Rocky Mount FHA Loan Rates, Closing Costs & Stats

ROCKY MOUNT, NC

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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.

    Rocky Mount's 102 lenders originated 588 FHA loans during 2024. The total origination value was $139,570,000, with an average FHA loan value of $237,364.

    Rocky Mount FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Rocky Mount averaged 6.38% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Rocky Mount's average FHA mortgage closing costs are $7,907.

    The average rate for the prior week (2025-03-28) was 6.48% and one month ago for the week of 2025-02-28, the average rate was 6.16%.

    The average rate one year ago was 6.48%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.08%.

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

    Rocky Mount 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 Rocky Mount level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 45 6.44% $9,006
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 39 6.75% $11,951
    VELOCIO MORTGAGE L.L.C. 36 4.84% $7,720
    Keystone Funding, Inc. 23 6.32% $11,294
    GUARANTEED RATE, INC. 19 6.37% $10,980
    UNITED WHOLESALE MORTGAGE, LLC 18 6.23% $11,524
    CROSSCOUNTRY MORTGAGE, LLC 17 6.61% $11,020
    LOANDEPOT.COM, LLC 17 5.94% $10,545
    FREEDOM MORTGAGE CORPORATION 17 6.32% $11,719
    DHI MORTGAGE COMPANY, LTD. 16 4.52% $7,398
    FBC MORTGAGE, LLC 14 5.72% $9,588
    NVR Mortgage Finance, Inc. 14 6.16% $11,716
    T2 FINANCIAL LLC 13 6.69% $10,253
    MOVEMENT MORTGAGE, LLC 11 6.73% $9,132
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 7.00% $11,098
    INTERCOASTAL MORTGAGE COMPANY 8 6.75% $8,921
    INSPIRE HOME LOANS INC. 8 5.41% $6,978
    CORNERSTONE HOME LENDING, INC. 7 6.75% $10,260
    LOANPAL, LLC 7 6.03% $11,082
    Carrington Mortgage Services, LLC 7 6.61% $11,147
    SeaTrust Mortgage Company 7 6.50% $10,941
    NFM, INC. 6 6.60% $13,020
    American Security Mortgage Corp. 6 6.33% $8,770
    BROKER SOLUTIONS, INC. 6 6.81% $8,374
    NEWREZ LLC 6 6.38% $11,442
    Truist 5 6.50% $8,867
    CARDINAL FINANCIAL 5 6.95% $14,230
    Mortgage Research Center, LLC 5 6.62% $7,165
    GoPrime Mortgage, Inc. 5 6.75% $11,063
    Alcova Mortgage LLC 5 6.83% $7,637
    GUILD MORTGAGE COMPANY 5 6.33% $8,228
    MORTGAGE SOLUTIONS OF COLORADO, LLC 4 7.06% $10,293
    Equity Prime Mortgage LLC 4 7.19% $9,861
    ZILLOW HOME LOANS, LLC 4 6.03% $10,531
    North State Bank 3 6.92% $7,127
    LAKEVIEW LOAN SERVICING, LLC 3 6.21% $7,734
    DELMAR FINANCIAL COMPANY 3 6.71% $11,997
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.63% $17,326
    PENNYMAC LOAN SERVICES, LLC 3 6.00% $8,255
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 7.04% $8,996
    AMERISAVE MORTGAGE CORPORATION 3 6.46% $12,838
