Rockford FHA Loan Rates, Closing Costs & Stats

ROCKFORD, IL

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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.

    Rockford's 98 lenders originated 791 FHA loans during 2024. The total origination value was $142,855,000, with an average FHA loan value of $180,601.

    Rockford FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Rockford averaged 6.72% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Rockford's average FHA mortgage closing costs are $6,504.

    The average rate for the prior week (2025-03-28) was 6.82% and one month ago for the week of 2025-02-28, the average rate was 6.7%.

    The average rate one year ago was 6.92%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.43%.

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

    Rockford 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 Rockford level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 108 6.42% $9,341
    GREENSTATE CREDIT UNION 69 6.40% $6,883
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 62 6.77% $9,313
    GUILD MORTGAGE COMPANY 36 6.95% $8,336
    CROSSCOUNTRY MORTGAGE, LLC 35 6.65% $8,920
    UNITED WHOLESALE MORTGAGE, LLC 34 6.17% $12,178
    ENVOY MORTGAGE, LTD 32 6.93% $8,777
    LOANDEPOT.COM, LLC 27 6.65% $9,643
    FREEDOM MORTGAGE CORPORATION 25 6.54% $9,940
    PENNYMAC LOAN SERVICES, LLC 17 6.48% $8,564
    First Mid Bank & Trust 16 6.78% $6,569
    BROKER SOLUTIONS, INC. 13 6.83% $10,356
    Barrington Bank & Trust Company, N.A. 12 6.93% $8,482
    Midland States Bank 12 6.79% $7,000
    GUARANTEED RATE, INC. 12 6.87% $9,497
    MUTUAL OF OMAHA MORTGAGE, INC. 9 6.67% $9,699
    Mr. Cooper ( Nationstar Mortgage ) 7 6.61% $10,960
    COMPASS MORTGAGE, INC. 7 6.79% $8,315
    PNC Bank 6 6.96% $6,492
    AMERISAVE MORTGAGE CORPORATION 6 6.27% $10,063
    U.S. Bank 6 7.29% $6,509
    Carrington Mortgage Services, LLC 6 6.35% $10,162
    AMERICAN PACIFIC MORTGAGE CORPORATION 6 6.77% $9,470
    Equity Prime Mortgage LLC 6 6.15% $11,320
    NORTHWEST BANK OF ROCKFORD 5 6.40% $7,735
    AMERICAN FINANCIAL NETWORK, INC. 5 7.33% $9,728
    CMG MORTGAGE, INC. 4 7.22% $11,499
    ENDEAVOR CAPITAL, LLC. 4 6.03% $9,701
    VILLAGE CAPITAL MORTGAGE 4 6.59% $6,004
    NEWREZ LLC 4 6.15% $7,699
    Flagstar Bank, FSB 4 6.16% $9,094
    JPMorgan Chase Bank 4 6.78% $5,652
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 6.56% $8,109
    Mortgage Research Center, LLC 3 7.00% $6,547
    LAKEVIEW LOAN SERVICING, LLC 3 6.71% $7,792
    Associated Bank 3 6.29% $7,041
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.71% $12,523
    AMERICAN FINANCING CORPORATION 3 6.38% $10,016
    AmeriHome Mortgage Company, LLC 3 6.96% $5,063
