Salem FHA Loan Rates, Closing Costs & Stats

SALEM, OR

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Salem's 119 lenders originated 1,165 FHA loans during 2023. The total origination value was $420,665,000, with an average FHA loan value of $361,086.

    Salem FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Salem averaged 6.88% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Salem's average FHA mortgage closing costs are $10,302.

    The average rate for the prior week (2024-04-12) was 6.57% and one month ago for the week of 2024-03-15, the average rate was 6.44%.

    The average rate one year ago was 6.37%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.17%.

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

    Salem 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 Salem level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 137 6.05% $16,294
    QUICKEN LOANS, LLC 84 6.21% $14,791
    GUILD MORTGAGE COMPANY 63 6.60% $16,103
    DHI MORTGAGE COMPANY, LTD. 46 5.58% $11,459
    NEWREZ LLC 31 6.38% $14,367
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 28 6.40% $13,292
    CROSSCOUNTRY MORTGAGE, LLC 28 6.73% $16,103
    NATIONS DIRECT MORTGAGE, LLC 26 6.38% $14,382
    PACIFIC RESIDENTIAL MORTGAGE, LLC 26 6.62% $17,541
    PENNYMAC LOAN SERVICES, LLC 25 5.99% $15,837
    LPMC, LLC 24 6.56% $14,056
    CHURCHILL MORTGAGE CORPORATION 23 6.56% $14,766
    MANN FINANCIAL INC. 23 6.65% $16,460
    MORTGAGE EXPRESS, LLC 22 6.61% $14,705
    S1L, Inc. 22 6.59% $16,712
    LOANDEPOT.COM, LLC 21 6.19% $16,591
    PLAZA HOME MORTGAGE, INC. 21 5.93% $19,105
    AMERICAN PACIFIC MORTGAGE CORPORATION 20 6.70% $15,178
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 15 6.74% $16,170
    GUARANTEED RATE, INC. 14 6.59% $15,961
    DIRECTORS MORTGAGE, INC. 14 6.87% $17,863
    SUMMIT FUNDING, INC. 14 6.25% $21,652
    BROKER SOLUTIONS, INC. 13 6.62% $15,331
    PANORAMA MORTGAGE GROUP, LLC 11 6.98% $19,224
    ACADEMY MORTGAGE CORPORATION 11 6.66% $17,061
    CALIBER HOME LOANS, INC. 11 6.11% $14,531
    AMERICAN FINANCIAL NETWORK, INC. 11 6.64% $19,199
    Willamette Valley Bank 11 6.59% $17,035
    EAGLE HOME MORTGAGE, LLC 10 6.21% $15,104
    FREEDOM MORTGAGE CORPORATION 9 6.92% $18,805
    Century Mortgage Company DBA Century Lending Company 9 6.08% $14,728
    KeyBank 8 5.92% $14,540
    Sierra Pacific Mortgage Company, Inc. 8 6.14% $16,565
    CMG MORTGAGE, INC. 8 6.91% $15,300
    CARDINAL FINANCIAL 8 6.09% $16,087
    MOVEMENT MORTGAGE, LLC 7 6.64% $15,924
    Equity Prime Mortgage LLC 7 6.41% $18,840
    DAS Acquisition Company, LLC 6 6.75% $16,704
    BAY EQUITY LLC 6 6.17% $17,086
    Flagstar Bank, FSB 6 6.94% $14,694
    GENEVA FINANCIAL, LLC 6 6.63% $20,960
    OnPoint Community Credit Union 6 6.81% $12,117
    SUCCESS MORTGAGE PARTNERS, INC. 6 6.56% $15,873
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.43% $14,777
    Umpqua Bank 5 6.25% $18,377
    SUN WEST MORTGAGE COMPANY, INC. 5 6.30% $14,153
    Loan Simple, Inc. 5 7.13% $19,896
    AMERISAVE MORTGAGE CORPORATION 5 5.95% $16,229
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 6.25% $14,845
    MORTGAGE SOLUTIONS OF COLORADO, LLC 5 7.13% $13,397
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.65% $18,320
    Nations Lending Corporation 4 6.44% $15,931
    UNION HOME MORTGAGE CORP. 4 6.78% $15,218
    MASON MCDUFFIE MORTGAGE CORPORATION 4 6.50% $14,142