    AmeriHome Mortgage Company, LLC 3 6.63% $6,623
    MILEND, INC. 3 6.75% $11,747
    AMERICAN FINANCIAL RESOURCES, INC. 3 6.29% $14,959
    Prosperity Home Mortgage, LLC 2 6.88% $9,289
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 5.75% $19,275
    CMG MORTGAGE, INC. 2 7.00% $11,737
    JPMorgan Chase Bank 2 6.88% $9,653
    Loan Simple, Inc. 2 7.00% $15,771
    Nations Lending Corporation 2 6.50% $12,152
    PLAZA HOME MORTGAGE, INC. 2 7.69% $6,289
    POLARIS HOME FUNDING CORP. 2 6.63% $15,373
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.75% $11,214
    Towne Mortgage of the Carolinas, LLC 2 6.44% $9,918
    UNION HOME MORTGAGE CORP. 2 6.25% $12,083
    United Community Bank 2 6.56% $10,938
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 5.25% $10,435
    First Heritage Mortgage, LLC 1 5.50% $9,107
    FIRST COMMUNITY MORTGAGE, INC. 1 5.75% $11,197
    Fifth Third Bank 1 6.13% $13,133
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $8,488
    EQUITY RESOURCES, INC. 1 7.49% $11,791
    Wells Fargo Bank 1 6.38% $10,909
    NBKC BANK 1 5.38% $14,149
    ENVOY MORTGAGE, LTD 1 6.88% $9,034
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.63% $10,227
    Northpointe Bank 1 7.38% $11,467
    C & F Mortgage Corporation 1 6.13% $8,428
    CAPITAL CENTER, L.L.C. 1 6.63% $6,781
    PANORAMA MORTGAGE GROUP, LLC 1 7.25% $9,022
    CALCON MUTUAL MORTGAGE LLC 1 6.50% $13,947
    Plains Commerce Bank 1 7.25% $12,532
    Advisors Mortgage Group, L.L.C. 1 6.13% $13,954
    ALLIED MORTGAGE GROUP, INC. 1 5.75% $7,677
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.63% $15,618
    AFFORDABLE MORTGAGE ADVISORS, LLC. 1 7.13% $10,012
    Blue Ridge Bank 1 5.75% $8,716
    ABSOLUTE HOME MORTGAGE CORPORATION 1 6.50% $8,379
    BAYSHORE MORTGAGE FUNDING, LLC 1 7.13% $6,769
    RUOFF MORTGAGE COMPANY, INC. 1 6.38% $3,126
    Barrington Bank & Trust Company, N.A. 1 6.49% $14,473
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.99% $3,795
    South State Bank 1 6.50% $9,280
    SUN WEST MORTGAGE COMPANY, INC. 1 6.00% $14,403
    American Mortgage & Equity Consultants, Inc. 1 6.99% $10,631
    Texana Bank 1 7.25% $19,023
    The Central Trust Bank 1 6.75% $12,142
    The Federal Savings Bank 1 6.00% $19,649
    The Loan Store, Inc. 1 6.00% $18,157
    THE MORTGAGE LINK, INC. 1 6.25% $12,519
    TJC Mortgage, Inc. 1 5.25% $14,780
    TOP FLITE FINANCIAL, INC. 1 6.99% $7,626
    TOWNE MORTGAGE COMPANY 1 6.63% $8,708
    JET HOMELOANS, LLC 1 6.75% $12,787
    VERITAS FUNDING, LLC 1 6.75% $23,310
    JAMS-01, INC. 1 6.25% $8,530
    Integrity Home Mortgage Corp 1 6.50% $9,115
    LANGLEY 1 6.63% $6,290
    HOMESPIRE MORTGAGE CORPORATION 1 7.00% $5,991
    HOMESIDE FINANCIAL, LLC 1 6.13% $14,964
    AMERICAN FINANCING CORPORATION 1 5.99% $14,728
    MID AMERICA MORTGAGE, INC. 1 7.25% $5,538

