017
    Prosperity Home Mortgage, LLC 7 6.45% $7,323
    NEWREZ LLC 6 6.46% $11,109
    TOWNE MORTGAGE COMPANY 6 6.73% $9,691
    LAKEVIEW LOAN SERVICING, LLC 6 5.71% $11,686
    AMERICAN FINANCING CORPORATION 5 5.95% $10,143
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.55% $14,912
    First Heritage Mortgage, LLC 3 6.96% $11,080
    AMERICAN FINANCIAL NETWORK, INC. 3 6.08% $16,417
    Blue Ridge Bank 3 6.83% $10,512
    Carrington Mortgage Services, LLC 3 6.67% $11,253
    First Federal Bank 3 6.75% $9,832
    MASON MCDUFFIE MORTGAGE CORPORATION 3 6.42% $10,377
    MILEND, INC. 3 6.29% $13,098
    OCMBC, INC. 3 7.25% $11,570
    Pinnacle Bank 3 6.29% $7,611
    VILLAGE CAPITAL MORTGAGE 3 7.33% $8,987
    Paramount Residential Mortgage Group, Inc. 2 6.25% $10,053
    Virginia Credit Union, Inc. 2 5.69% $5,807
    Princeton Mortgage Corporation 2 5.87% $6,680
    CMG MORTGAGE, INC. 2 7.44% $12,311
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.25% $9,700
    Victorian Finance, LLC 2 6.63% $7,974
    SUN WEST MORTGAGE COMPANY, INC. 2 6.93% $8,267
    Atlantic Coast Mortgage, LLC 2 6.25% $10,093
    RANLIFE, INC. 2 5.81% $11,189
    RELIANCE FIRST CAPITAL, LLC 2 7.00% $10,010
    FIRST COLONY MORTGAGE CORPORATION 2 6.38% $19,112
    NATIONS DIRECT MORTGAGE, LLC 1 6.63% $11,459
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.13% $17,576
    NBKC BANK 1 6.00% $7,650
    CALIBER HOME LOANS, INC. 1 6.75% $14,870
    ALLIED MORTGAGE GROUP, INC. 1 6.25% $12,902
    Barrington Bank & Trust Company, N.A. 1 6.75% $9,930
    PHH Mortgage Corporation 1 7.13% $7,571
    Wells Fargo Bank 1 5.50% $8,100
    Plains Commerce Bank 1 6.88% $9,859
    PLANET HOME LENDING, LLC 1 5.50% $11,160
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $18,199
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $14,028
    Bank of England 1 7.63% $4,972
    First-Citizens Bank & Trust Company 1 5.75% $9,445
    ROYAL UNITED MORTGAGE LLC 1 6.88% $9,289
    RUOFF MORTGAGE COMPANY, INC. 1 6.25% $11,801
    SOUTHERN TRUST MORTGAGE, LLC 1 7.38% $12,033
    AmeriHome Mortgage Company, LLC 1 5.75% $10,453
    TD Bank 1 6.88% $8,034
    The Federal Savings Bank 1 5.25% $6,065
    TOP FLITE FINANCIAL, INC. 1 7.25% $10,165
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $10,271
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 6.75% $8,262
    American National Bank and Trust Company 1 6.63% $8,922
    Flagstar Bank, FSB 1 6.47% $10,060
    FIRST SAVINGS MORTGAGE CORPORATION 1 6.88% $11,892
    FIRST HOME MORTGAGE CORPORATION 1 6.75% $14,349
    GSF Mortgage Corporation 1 6.13% $10,418
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.25% $16,092
    HOMESIDE FINANCIAL, LLC 1 7.13% $12,010
    INTELLILOAN, INC. 1 6.38% $9,221
    EVERETT FINANCIAL, INC. 1 7.13% $8,647
    EMM LOANS LLC 1 6.25% $12,005
    ZILLOW HOME LOANS, LLC 1 7.63% $9,538
    MID AMERICA MORTGAGE, INC. 1 7.75% $9,571
    Mortgage Research Center, LLC 1 6.75% $5,023
    CHURCHILL MORTGAGE CORPORATION 1 5.63% $5,828
    C & F Mortgage Corporation 1 7.25% $9,885
    CBM Mortgage, Inc. 1 7.25% $7,050

    The top Roanoke FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 92 FHA loans originated. Their average total fees are $9,706, which is $212 higher than the next largest lender, ATLANTIC BAY MORTGAGE GROUP, L.L.C..

    The lowest fee Roanoke FHA lenders (with over 10 loans originated) are SWBC MORTGAGE CORPORATION ($5,052), Alcova Mortgage LLC ($6,269), Truist ($6,890), FREEDOM FIRST ($7,208) and MOVEMENT MORTGAGE, LLC ($8,829).