    HomeStreet Bank 4 6.19% $13,775
    Mr. Cooper ( Nationstar Mortgage ) 4 6.22% $25,429
    V.I.P. MORTGAGE, INC. 4 7.19% $14,842
    American Mortgage & Equity Consultants, Inc. 3 6.71% $15,659
    PLANET HOME LENDING, LLC 3 5.63% $15,177
    Paramount Residential Mortgage Group, Inc. 3 6.96% $13,667
    iCore Lending, Inc. 3 6.38% $19,744
    Bank of England 3 6.67% $15,005
    Bank of the Pacific 3 6.21% $13,814
    OCMBC, INC. 3 7.42% $17,157
    U.S. Bank 3 6.42% $14,016
    VERITAS FUNDING, LLC 3 6.88% $23,694
    LADERA LENDING, INC. 3 6.38% $15,786
    ENVOY MORTGAGE, LTD 3 6.83% $11,040
    Carrington Mortgage Services, LLC 3 6.38% $14,140
    Franklin Loan Corporation 3 6.63% $18,195
    AMERICAN FINANCING CORPORATION 3 6.00% $19,478
    CALCON MUTUAL MORTGAGE LLC 2 7.38% $22,229
    LEADERONE FINANCIAL CORPORATION 2 7.06% $14,364
    LOANPAL, LLC 2 5.44% $22,145
    Mortgage Research Center, LLC 2 6.44% $8,613
    MOUNTAIN WEST FINANCIAL, INC. 2 6.19% $10,945
    CANOPY MORTGAGE, LLC 2 6.88% $17,339
    NBKC BANK 2 6.38% $10,135
    AMCAP MORTGAGE, LTD. 2 7.13% $22,060
    ON Q FINANCIAL, INC. 2 6.19% $16,262
    PHH Mortgage Corporation 2 6.31% $14,206
    Plains Commerce Bank 2 5.50% $12,814
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 6.13% $14,426
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.81% $22,295
    Prosperity Home Mortgage, LLC 2 6.37% $18,919
    RANLIFE, INC. 2 5.94% $19,529
    AmeriHome Mortgage Company, LLC 2 6.31% $11,067
    TOWNE MORTGAGE COMPANY 2 5.31% $22,979
    VILLAGE CAPITAL MORTGAGE 2 6.32% $9,884
    MLD MORTGAGE INC. 1 7.13% $14,015
    Ameris Bank 1 5.38% $16,602
    PREMIA MORTGAGE, LLC 1 6.25% $9,418
    JPMorgan Chase Bank 1 7.49% $5,269
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 7.25% $17,777
    PRIORITY HOME LENDING, LLC 1 6.00% $16,638
    Hometown Equity Mortgage, LLC 1 5.75% $15,653
    MID AMERICA MORTGAGE, INC. 1 5.75% $13,224
    Waterstone Mortgage Corporation 1 5.63% $15,545
    Florida Capital Bank 1 6.13% $19,327
    SECURITYNATIONAL MORTGAGE COMPANY 1 6.50% $7,848
    CHERRY CREEK MORTGAGE, LLC 1 6.13% $7,485
    ZILLOW HOME LOANS, LLC 1 6.00% $13,590
    Commerce Home Mortgage, Inc. 1 5.63% $20,517
    CORNERSTONE HOME LENDING, INC. 1 6.63% $14,876
    The Federal Savings Bank 1 6.63% $13,933
    The Loan Store, Inc. 1 5.99% $20,938
    EMBRACE HOME LOANS, INC. 1 6.38% $10,357
    TruHome Solutions, LLC 1 6.38% $17,439
    NFM, INC. 1 6.13% $14,755
    BMO Harris Bank 1 6.50% $11,959
    LIBERTY HOME MORTGAGE CORPORATION 1 7.00% $21,659
    Keystone Funding, Inc. 1 6.25% $16,703
    NEW DAY FINANCIAL, LLC 1 7.99% $13,918
    NETWORK CAPITAL FUNDING CORPORATION 1 6.75% $14,658
    Wells Fargo Bank 1 6.00% $4,434
    MYCUMORTGAGE, LLC 1 6.63% $12,157
    PENTAGON FEDERAL CREDIT UNION 1 5.50% $11,945
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $20,501
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 7.25% $20,891

    The top Salem FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 137 FHA loans originated. Their average total fees are $16,294, which is $1,504 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Salem FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($11,459), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($13,292), LPMC, LLC ($14,056), NEWREZ LLC ($14,367) and NATIONS DIRECT MORTGAGE, LLC ($14,382).