    The top Rocky Mount FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 45 FHA loans originated. Their average total fees are $9,006, which is $2,946 lower than the next largest lender, ATLANTIC BAY MORTGAGE GROUP, L.L.C..

    The lowest fee Rocky Mount FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($7,398), VELOCIO MORTGAGE L.L.C. ($7,720), QUICKEN LOANS, LLC ($9,006), MOVEMENT MORTGAGE, LLC ($9,132) and FBC MORTGAGE, LLC ($9,588).

    The lowest rate Rocky Mount FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (4.52%), VELOCIO MORTGAGE L.L.C. (4.84%), FBC MORTGAGE, LLC (5.72%), LOANDEPOT.COM, LLC (5.94%) and NVR Mortgage Finance, Inc. (6.16%).

    Rocky Mount FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ROCKY MOUNT, NC EDGECOMBE 2022 $420,680 $538,650 $651,050 $809,150
    ROCKY MOUNT, NC NASH 2022 $420,680 $538,650 $651,050 $809,150
    ROCKY MOUNT, NC EDGECOMBE 2023 $472,030 $604,400 $730,525 $907,900
    ROCKY MOUNT, NC NASH 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Rocky Mount (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 $133,490 (11.3%) $170,429 (11.0%) 0.49 520
    2018-02-01 $132,500 (20.6%) $170,486 (-7.3%) 0.48 494
    2018-03-01 $135,000 (22.8%) $174,645 (8.0%) 0.47 482
    2018-04-01 $141,000 (22.7%) $178,086 (6.6%) 0.48 489
    2018-05-01 $133,948 (16.6%) $171,498 (1.9%) 0.45 528
    2018-06-01 $135,200 (14.2%) $170,730 (6.8%) 0.45 525
    2018-07-01 $135,900 (13.3%) $172,533 (9.4%) 0.45 499
    2018-08-01 $144,245 (16.4%) $178,849 (13.9%) 0.48 489
    2018-09-01 $144,695 (16.2%) $177,598 (13.2%) 0.49 474
    2018-10-01 $142,035 (10.4%) $174,595 (7.2%) 0.48 457
    2018-11-01 $135,500 (4.1%) $169,930 (1.5%) 0.46 449
    2018-12-01 $138,900 (4.6%) $172,172 (2.0%) 0.48 418
    2019-01-01 $134,150 (0.5%) $171,425 (0.6%) 0.46 423
    2019-02-01 $134,900 (1.8%) $170,280 (-0.1%) 0.46 432
    2019-03-01 $133,681 (-1.0%) $173,101 (-0.9%) 0.44 430
    2019-04-01 $132,201 (-6.2%) $178,029 (0.0%) 0.42 428
    2019-05-01 $134,945 (0.7%) $182,204 (6.2%) 0.42 425
    2019-06-01 $134,900 (-0.2%) $190,301 (11.5%) 0.42 397
    2019-07-01 $135,470 (-0.3%) $195,998 (13.6%) 0.42 391
    2019-08-01 $135,336 (-6.2%) $191,891 (7.3%) 0.43 393
    2019-09-01 $134,416 (-7.1%) $185,613 (4.5%) 0.43 396
    2019-10-01 $131,800 (-7.2%) $177,256 (1.5%) 0.43 395
    2019-11-01 $134,900 (-0.4%) $177,940 (4.7%) 0.44 382
    2019-12-01 $149,700 (7.8%) $185,567 (7.8%) 0.50 325
    2020-01-01 $148,195 (10.5%) $185,271 (8.1%) 0.50 317
    2020-02-01 $149,900 (11.1%) $190,738 (12.0%) 0.49 314
    2020-03-01 $156,900 (17.4%) $198,001 (14.4%) 0.49 305
    2020-04-01 $150,000 (13.5%) $197,357 (10.9%) 0.47 297
    2020-05-01 $151,950 (12.6%) $198,607 (9.0%) 0.46 269
    2020-06-01 $160,000 (18.6%) $206,900 (8.7%) 0.47 216
    2020-07-01 $160,000 (18.1%) $217,464 (11.0%) 0.46 191
    2020-08-01 $164,000 (21.2%) $212,454 (10.7%) 0.47 170
    2020-09-01 $165,499 (23.1%) $216,864 (16.8%) 0.47 151
    2020-10-01 $199,900 (51.7%) $229,874 (29.7%) 0.57 172
    2020-11-01 $201,200 (49.2%) $222,917 (25.3%) 0.59 170