    GMFS LLC 3 6.67% $9,591
    Waterstone Mortgage Corporation 3 6.71% $8,429
    MID AMERICA MORTGAGE, INC. 3 7.17% $6,459
    PLAZA HOME MORTGAGE, INC. 3 6.41% $8,484
    PHH Mortgage Corporation 3 6.54% $10,683
    THE MORTGAGE LINK, INC. 3 6.62% $18,116
    HOMESIDE FINANCIAL, LLC 3 7.21% $11,485
    Old National Bank 2 5.94% $6,898
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 2 6.88% $9,384
    AmRes Corporation 2 6.94% $7,108
    CARDINAL FINANCIAL 2 6.44% $5,669
    CHURCHILL MORTGAGE CORPORATION 2 7.06% $6,581
    CIBM Bank 2 6.19% $9,376
    FIRST STATE MORTGAGE SERVICES, LLC 2 6.75% $9,817
    Ixonia Bank 2 6.44% $6,501
    Lakeview Community Capital, LLC 2 6.50% $8,948
    MLD MORTGAGE INC. 2 6.88% $6,811
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.25% $17,358
    PLANET HOME LENDING, LLC 2 6.31% $3,592
    The Huntington National Bank 2 6.31% $7,951
    University of Wisconsin Credit Union 2 6.06% $8,729
    ZILLOW HOME LOANS, LLC 2 7.00% $7,794
    GUARANTEED RATE AFFINITY, LLC 1 6.68% $4,703
    GERSHMAN INVESTMENT CORP. 1 7.13% $4,883
    Bell Bank 1 7.00% $7,971
    GENEVA FINANCIAL, LLC 1 7.13% $8,813
    American Mortgage & Equity Consultants, Inc. 1 5.75% $9,297
    MOVEMENT MORTGAGE, LLC 1 6.63% $10,799
    First National Bank of Omaha 1 7.13% $5,822
    First Federal Bank 1 6.50% $5,618
    Nations Lending Corporation 1 7.25% $7,899
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.25% $10,811
    FIRST COLONY MORTGAGE CORPORATION 1 6.75% $14,772
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.25% $6,340
    ALAMEDA MORTGAGE CORPORATION 1 7.13% $6,239
    Pacor Mortgage Corp 1 7.13% $14,037
    Cornerstone First Mortgage, Inc 1 6.75% $7,768
    Commerce Home Mortgage, Inc. 1 5.63% $12,194
    Bank of England 1 6.63% $4,734
    Century Mortgage Company DBA Century Lending Company 1 7.88% $14,803
    Busey Bank 1 6.25% $8,240
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.50% $15,154
    Prosperity Home Mortgage, LLC 1 6.38% $6,272
    BMO Harris Bank 1 6.50% $9,461
    S1L, Inc. 1 6.88% $8,418
    SECURITYNATIONAL MORTGAGE COMPANY 1 5.50% $13,917
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $6,977
    SUN WEST MORTGAGE COMPANY, INC. 1 6.88% $12,454
    T2 FINANCIAL LLC 1 7.25% $8,556
    Axos Bank 1 6.75% $9,616
    BETTER MORTGAGE CORPORATION 1 5.75% $6,585
    TOWNE MORTGAGE COMPANY 1 6.25% $12,772
    Key Mortgage Services, Inc. 1 6.38% $8,300
    LAKE MICHIGAN CREDIT UNION 1 6.00% $6,346
    UNION HOME MORTGAGE CORP. 1 6.99% $6,225
    JMAC LENDING, INC. 1 5.75% $12,609
    Home State Bank 1 6.63% $8,098
    MEMBER FIRST MORTGAGE, LLC 1 6.50% $9,770
    MICHIGAN MUTUAL, INC. 1 6.25% $11,308