    The lowest rate Salem FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.58%), PLAZA HOME MORTGAGE, INC. (5.93%), PENNYMAC LOAN SERVICES, LLC (5.99%), UNITED WHOLESALE MORTGAGE, LLC (6.05%) and CALIBER HOME LOANS, INC. (6.11%).

    Salem FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SALEM, OR MARION 2022 $420,680 $538,650 $651,050 $809,150
    SALEM, OR POLK 2022 $420,680 $538,650 $651,050 $809,150
    SALEM, OR MARION 2023 $483,000 $618,300 $747,400 $928,850
    SALEM, OR POLK 2023 $483,000 $618,300 $747,400 $928,850

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Salem (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 $377,425 (36.6%) $492,987 (35.6%) 1.40 714
    2018-02-01 $377,450 (34.3%) $486,422 (32.0%) 1.37 712
    2018-03-01 $374,900 (32.3%) $478,838 (28.6%) 1.32 740
    2018-04-01 $384,175 (30.2%) $499,384 (29.3%) 1.30 763
    2018-05-01 $389,450 (31.1%) $496,079 (28.1%) 1.30 857
    2018-06-01 $385,900 (29.8%) $488,871 (29.3%) 1.29 924
    2018-07-01 $394,700 (12.2%) $487,251 (10.3%) 1.32 978
    2018-08-01 $375,450 (5.3%) $461,644 (2.0%) 1.26 1,168
    2018-09-01 $369,900 (5.7%) $450,427 (0.4%) 1.24 1,235
    2018-10-01 $367,450 (0.0%) $448,628 (-2.8%) 1.24 1,236
    2018-11-01 $362,200 (-2.1%) $438,794 (-6.5%) 1.23 1,223
    2018-12-01 $364,900 (-3.1%) $443,344 (-9.0%) 1.26 1,130
    2019-01-01 $367,450 (-2.6%) $440,820 (-10.6%) 1.27 1,065
    2019-02-01 $362,450 (-4.0%) $423,227 (-13.0%) 1.22 1,025
    2019-03-01 $364,371 (-2.8%) $423,621 (-11.5%) 1.19 1,035
    2019-04-01 $365,000 (-5.0%) $425,952 (-14.7%) 1.16 1,063
    2019-05-01 $365,175 (-6.2%) $429,796 (-13.4%) 1.14 1,141
    2019-06-01 $365,000 (-5.4%) $428,623 (-12.3%) 1.14 1,253
    2019-07-01 $369,900 (-6.3%) $429,676 (-11.8%) 1.16 1,317
    2019-08-01 $373,609 (-0.5%) $434,708 (-5.8%) 1.18 1,299
    2019-09-01 $371,523 (0.4%) $443,484 (-1.5%) 1.19 1,288
    2019-10-01 $372,682 (1.4%) $453,796 (1.2%) 1.20 1,253
    2019-11-01 $380,450 (5.0%) $462,231 (5.3%) 1.25 1,126
    2019-12-01 $380,000 (4.1%) $467,497 (5.5%) 1.27 978
    2020-01-01 $387,475 (5.5%) $474,112 (7.6%) 1.29 852
    2020-02-01 $389,900 (7.6%) $480,831 (13.6%) 1.28 794
    2020-03-01 $404,975 (11.1%) $501,706 (18.4%) 1.27 770
    2020-04-01 $399,450 (9.4%) $481,605 (13.1%) 1.25 833
    2020-05-01 $414,900 (13.6%) $503,742 (17.2%) 1.26 767
    2020-06-01 $423,925 (16.1%) $516,805 (20.6%) 1.25 668
    2020-07-01 $429,450 (16.1%) $532,956 (24.0%) 1.24 632
    2020-08-01 $425,000 (13.8%) $540,325 (24.3%) 1.22 578
    2020-09-01 $438,075 (17.9%) $553,802 (24.9%) 1.26 496
    2020-10-01 $419,999 (12.7%) $542,943 (19.6%) 1.20 498