    2020-12-01 $204,800 (36.8%) $229,744 (23.8%) 0.61 176
    2021-01-01 $199,000 (34.3%) $227,323 (22.7%) 0.59 164
    2021-02-01 $194,650 (29.9%) $231,039 (21.1%) 0.57 139
    2021-03-01 $200,625 (27.9%) $238,601 (20.5%) 0.57 124
    2021-04-01 $216,850 (44.6%) $249,544 (26.4%) 0.59 116
    2021-05-01 $222,000 (46.1%) $255,646 (28.7%) 0.59 112
    2021-06-01 $219,850 (37.4%) $251,471 (21.5%) 0.58 144
    2021-07-01 $202,450 (26.5%) $239,356 (10.1%) 0.53 167
    2021-08-01 $202,995 (23.8%) $252,582 (18.9%) 0.54 201
    2021-09-01 $199,650 (20.6%) $252,590 (16.5%) 0.53 210
    2021-10-01 $210,000 (5.1%) $263,081 (14.5%) 0.56 187
    2021-11-01 $201,875 (0.3%) $249,540 (11.9%) 0.54 209
    2021-12-01 $211,895 (3.5%) $254,355 (10.7%) 0.57 186
    2022-01-01 $223,820 (12.5%) $263,442 (15.9%) 0.61 152
    2022-02-01 $218,199 (12.1%) $246,400 (6.7%) 0.57 110
    2022-03-01 $219,500 (9.4%) $249,149 (4.4%) 0.55 91
    2022-04-01 $220,320 (1.6%) $245,558 (-1.6%) 0.53 107
    2022-05-01 $232,450 (4.7%) $258,887 (1.3%) 0.53 147
    2022-06-01 $249,900 (13.7%) $277,494 (10.4%) 0.56 155
    2022-07-01 $250,000 (23.5%) $280,839 (17.3%) 0.56 196
    2022-08-01 $273,650 (34.8%) $286,569 (13.5%) 0.63 237
    2022-09-01 $284,030 (42.3%) $294,249 (16.5%) 0.66 249
    2022-10-01 $277,450 (32.1%) $292,338 (11.1%) 0.65 293
    2022-11-01 $277,424 (37.4%) $291,938 (17.0%) 0.67 318
    2022-12-01 $269,900 (27.4%) $294,643 (15.8%) 0.67 301
    2023-01-01 $276,623 (23.6%) $302,689 (14.9%) 0.69 271
    2023-02-01 $277,995 (27.4%) $300,548 (22.0%) 0.67 264
    2023-03-01 $289,900 (32.1%) $309,526 (24.2%) 0.68 250
    2023-04-01 $294,900 (33.9%) $310,232 (26.3%) 0.69 237
    2023-05-01 $299,945 (29.0%) $307,871 (18.9%) 0.68 219
    2023-06-01 $306,593 (22.7%) $322,344 (16.2%) 0.69 245
    2023-07-01 $300,000 (20.0%) $305,681 (8.9%) 0.68 236
    2023-08-01 $300,245 (9.7%) $308,724 (7.7%) 0.69 231
    2023-09-01 $299,990 (5.6%) $310,757 (5.6%) 0.70 245
    2023-10-01 $299,970 (8.1%) $298,958 (2.3%) 0.71 260
    2023-11-01 $287,250 (3.5%) $292,455 (0.2%) 0.68 287
    2023-12-01 $291,150 (7.9%) $291,023 (-1.2%) 0.71 312
    2024-01-01 $287,288 (3.9%) $288,791 (-4.6%) 0.70 299
    2024-02-01 $279,498 (0.5%) $287,359 (-4.4%) 0.67 305
    2024-03-01 $277,400 (-4.3%) $286,618 (-7.4%) 0.65 306
    2024-04-01 $302,850 (2.7%) $298,499 (-3.8%) 0.70 296
    2024-05-01 $292,995 (-2.3%) $297,589 (-3.3%) 0.67 319
    2024-06-01 $299,450 (-2.3%) $301,796 (-6.4%) 0.68 351
    2024-07-01 $284,950 (-5.0%) $297,337 (-2.7%) 0.65 345
    2024-08-01 $279,995 (-6.7%) $295,260 (-4.4%) 0.65 368
    2024-09-01 $289,900 (-3.4%) $298,068 (-4.1%) 0.68 370
    2024-10-01 $295,500 (-1.5%) $303,699 (1.6%) 0.70 381
    2024-11-01 $285,380 (-0.7%) $304,845 (4.2%) 0.69 409
    2024-12-01 $282,748 (-2.9%) $295,691 (1.6%) 0.70 412
    2025-01-01 $284,990 (-0.8%) $296,740 (2.8%) 0.71 396
    2025-02-01 $290,723 (4.0%) $302,373 (5.2%) 0.71 405
    2025-03-01 $280,000 (0.9%) $306,969 (7.1%) 0.00 429
    Rocky Mount's median listing price for 2025-03-01 was $280,000, a difference of $2,600 (0.9%) versus the prior year and $-10,723 versus the prior month.

