Salisbury FHA Loan Rates, Closing Costs & Stats

SALISBURY, MD-DE

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.

Salisbury's 143 lenders originated 1,451 FHA loans during 2022. The total origination value was $365,685,000, with an average FHA loan value of $252,023.

Salisbury FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Salisbury averaged 6.05% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

Salisbury's average FHA mortgage closing costs are $8,157.

The average rate for the prior week (2023-05-19) was 6.03% and one month ago for the week of 2023-04-21, the average rate was 5.87%.

The average rate one year ago was 4.69%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.04%.

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

Salisbury 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 Salisbury level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 114 4.49% $10,305
TIDEWATER MORTGAGE SERVICES, INC. 69 5.02% $12,191
Meridian Bank Corporation 65 4.96% $11,611
MCLEAN MORTGAGE CORPORATION 54 4.87% $8,367
Mortgage Network, Inc. 46 4.80% $9,001
DHI MORTGAGE COMPANY, LTD. 44 4.02% $9,697
MOVEMENT MORTGAGE, LLC 44 5.10% $9,494
LOANDEPOT.COM, LLC 41 4.81% $9,609
CALIBER HOME LOANS, INC. 38 5.04% $11,426
PENNYMAC LOAN SERVICES, LLC 31 4.11% $10,865
NVR Mortgage Finance, Inc. 31 4.11% $13,706
EMBRACE HOME LOANS, INC. 30 4.94% $11,077
NFM, INC. 29 5.16% $11,979
GUARANTEED RATE AFFINITY, LLC 29 4.90% $10,181
First Home Bank 28 4.78% $11,538
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 26 5.31% $12,354
Evolve Bank & Trust 24 5.18% $12,795
Prosperity Home Mortgage, LLC 22 5.17% $11,640
Nations Lending Corporation 22 5.27% $10,042
UNITED WHOLESALE MORTGAGE, LLC 22 4.98% $12,292
Waterstone Mortgage Corporation 20 5.34% $11,795
M&T Bank 20 5.13% $9,058
CARDINAL FINANCIAL 19 4.91% $11,614
PIKE CREEK MORTGAGE SERVICES, INC. 18 5.64% $11,394
BROKER SOLUTIONS, INC. 18 5.53% $11,254
FREEDOM MORTGAGE CORPORATION 18 4.64% $10,772
AMERISAVE MORTGAGE CORPORATION 17 4.57% $10,582
EAGLE HOME MORTGAGE, LLC 17 5.41% $11,820
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 15 5.65% $11,831
PRIMELENDING, A PLAINSCAPITAL COMPANY 15 5.79% $8,904
FIRST HOME MORTGAGE CORPORATION 15 4.70% $13,321
HOMESIDE FINANCIAL, LLC 14 5.33% $11,762
Northpointe Bank 13 4.98% $10,911
STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED 12 4.13% $3,629
NEWREZ LLC 11 4.39% $8,634
CROSSCOUNTRY MORTGAGE, LLC 11 5.07% $11,934
Carrington Mortgage Services, LLC 11 5.31% $14,766
LAKEVIEW LOAN SERVICING, LLC 11 4.06% $6,985
PNC Bank 10 4.41% $6,652
HOME POINT FINANCIAL CORPORATION 8 5.12% $11,196
PRIMARY RESIDENTIAL MORTGAGE, INC. 7 5.13% $10,341
NORWICH COMMERCIAL GROUP, INC. 6 5.75% $9,980
Wells Fargo Bank 6 3.60% $6,613
ALLIED MORTGAGE GROUP, INC. 6 3.96% $13,625
DIRECT MORTGAGE LOANS, LLC 6 5.19% $14,121
Sierra Pacific Mortgage Company, Inc. 6 3.88% $9,379
GUILD MORTGAGE COMPANY 6 4.96% $11,417
Mr. Cooper ( Nationstar Mortgage ) 5 4.10% $15,408
CMG MORTGAGE, INC. 5 5.30% $10,930
Towne Bank 5 4.83% $8,452
First Guaranty Mortgage Corporation 5 4.28% $9,060
US MORTGAGE CORPORATION 4 5.06% $13,533
Financial Freedom Mortgage, LLC 4 5.44% $10,392
EVERETT FINANCIAL, INC. 4 4.63% $7,307
Equity Prime Mortgage LLC 4 5.31% $10,383
Wilmington Savings Fund Society, FSB 4 4.34% $10,261
American Mortgage & Equity Consultants, Inc. 4 6.16% $10,274
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 4.88% $12,584
BAYSHORE MORTGAGE FUNDING, LLC 4 5.63% $13,330