    2020-11-01 $429,900 (13.0%) $559,831 (21.1%) 1.26 418
    2020-12-01 $424,500 (11.7%) $568,387 (21.6%) 1.26 344
    2021-01-01 $444,500 (14.7%) $608,697 (28.4%) 1.33 294
    2021-02-01 $449,300 (15.2%) $597,622 (24.3%) 1.31 255
    2021-03-01 $427,400 (5.5%) $569,909 (13.6%) 1.21 275
    2021-04-01 $433,625 (8.6%) $597,237 (24.0%) 1.17 299
    2021-05-01 $450,000 (8.5%) $572,892 (13.7%) 1.20 355
    2021-06-01 $462,218 (9.0%) $591,684 (14.5%) 1.22 418
    2021-07-01 $449,950 (4.8%) $597,008 (12.0%) 1.19 509
    2021-08-01 $462,104 (8.7%) $596,846 (10.5%) 1.23 573
    2021-09-01 $463,500 (5.8%) $619,073 (11.8%) 1.24 625
    2021-10-01 $450,000 (7.1%) $621,742 (14.5%) 1.20 622
    2021-11-01 $454,475 (5.7%) $633,856 (13.2%) 1.21 530
    2021-12-01 $482,975 (13.8%) $663,040 (16.7%) 1.31 438
    2022-01-01 $496,475 (11.7%) $730,178 (20.0%) 1.34 345
    2022-02-01 $499,000 (11.1%) $765,098 (28.0%) 1.30 326
    2022-03-01 $509,950 (19.3%) $744,159 (30.6%) 1.28 348
    2022-04-01 $506,630 (16.8%) $686,111 (14.9%) 1.21 414
    2022-05-01 $509,998 (13.3%) $660,496 (15.3%) 1.17 503
    2022-06-01 $504,945 (9.2%) $645,544 (9.1%) 1.12 619
    2022-07-01 $499,900 (11.1%) $617,545 (3.4%) 1.13 815
    2022-08-01 $499,000 (8.0%) $607,389 (1.8%) 1.15 897
    2022-09-01 $497,000 (7.2%) $604,679 (-2.3%) 1.16 935
    2022-10-01 $489,225 (8.7%) $567,286 (-8.8%) 1.15 975
    2022-11-01 $484,945 (6.7%) $570,383 (-10.0%) 1.17 954
    2022-12-01 $489,000 (1.3%) $589,835 (-11.0%) 1.21 838
    2023-01-01 $491,998 (-0.9%) $589,971 (-19.2%) 1.22 727
    2023-02-01 $497,000 (-0.4%) $596,657 (-22.0%) 1.20 646
    2023-03-01 $500,724 (-1.8%) $614,653 (-17.4%) 1.18 642
    2023-04-01 $506,140 (-0.1%) $627,086 (-8.6%) 1.18 604
    2023-05-01 $507,450 (-0.5%) $633,381 (-4.1%) 1.15 639
    2023-06-01 $503,868 (-0.2%) $621,945 (-3.7%) 1.13 748
    2023-07-01 $525,000 (5.0%) $631,180 (2.2%) 1.19 819
    2023-08-01 $517,474 (3.7%) $632,566 (4.2%) 1.19 864
    2023-09-01 $495,000 (-0.4%) $610,032 (0.9%) 1.15 881
    2023-10-01 $489,450 (0.1%) $606,533 (6.9%) 1.15 905
    2023-11-01 $481,450 (-0.7%) $603,261 (5.8%) 1.15 875
    2023-12-01 $475,000 (-2.9%) $599,052 (1.6%) 1.16 809
    2024-01-01 $481,995 (-2.0%) $611,083 (3.6%) 1.18 728
    2024-02-01 $489,220 (-1.6%) $614,220 (2.9%) 1.18 684
    2024-03-01 $499,000 (-0.3%) $625,846 (1.8%) 1.17 712
    Salem's median listing price for 2024-03-01 was $499,000, a difference of $-1,724 (-0.3%) versus the prior year and $9,780 versus the prior month.

    Salem's median listing price comes in at 117% of the national average.