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

    Rocky Mount's average listing price for 2025-03-01 was $306,969, a difference of $20,351 (7.1%) versus the prior year and $4,596 versus the prior month.

    For the 2025-03-01 period, Rocky Mount had 429 MLS listings, a difference of 24 listings (6%) versus the prior month and 123 listings (40%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Rocky Mount (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 109 days 1,768 sqft
    2018-02-01 101 days 1,737 sqft
    2018-03-01 99 days 1,778 sqft
    2018-04-01 76 days 1,859 sqft
    2018-05-01 62 days 1,716 sqft
    2018-06-01 67 days 1,740 sqft
    2018-07-01 74 days 1,728 sqft
    2018-08-01 88 days 1,800 sqft
    2018-09-01 88 days 1,786 sqft
    2018-10-01 95 days 1,767 sqft
    2018-11-01 93 days 1,761 sqft
    2018-12-01 100 days 1,765 sqft
    2019-01-01 94 days 1,754 sqft
    2019-02-01 77 days 1,730 sqft
    2019-03-01 75 days 1,706 sqft
    2019-04-01 78 days 1,686 sqft
    2019-05-01 80 days 1,695 sqft
    2019-06-01 84 days 1,698 sqft
    2019-07-01 90 days 1,700 sqft
    2019-08-01 84 days 1,681 sqft
    2019-09-01 79 days 1,652 sqft
    2019-10-01 76 days 1,632 sqft
    2019-11-01 85 days 1,658 sqft
    2019-12-01 85 days 1,750 sqft
    2020-01-01 96 days 1,700 sqft
    2020-02-01 84 days 1,819 sqft
    2020-03-01 64 days 1,864 sqft
    2020-04-01 67 days 1,846 sqft
    2020-05-01 75 days 1,770 sqft
    2020-06-01 86 days 1,875 sqft
    2020-07-01 73 days 1,889 sqft
    2020-08-01 64 days 1,772 sqft
    2020-09-01 53 days 1,806 sqft
    2020-10-01 42 days 1,777 sqft
    2020-11-01 51 days 1,834 sqft
    2020-12-01 64 days 1,790 sqft
    2021-01-01 64 days 1,795 sqft
    2021-02-01 47 days 1,866 sqft
    2021-03-01 46 days 1,810 sqft
    2021-04-01 40 days 1,922 sqft
    2021-05-01 43 days 1,928 sqft
    2021-06-01 35 days 1,985 sqft
    2021-07-01 41 days 1,892 sqft
    2021-08-01 40 days 1,823 sqft
    2021-09-01 43 days 1,771 sqft
    2021-10-01 44 days 1,809 sqft
    2021-11-01 44 days 1,742 sqft
    2021-12-01 49 days 1,755 sqft
    2022-01-01 56 days 1,776 sqft
    2022-02-01 66 days 1,651 sqft
    2022-03-01 42 days 1,692 sqft
    2022-04-01 33 days 1,690 sqft
    2022-05-01 31 days 1,710 sqft
    2022-06-01 34 days 1,678 sqft
    2022-07-01 39 days 1,698 sqft
    2022-08-01 44 days 1,735 sqft
    2022-09-01 52 days 1,860 sqft
    2022-10-01 54 days 1,894 sqft
    2022-11-01 56 days 1,861 sqft
    2022-12-01 70 days 1,824 sqft
    2023-01-01 86 days 1,873 sqft
    2023-02-01 82 days 1,880 sqft
    2023-03-01 67 days 1,927 sqft
    2023-04-01 59 days 1,902 sqft
    2023-05-01 51 days 1,948 sqft
    2023-06-01 49 days 1,899 sqft
    2023-07-01 52 days 1,863 sqft
    2023-08-01 52 days 1,852 sqft
    2023-09-01 46 days 1,899 sqft
    2023-10-01 53 days 1,840 sqft
    2023-11-01 48 days 1,807 sqft
    2023-12-01 51 days 1,810 sqft
    2024-01-01 62 days 1,799 sqft
    2024-02-01 64 days 1,741 sqft
    2024-03-01 56 days 1,773 sqft
    2024-04-01 55 days 1,732 sqft
    2024-05-01 52 days 1,691 sqft
    2024-06-01 52 days 1,711 sqft
    2024-07-01 58 days 1,704 sqft
    2024-08-01 65 days 1,709 sqft
    2024-09-01 66 days 1,760 sqft
    2024-10-01 64 days 1,800 sqft
    2024-11-01 64 days 1,761 sqft
    2024-12-01 67 days 1,707 sqft
    2025-01-01 80 days 1,712 sqft
    2025-02-01 77 days 1,753 sqft
    2025-03-01 0 days 1,719 sqft
    Rocky Mount'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.

    Rocky Mount's median square footage for active listings during the 2025-03-01 period was 1,719 sqft. One year prior, the average listing was 1,773 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).