    The top Rockford FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 108 FHA loans originated. Their average total fees are $9,341, which is $2,458 higher than the next largest lender, GREENSTATE CREDIT UNION.

    The lowest fee Rockford FHA lenders (with over 10 loans originated) are First Mid Bank & Trust ($6,569), GREENSTATE CREDIT UNION ($6,883), Midland States Bank ($7,000), GUILD MORTGAGE COMPANY ($8,336) and Barrington Bank & Trust Company, N.A. ($8,482).

    The lowest rate Rockford FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.17%), GREENSTATE CREDIT UNION (6.40%), QUICKEN LOANS, LLC (6.42%), PENNYMAC LOAN SERVICES, LLC (6.48%) and FREEDOM MORTGAGE CORPORATION (6.54%).

    Rockford FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Rockford (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 $129,900 (13.1%) $163,508 (14.4%) 0.48 928
    2018-02-01 $131,725 (15.6%) $166,882 (18.7%) 0.48 847
    2018-03-01 $134,900 (13.4%) $172,005 (16.7%) 0.47 797
    2018-04-01 $139,900 (11.9%) $181,905 (19.5%) 0.47 773
    2018-05-01 $144,900 (11.6%) $184,153 (16.6%) 0.48 848
    2018-06-01 $149,000 (14.6%) $187,298 (15.6%) 0.50 974
    2018-07-01 $149,000 (10.5%) $187,850 (10.3%) 0.50 1,064
    2018-08-01 $145,475 (7.8%) $185,108 (9.0%) 0.49 1,109
    2018-09-01 $140,750 (3.9%) $183,258 (8.3%) 0.47 1,143
    2018-10-01 $137,450 (2.6%) $177,259 (7.0%) 0.47 1,143
    2018-11-01 $135,900 (0.4%) $178,840 (7.2%) 0.46 1,050
    2018-12-01 $134,900 (1.1%) $175,024 (4.6%) 0.47 988
    2019-01-01 $134,900 (3.9%) $174,454 (6.7%) 0.47 908
    2019-02-01 $134,475 (2.1%) $176,802 (5.9%) 0.45 826
    2019-03-01 $139,907 (3.7%) $183,037 (6.4%) 0.46 779
    2019-04-01 $147,725 (5.6%) $191,275 (5.2%) 0.47 736
    2019-05-01 $149,925 (3.5%) $194,518 (5.6%) 0.47 777
    2019-06-01 $159,900 (7.3%) $200,679 (7.1%) 0.50 864
    2019-07-01 $155,000 (4.0%) $199,082 (6.0%) 0.49 977
    2019-08-01 $153,609 (5.6%) $195,534 (5.6%) 0.49 1,029
    2019-09-01 $151,523 (7.7%) $190,815 (4.1%) 0.48 1,093
    2019-10-01 $147,450 (7.3%) $186,177 (5.0%) 0.48 1,144
    2019-11-01 $139,900 (2.9%) $180,646 (1.0%) 0.46 1,094
    2019-12-01 $139,900 (3.7%) $177,645 (1.5%) 0.47 983
    2020-01-01 $138,125 (2.4%) $176,570 (1.2%) 0.46 898
    2020-02-01 $145,000 (7.8%) $183,210 (3.6%) 0.47 806
    2020-03-01 $145,325 (3.9%) $188,113 (2.8%) 0.46 746
    2020-04-01 $149,900 (1.5%) $193,673 (1.3%) 0.47 726
    2020-05-01 $159,900 (6.7%) $206,371 (6.1%) 0.49 636
    2020-06-01 $170,000 (6.3%) $211,064 (5.2%) 0.50 594
    2020-07-01 $174,975 (12.9%) $214,916 (8.0%) 0.51 546
    2020-08-01 $169,900 (10.6%) $218,300 (11.6%) 0.49 527
    2020-09-01 $175,200 (15.6%) $222,990 (16.9%) 0.50 495
    2020-10-01 $163,000 (10.6%) $203,694 (9.4%) 0.47 529
    2020-11-01 $154,175 (10.2%) $200,709 (11.1%) 0.45 514
    2020-12-01 $139,900 (0.0%) $193,667 (9.0%) 0.42 435
    2021-01-01 $133,200 (-3.6%) $196,268 (11.2%) 0.40 357
    2021-02-01 $135,000 (-6.9%) $208,173 (13.6%) 0.39 259