MICHIGAN MUTUAL, INC. 4 5.15% $11,481
AmRes Corporation 4 3.84% $10,126
AMERICAN FINANCING CORPORATION 3 4.88% $9,717
ABSOLUTE HOME MORTGAGE CORPORATION 3 5.67% $9,151
Ixonia Bank 3 7.00% $11,946
ZILLOW HOME LOANS, LLC 3 5.42% $11,569
Presidential Bank, FSB 3 4.83% $11,079
AMERICAN FINANCIAL RESOURCES, INC. 3 3.96% $11,320
VILLAGE CAPITAL MORTGAGE 3 4.00% $5,731
FIDELITY DIRECT MORTGAGE, LLC 3 4.96% $11,301
RELIANCE FIRST CAPITAL, LLC 3 5.46% $10,976
NATIONWIDE MORTGAGE BANKERS, INC. 3 6.21% $15,736
Mortgage Research Center, LLC 3 5.50% $5,635
ACADEMY MORTGAGE CORPORATION 3 4.42% $11,123
GSF Mortgage Corporation 2 5.13% $12,058
1ST PREFERENCE MORTGAGE CORP. 2 4.25% $10,084
Ameris Bank 2 5.56% $7,285
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 5.75% $6,322
Bank of England 2 4.00% $9,961
Capital Bank 2 5.94% $14,204
Century Mortgage Company DBA Century Lending Company 2 3.94% $15,720
Citizens Bank 2 3.75% $6,441
EMM LOANS LLC 2 5.50% $12,778
FINANCE OF AMERICA MORTGAGE LLC 2 5.88% $14,141
GENEVA FINANCIAL, LLC 2 5.56% $13,431
GUARANTEED RATE, INC. 2 4.38% $8,601
Huntingdon Valley Bank 2 5.25% $12,186
LOANPAL, LLC 2 6.18% $13,534
MUTUAL OF OMAHA MORTGAGE, INC. 2 4.25% $11,288
NETWORK CAPITAL FUNDING CORPORATION 2 5.06% $15,025
North American Savings Bank, F.S.B. 2 5.63% $6,148
OCMBC, INC. 2 4.63% $10,859
ON Q FINANCIAL, INC. 2 7.00% $11,696
Paramount Residential Mortgage Group, Inc. 2 5.75% $17,132
PLANET HOME LENDING, LLC 2 3.56% $8,697
PLAZA HOME MORTGAGE, INC. 2 6.38% $10,598
Residential Mortgage Solutions, Inc. 2 6.19% $9,919
SOUTHPOINT FINANCIAL SERVICES, INC. 2 4.13% $12,954
SUMMIT FUNDING, INC. 2 5.00% $11,351
The Federal Savings Bank 2 4.25% $13,740
THE MORTGAGE LINK, INC. 2 4.25% $9,006
Truist 2 5.48% $12,069
UNIVERSAL MORTGAGE & FINANCE, INC. 2 5.63% $10,039
BAY EQUITY LLC 1 7.13% $13,674
VAN DYK MORTGAGE CORPORATION 1 5.63% $7,352
LENDING 3, INC. 1 6.50% $10,414
Lakeview Community Capital, LLC 1 5.75% $6,657
KELLER MORTGAGE, LLC 1 4.13% $8,144
HARTFORD FUNDING, LTD. 1 5.50% $10,356
1ST FINANCIAL, INC. 1 4.25% $9,947
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.50% $7,944
Flagstar Bank, FSB 1 4.63% $16,457
RESIDENTIAL HOME FUNDING CORP. 1 4.63% $6,590
BAY CAPITAL MORTGAGE CORPORATION 1 4.25% $11,599
First Savings Bank 1 4.25% $20,223
SOUTHERN TRUST MORTGAGE, LLC 1 4.13% $18,735
Bank of America 1 4.00% $11,645
SOVEREIGN LENDING GROUP INCORPORATED 1 4.25% $11,399
First Heritage Mortgage, LLC 1 5.25% $8,172
STOCKTON MORTGAGE CORPORATION 1 3.50% $9,741
APEX HOME LOANS, INC. 1 4.38% $13,694
SUN WEST MORTGAGE COMPANY, INC. 1 4.63% $3,217
SWBC MORTGAGE CORPORATION 1 3.75% $8,085
T2 FINANCIAL LLC 1 4.75% $19,597
TD Bank 1 3.50% $4,746
WesBanco Bank, Inc. 1 6.13% $9,782
The Huntington National Bank 1 5.88% $7,167
AmeriHome Mortgage Company, LLC 1 4.63% $12,757
FIRST HERITAGE FINANCIAL, LLC 1 4.38% $11,754
CHURCHILL MORTGAGE CORPORATION 1 5.75% $13,036
Wyndham Capital Mortgage, Inc. 1 6.25% $5,835
NEXERA HOLDING LLC 1 6.00% $9,348
NEW DAY FINANCIAL, LLC 1 5.75% $6,028
UNION HOME MORTGAGE CORP. 1 3.50% $11,619
NATIONWIDE EQUITIES CORPORATION 1 6.13% $10,271
NATIONS DIRECT MORTGAGE, LLC 1 4.63% $12,077
Mid Penn Bank 1 3.25% $7,233
UNITED MORTGAGE CORP. 1 4.50% $10,156
Blue Ridge Bank 1 3.25% $12,208
AMERICAN PACIFIC MORTGAGE CORPORATION 1 4.75% $9,917
Magnolia Bank 1 3.63% $9,227
PENTAGON FEDERAL CREDIT UNION 1 6.63% $5,903
LOANLEADERS OF AMERICA, INC. 1 4.75% $10,743
Plains Commerce Bank 1 4.25% $11,761