    The lowest rate Roanoke FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (6.05%), PENNYMAC LOAN SERVICES, LLC (6.15%), QUICKEN LOANS, LLC (6.21%), Mr. Cooper ( Nationstar Mortgage ) (6.36%) and FREEDOM FIRST (6.44%).

    Roanoke FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ROANOKE, VA BOTETOURT 2022 $420,680 $538,650 $651,050 $809,150
    ROANOKE, VA CRAIG 2022 $420,680 $538,650 $651,050 $809,150
    ROANOKE, VA FRANKLIN 2022 $420,680 $538,650 $651,050 $809,150
    ROANOKE, VA ROANOKE 2022 $420,680 $538,650 $651,050 $809,150
    ROANOKE, VA ROANOKE CITY 2022 $420,680 $538,650 $651,050 $809,150
    ROANOKE, VA SALEM CITY 2022 $420,680 $538,650 $651,050 $809,150
    ROANOKE, VA BOTETOURT 2023 $472,030 $604,400 $730,525 $907,900
    ROANOKE, VA CRAIG 2023 $472,030 $604,400 $730,525 $907,900
    ROANOKE, VA FRANKLIN 2023 $472,030 $604,400 $730,525 $907,900
    ROANOKE, VA ROANOKE 2023 $472,030 $604,400 $730,525 $907,900
    ROANOKE, VA ROANOKE CITY 2023 $472,030 $604,400 $730,525 $907,900
    ROANOKE, VA SALEM CITY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Roanoke (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 $239,925 (9.3%) $335,605 (5.6%) 0.89 1,372
    2018-02-01 $248,975 (13.2%) $336,803 (5.2%) 0.90 1,372
    2018-03-01 $249,250 (10.6%) $339,295 (4.0%) 0.87 1,424
    2018-04-01 $252,500 (7.5%) $349,732 (4.5%) 0.86 1,480
    2018-05-01 $254,950 (6.5%) $356,192 (6.0%) 0.85 1,600
    2018-06-01 $264,925 (8.1%) $369,179 (9.4%) 0.88 1,582
    2018-07-01 $261,850 (6.9%) $368,607 (8.5%) 0.87 1,600
    2018-08-01 $259,950 (8.3%) $364,518 (7.6%) 0.87 1,617
    2018-09-01 $254,950 (4.1%) $365,562 (5.9%) 0.86 1,587
    2018-10-01 $249,897 (4.1%) $355,775 (2.8%) 0.85 1,575
    2018-11-01 $254,950 (8.8%) $361,690 (8.3%) 0.86 1,491
    2018-12-01 $249,500 (4.0%) $358,083 (4.2%) 0.86 1,377
    2019-01-01 $252,725 (5.3%) $355,382 (5.9%) 0.87 1,274
    2019-02-01 $256,975 (3.2%) $361,532 (7.3%) 0.87 1,234
    2019-03-01 $266,414 (6.9%) $368,835 (8.7%) 0.87 1,239
    2019-04-01 $273,927 (8.5%) $372,204 (6.4%) 0.87 1,254
    2019-05-01 $288,313 (13.1%) $374,477 (5.1%) 0.90 1,274
    2019-06-01 $285,950 (7.9%) $369,963 (0.2%) 0.89 1,309
    2019-07-01 $281,175 (7.4%) $371,894 (0.9%) 0.88 1,292
    2019-08-01 $278,564 (7.2%) $373,794 (2.5%) 0.88 1,263
    2019-09-01 $276,559 (8.5%) $378,719 (3.6%) 0.89 1,247
    2019-10-01 $275,223 (10.1%) $380,950 (7.1%) 0.89 1,237
    2019-11-01 $279,000 (9.4%) $385,687 (6.6%) 0.91 1,204
    2019-12-01 $275,925 (10.6%) $381,701 (6.6%) 0.92 1,087
    2020-01-01 $269,925 (6.8%) $379,981 (6.9%) 0.90 1,016
    2020-02-01 $276,825 (7.7%) $392,209 (8.5%) 0.91 938
    2020-03-01 $275,950 (3.6%) $390,496 (5.9%) 0.87 954
    2020-04-01 $279,950 (2.2%) $388,271 (4.3%) 0.88 987
    2020-05-01 $295,000 (2.3%) $408,741 (9.2%) 0.90 866
    2020-06-01 $307,461 (7.5%) $420,394 (13.6%) 0.91 827
    2020-07-01 $299,182 (6.4%) $412,659 (11.0%) 0.87 737
    2020-08-01 $299,700 (7.6%) $417,516 (11.7%) 0.86 680