    2021-03-01 $150,225 (3.4%) $212,788 (13.1%) 0.43 219
    2021-04-01 $162,400 (8.3%) $230,291 (18.9%) 0.44 200
    2021-05-01 $172,450 (7.9%) $228,044 (10.5%) 0.46 275
    2021-06-01 $172,425 (1.4%) $231,056 (9.5%) 0.45 397
    2021-07-01 $165,000 (-5.7%) $228,765 (6.4%) 0.44 448
    2021-08-01 $158,900 (-6.5%) $218,935 (0.3%) 0.42 543
    2021-09-01 $162,400 (-7.3%) $217,992 (-2.2%) 0.43 555
    2021-10-01 $164,900 (1.2%) $217,821 (6.9%) 0.44 562
    2021-11-01 $154,675 (0.3%) $209,859 (4.6%) 0.41 513
    2021-12-01 $142,725 (2.0%) $199,842 (3.2%) 0.39 464
    2022-01-01 $145,250 (9.1%) $195,276 (-0.5%) 0.39 370
    2022-02-01 $139,675 (3.5%) $203,388 (-2.3%) 0.36 269
    2022-03-01 $147,200 (-2.0%) $222,745 (4.7%) 0.37 238
    2022-04-01 $159,900 (-1.5%) $238,263 (3.5%) 0.38 254
    2022-05-01 $178,475 (3.5%) $236,087 (3.5%) 0.41 286
    2022-06-01 $189,950 (10.2%) $240,972 (4.3%) 0.42 354
    2022-07-01 $202,495 (22.7%) $255,919 (11.9%) 0.46 416
    2022-08-01 $192,450 (21.1%) $247,163 (12.9%) 0.44 463
    2022-09-01 $189,700 (16.8%) $241,204 (10.7%) 0.44 465
    2022-10-01 $174,900 (6.1%) $230,043 (5.6%) 0.41 460
    2022-11-01 $172,400 (11.5%) $223,025 (6.3%) 0.41 459
    2022-12-01 $169,900 (19.0%) $219,043 (9.6%) 0.42 409
    2023-01-01 $164,900 (13.5%) $220,999 (13.2%) 0.41 324
    2023-02-01 $154,350 (10.5%) $233,875 (15.0%) 0.37 244
    2023-03-01 $154,925 (5.3%) $247,586 (11.2%) 0.37 221
    2023-04-01 $180,000 (12.6%) $266,867 (12.0%) 0.42 196
    2023-05-01 $188,550 (5.7%) $260,563 (10.4%) 0.43 235
    2023-06-01 $210,700 (10.9%) $265,710 (10.3%) 0.47 260
    2023-07-01 $219,900 (8.6%) $265,268 (3.7%) 0.50 294
    2023-08-01 $217,325 (12.9%) $259,037 (4.8%) 0.50 321
    2023-09-01 $209,000 (10.2%) $254,975 (5.7%) 0.49 333
    2023-10-01 $213,450 (22.0%) $253,351 (10.1%) 0.50 345
    2023-11-01 $209,200 (21.4%) $254,781 (14.2%) 0.50 404
    2023-12-01 $199,900 (17.7%) $256,130 (16.9%) 0.49 364
    2024-01-01 $207,250 (25.7%) $262,740 (18.9%) 0.51 310
    2024-02-01 $234,150 (51.7%) $280,592 (20.0%) 0.56 247
    2024-03-01 $235,000 (51.7%) $283,576 (14.5%) 0.55 229
    2024-04-01 $234,925 (30.5%) $273,121 (2.3%) 0.55 219
    2024-05-01 $236,000 (25.2%) $277,612 (6.5%) 0.54 224
    2024-06-01 $219,450 (4.2%) $255,174 (-4.0%) 0.50 293
    2024-07-01 $218,725 (-0.5%) $262,190 (-1.2%) 0.50 320
    2024-08-01 $215,000 (-1.1%) $255,594 (-1.3%) 0.50 387
    2024-09-01 $223,225 (6.8%) $258,589 (1.4%) 0.53 428
    2024-10-01 $231,500 (8.5%) $256,417 (1.2%) 0.54 467
    2024-11-01 $236,900 (13.2%) $262,985 (3.2%) 0.57 431
    2024-12-01 $242,450 (21.3%) $270,654 (5.7%) 0.60 359
    2025-01-01 $235,450 (13.6%) $269,931 (2.7%) 0.59 295
    2025-02-01 $242,950 (3.8%) $283,234 (0.9%) 0.59 250
    2025-03-01 $248,888 (5.9%) $283,612 (0.0%) 0.00 262
    Rockford's median listing price for 2025-03-01 was $248,888, a difference of $13,888 (5.9%) versus the prior year and $5,938 versus the prior month.