    Salem's average listing price for 2024-03-01 was $625,846, a difference of $11,193 (1.8%) versus the prior year and $11,626 versus the prior month.

    For the 2024-03-01 period, Salem had 712 MLS listings, a difference of 28 listings (4%) versus the prior month and 70 listings (11%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Salem (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 69 days 2,099 sqft
    2018-02-01 53 days 2,058 sqft
    2018-03-01 38 days 2,032 sqft
    2018-04-01 39 days 2,037 sqft
    2018-05-01 31 days 2,070 sqft
    2018-06-01 33 days 2,030 sqft
    2018-07-01 41 days 2,079 sqft
    2018-08-01 36 days 2,031 sqft
    2018-09-01 43 days 1,994 sqft
    2018-10-01 55 days 1,996 sqft
    2018-11-01 56 days 1,968 sqft
    2018-12-01 66 days 1,971 sqft
    2019-01-01 73 days 1,949 sqft
    2019-02-01 55 days 1,932 sqft
    2019-03-01 48 days 1,956 sqft
    2019-04-01 45 days 1,951 sqft
    2019-05-01 41 days 1,928 sqft
    2019-06-01 37 days 1,950 sqft
    2019-07-01 40 days 1,955 sqft
    2019-08-01 45 days 1,990 sqft
    2019-09-01 50 days 1,999 sqft
    2019-10-01 52 days 2,018 sqft
    2019-11-01 57 days 2,027 sqft
    2019-12-01 68 days 2,005 sqft
    2020-01-01 75 days 1,993 sqft
    2020-02-01 67 days 1,995 sqft
    2020-03-01 45 days 2,023 sqft
    2020-04-01 46 days 1,989 sqft
    2020-05-01 52 days 2,076 sqft
    2020-06-01 45 days 2,144 sqft
    2020-07-01 35 days 2,157 sqft
    2020-08-01 33 days 2,053 sqft
    2020-09-01 37 days 2,097 sqft
    2020-10-01 38 days 2,017 sqft
    2020-11-01 55 days 2,029 sqft
    2020-12-01 57 days 1,989 sqft
    2021-01-01 37 days 2,084 sqft
    2021-02-01 30 days 1,956 sqft
    2021-03-01 19 days 1,873 sqft
    2021-04-01 19 days 1,868 sqft
    2021-05-01 15 days 1,880 sqft
    2021-06-01 18 days 1,944 sqft
    2021-07-01 22 days 1,933 sqft
    2021-08-01 24 days 1,938 sqft
    2021-09-01 28 days 1,907 sqft
    2021-10-01 31 days 1,851 sqft
    2021-11-01 37 days 1,872 sqft
    2021-12-01 44 days 1,932 sqft
    2022-01-01 52 days 1,952 sqft
    2022-02-01 28 days 1,896 sqft
    2022-03-01 27 days 1,908 sqft
    2022-04-01 22 days 1,864 sqft
    2022-05-01 25 days 1,912 sqft
    2022-06-01 23 days 1,897 sqft
    2022-07-01 29 days 1,855 sqft
    2022-08-01 36 days 1,901 sqft
    2022-09-01 46 days 1,899 sqft
    2022-10-01 48 days 1,842 sqft
    2022-11-01 55 days 1,812 sqft
    2022-12-01 71 days 1,848 sqft
    2023-01-01 83 days 1,846 sqft
    2023-02-01 84 days 1,863 sqft
    2023-03-01 56 days 1,890 sqft
    2023-04-01 50 days 1,851 sqft
    2023-05-01 34 days 1,871 sqft
    2023-06-01 33 days 1,805 sqft
    2023-07-01 40 days 1,865 sqft
    2023-08-01 45 days 1,865 sqft
    2023-09-01 51 days 1,824 sqft
    2023-10-01 55 days 1,815 sqft
    2023-11-01 58 days 1,790 sqft
    2023-12-01 71 days 1,781 sqft
    2024-01-01 79 days 1,733 sqft
    2024-02-01 73 days 1,746 sqft
    2024-03-01 50 days 1,815 sqft
    Salem's median listing age (time on market) for 2024-03-01 was 50 days. This is -10% shorter than the same period one year ago.

    Salem's median square footage for active listings during the 2024-03-01 period was 1,815 sqft. One year prior, the average listing was 1,890 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).