    2020-09-01 $286,475 (3.6%) $416,273 (9.9%) 0.82 696
    2020-10-01 $274,950 (-0.1%) $403,565 (5.9%) 0.79 675
    2020-11-01 $272,473 (-2.3%) $411,754 (6.8%) 0.80 628
    2020-12-01 $267,746 (-3.0%) $400,875 (5.0%) 0.80 567
    2021-01-01 $272,500 (1.0%) $398,263 (4.8%) 0.81 484
    2021-02-01 $287,613 (3.9%) $423,177 (7.9%) 0.84 371
    2021-03-01 $294,950 (6.9%) $429,201 (9.9%) 0.84 354
    2021-04-01 $292,713 (4.6%) $419,213 (8.0%) 0.79 357
    2021-05-01 $282,950 (-4.1%) $399,920 (-2.2%) 0.75 389
    2021-06-01 $289,475 (-5.9%) $403,790 (-4.0%) 0.76 450
    2021-07-01 $289,925 (-3.1%) $389,350 (-5.7%) 0.77 493
    2021-08-01 $279,475 (-6.8%) $395,072 (-5.4%) 0.75 517
    2021-09-01 $289,950 (1.2%) $397,248 (-4.6%) 0.77 473
    2021-10-01 $292,950 (6.6%) $406,326 (0.7%) 0.78 496
    2021-11-01 $289,961 (6.4%) $410,712 (-0.3%) 0.78 446
    2021-12-01 $302,475 (13.0%) $428,808 (7.0%) 0.82 363
    2022-01-01 $317,950 (16.7%) $439,475 (10.4%) 0.86 299
    2022-02-01 $326,700 (13.6%) $460,856 (8.9%) 0.85 267
    2022-03-01 $325,065 (10.2%) $453,828 (5.7%) 0.81 259
    2022-04-01 $309,900 (5.9%) $444,328 (6.0%) 0.74 285
    2022-05-01 $349,475 (23.5%) $483,209 (20.8%) 0.80 338
    2022-06-01 $343,975 (18.8%) $499,277 (23.7%) 0.77 416
    2022-07-01 $349,450 (20.5%) $486,365 (24.9%) 0.79 452
    2022-08-01 $326,200 (16.7%) $465,622 (17.9%) 0.75 419
    2022-09-01 $341,463 (17.8%) $470,078 (18.3%) 0.80 419
    2022-10-01 $337,925 (15.4%) $446,700 (9.9%) 0.80 451
    2022-11-01 $329,975 (13.8%) $450,571 (9.7%) 0.79 457
    2022-12-01 $339,950 (12.4%) $453,026 (5.7%) 0.84 429
    2023-01-01 $347,250 (9.2%) $478,288 (8.8%) 0.86 423
    2023-02-01 $349,950 (7.1%) $499,237 (8.3%) 0.84 362
    2023-03-01 $368,950 (13.5%) $513,623 (13.2%) 0.87 340
    2023-04-01 $377,475 (21.8%) $528,828 (19.0%) 0.88 344
    2023-05-01 $383,925 (9.9%) $541,173 (12.0%) 0.87 337
    2023-06-01 $375,725 (9.2%) $542,377 (8.6%) 0.84 384
    2023-07-01 $379,000 (8.5%) $550,288 (13.1%) 0.86 427
    2023-08-01 $374,925 (14.9%) $536,813 (15.3%) 0.86 445
    2023-09-01 $365,000 (6.9%) $518,796 (10.4%) 0.85 485
    2023-10-01 $353,725 (4.7%) $498,625 (11.6%) 0.83 552
    2023-11-01 $347,950 (5.5%) $490,207 (8.8%) 0.83 552
    2023-12-01 $349,900 (2.9%) $479,931 (5.9%) 0.85 513
    2024-01-01 $340,873 (-1.8%) $462,292 (-3.3%) 0.83 487
    2024-02-01 $342,499 (-2.1%) $466,583 (-6.5%) 0.82 441
    2024-03-01 $350,000 (-5.1%) $483,897 (-5.8%) 0.82 436
    2024-04-01 $361,113 (-4.3%) $496,527 (-6.1%) 0.84 454
    2024-05-01 $379,350 (-1.2%) $511,250 (-5.5%) 0.86 505
    2024-06-01 $379,950 (1.1%) $525,486 (-3.1%) 0.85 550
    2024-07-01 $368,450 (-2.8%) $501,561 (-8.9%) 0.84 578
    2024-08-01 $374,950 (0.0%) $503,998 (-6.1%) 0.87 619
    2024-09-01 $369,975 (1.4%) $497,737 (-4.1%) 0.87 683
    2024-10-01 $364,475 (3.0%) $502,195 (0.7%) 0.86 654
    Roanoke's median listing price for 2024-10-01 was $364,475, a difference of $10,750 (3.0%) versus the prior year and $-5,500 versus the prior month.