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

    Rockford's average listing price for 2025-03-01 was $283,612, a difference of $36 (0.0%) versus the prior year and $378 versus the prior month.

    For the 2025-03-01 period, Rockford had 262 MLS listings, a difference of 12 listings (5%) versus the prior month and 33 listings (14%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Rockford (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 75 days 1,855 sqft
    2018-02-01 75 days 1,858 sqft
    2018-03-01 61 days 1,891 sqft
    2018-04-01 45 days 1,960 sqft
    2018-05-01 38 days 2,000 sqft
    2018-06-01 39 days 2,030 sqft
    2018-07-01 43 days 2,030 sqft
    2018-08-01 48 days 1,996 sqft
    2018-09-01 57 days 1,994 sqft
    2018-10-01 59 days 1,911 sqft
    2018-11-01 60 days 1,947 sqft
    2018-12-01 65 days 1,894 sqft
    2019-01-01 77 days 1,824 sqft
    2019-02-01 82 days 1,867 sqft
    2019-03-01 68 days 1,803 sqft
    2019-04-01 49 days 1,738 sqft
    2019-05-01 43 days 1,737 sqft
    2019-06-01 43 days 1,803 sqft
    2019-07-01 42 days 1,976 sqft
    2019-08-01 46 days 1,979 sqft
    2019-09-01 51 days 1,947 sqft
    2019-10-01 54 days 1,913 sqft
    2019-11-01 60 days 1,895 sqft
    2019-12-01 69 days 1,830 sqft
    2020-01-01 81 days 1,806 sqft
    2020-02-01 74 days 1,839 sqft
    2020-03-01 53 days 1,852 sqft
    2020-04-01 58 days 1,894 sqft
    2020-05-01 65 days 2,024 sqft
    2020-06-01 46 days 2,129 sqft
    2020-07-01 39 days 2,180 sqft
    2020-08-01 39 days 2,067 sqft
    2020-09-01 38 days 2,076 sqft
    2020-10-01 33 days 1,935 sqft
    2020-11-01 39 days 1,923 sqft
    2020-12-01 50 days 1,809 sqft
    2021-01-01 58 days 1,777 sqft
    2021-02-01 50 days 1,740 sqft
    2021-03-01 37 days 1,672 sqft
    2021-04-01 24 days 1,801 sqft
    2021-05-01 18 days 1,853 sqft
    2021-06-01 19 days 1,923 sqft
    2021-07-01 25 days 2,018 sqft
    2021-08-01 25 days 1,736 sqft
    2021-09-01 33 days 1,728 sqft
    2021-10-01 38 days 1,669 sqft
    2021-11-01 47 days 1,654 sqft
    2021-12-01 50 days 1,605 sqft
    2022-01-01 53 days 1,640 sqft
    2022-02-01 40 days 1,618 sqft
    2022-03-01 32 days 1,613 sqft
    2022-04-01 24 days 1,717 sqft
    2022-05-01 24 days 1,755 sqft
    2022-06-01 21 days 1,812 sqft
    2022-07-01 29 days 1,860 sqft
    2022-08-01 31 days 1,837 sqft
    2022-09-01 39 days 1,828 sqft
    2022-10-01 39 days 1,803 sqft
    2022-11-01 42 days 1,779 sqft
    2022-12-01 52 days 1,758 sqft
    2023-01-01 62 days 1,724 sqft
    2023-02-01 59 days 1,687 sqft
    2023-03-01 46 days 1,725 sqft
    2023-04-01 25 days 1,763 sqft
    2023-05-01 21 days 1,678 sqft
    2023-06-01 22 days 1,775 sqft
    2023-07-01 24 days 1,836 sqft
    2023-08-01 29 days 1,845 sqft
    2023-09-01 31 days 1,827 sqft
    2023-10-01 29 days 1,897 sqft
    2023-11-01 27 days 1,814 sqft
    2023-12-01 40 days 1,780 sqft
    2024-01-01 56 days 1,758 sqft
    2024-02-01 50 days 1,809 sqft
    2024-03-01 37 days 1,848 sqft
    2024-04-01 31 days 1,931 sqft
    2024-05-01 23 days 1,898 sqft
    2024-06-01 22 days 1,823 sqft
    2024-07-01 26 days 1,799 sqft
    2024-08-01 25 days 1,802 sqft
    2024-09-01 29 days 1,833 sqft
    2024-10-01 28 days 1,832 sqft
    2024-11-01 36 days 1,835 sqft
    2024-12-01 43 days 1,860 sqft
    2025-01-01 53 days 1,814 sqft
    2025-02-01 40 days 1,800 sqft
    2025-03-01 0 days 1,784 sqft
    Rockford'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.

    Rockford's median square footage for active listings during the 2025-03-01 period was 1,784 sqft. One year prior, the average listing was 1,848 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).