    Roanoke's median listing price comes in at 86% of the national average.

    Roanoke's average listing price for 2024-10-01 was $502,195, a difference of $3,570 (0.7%) versus the prior year and $4,458 versus the prior month.

    For the 2024-10-01 period, Roanoke had 654 MLS listings, a difference of -29 listings (-4%) versus the prior month and 102 listings (18%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Roanoke (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 91 days 2,060 sqft
    2018-02-01 84 days 2,062 sqft
    2018-03-01 66 days 2,110 sqft
    2018-04-01 58 days 2,136 sqft
    2018-05-01 53 days 2,153 sqft
    2018-06-01 60 days 2,160 sqft
    2018-07-01 70 days 2,151 sqft
    2018-08-01 72 days 2,156 sqft
    2018-09-01 72 days 2,156 sqft
    2018-10-01 74 days 2,119 sqft
    2018-11-01 79 days 2,127 sqft
    2018-12-01 82 days 2,100 sqft
    2019-01-01 93 days 2,089 sqft
    2019-02-01 95 days 2,121 sqft
    2019-03-01 79 days 2,149 sqft
    2019-04-01 57 days 2,166 sqft
    2019-05-01 55 days 2,175 sqft
    2019-06-01 61 days 2,168 sqft
    2019-07-01 67 days 2,157 sqft
    2019-08-01 70 days 2,154 sqft
    2019-09-01 71 days 2,141 sqft
    2019-10-01 72 days 2,131 sqft
    2019-11-01 73 days 2,142 sqft
    2019-12-01 80 days 2,116 sqft
    2020-01-01 89 days 2,066 sqft
    2020-02-01 82 days 2,121 sqft
    2020-03-01 54 days 2,133 sqft
    2020-04-01 57 days 2,144 sqft
    2020-05-01 71 days 2,200 sqft
    2020-06-01 62 days 2,196 sqft
    2020-07-01 58 days 2,161 sqft
    2020-08-01 57 days 2,200 sqft
    2020-09-01 54 days 2,198 sqft
    2020-10-01 55 days 2,150 sqft
    2020-11-01 60 days 2,175 sqft
    2020-12-01 66 days 2,160 sqft
    2021-01-01 67 days 2,131 sqft
    2021-02-01 64 days 2,147 sqft
    2021-03-01 47 days 2,092 sqft
    2021-04-01 42 days 2,005 sqft
    2021-05-01 40 days 2,007 sqft
    2021-06-01 40 days 2,026 sqft
    2021-07-01 43 days 2,005 sqft
    2021-08-01 45 days 1,977 sqft
    2021-09-01 52 days 2,002 sqft
    2021-10-01 49 days 2,019 sqft
    2021-11-01 64 days 2,006 sqft
    2021-12-01 61 days 2,014 sqft
    2022-01-01 84 days 2,031 sqft
    2022-02-01 64 days 2,005 sqft
    2022-03-01 38 days 1,942 sqft
    2022-04-01 35 days 1,934 sqft
    2022-05-01 32 days 2,021 sqft
    2022-06-01 34 days 2,056 sqft
    2022-07-01 40 days 2,031 sqft
    2022-08-01 42 days 1,947 sqft
    2022-09-01 46 days 1,977 sqft
    2022-10-01 40 days 2,008 sqft
    2022-11-01 44 days 1,977 sqft
    2022-12-01 54 days 1,960 sqft
    2023-01-01 60 days 2,006 sqft
    2023-02-01 63 days 2,008 sqft
    2023-03-01 50 days 2,044 sqft
    2023-04-01 44 days 2,117 sqft
    2023-05-01 43 days 2,113 sqft
    2023-06-01 42 days 2,100 sqft
    2023-07-01 43 days 2,094 sqft
    2023-08-01 45 days 2,082 sqft
    2023-09-01 43 days 1,980 sqft
    2023-10-01 45 days 1,979 sqft
    2023-11-01 50 days 1,980 sqft
    2023-12-01 59 days 1,939 sqft
    2024-01-01 63 days 1,914 sqft
    2024-02-01 61 days 1,906 sqft
    2024-03-01 46 days 1,908 sqft
    2024-04-01 39 days 1,943 sqft
    2024-05-01 33 days 1,975 sqft
    2024-06-01 40 days 1,998 sqft
    2024-07-01 51 days 1,991 sqft
    2024-08-01 51 days 2,021 sqft
    2024-09-01 45 days 2,046 sqft
    2024-10-01 53 days 2,016 sqft
    Roanoke's median listing age (time on market) for 2024-10-01 was 53 days. This is 19% longer than the same period one year ago.

    Roanoke's median square footage for active listings during the 2024-10-01 period was 2,016 sqft. One year prior, the average listing was 1,979 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).