The top Salisbury FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 114 FHA loans originated. Their average total fees are $10,305, which is $1,887 lower than the next largest lender, TIDEWATER MORTGAGE SERVICES, INC..

The lowest fee Salisbury FHA lenders (with over 10 loans originated) are STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED ($3,629), PNC Bank ($6,652), LAKEVIEW LOAN SERVICING, LLC ($6,985), MCLEAN MORTGAGE CORPORATION ($8,367) and NEWREZ LLC ($8,634).

The lowest rate Salisbury FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (4.02%), LAKEVIEW LOAN SERVICING, LLC (4.06%), NVR Mortgage Finance, Inc. (4.11%), PENNYMAC LOAN SERVICES, LLC (4.11%) and STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED (4.13%).

Salisbury FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
SALISBURY, MD-DE SUSSEX 2022 $420,680 $538,650 $651,050 $809,150
SALISBURY, MD-DE SOMERSET 2022 $420,680 $538,650 $651,050 $809,150
SALISBURY, MD-DE WICOMICO 2022 $420,680 $538,650 $651,050 $809,150
SALISBURY, MD-DE WORCESTER 2022 $420,680 $538,650 $651,050 $809,150
SALISBURY, MD-DE SUSSEX 2023 $472,030 $604,400 $730,525 $907,900
SALISBURY, MD-DE SOMERSET 2023 $472,030 $604,400 $730,525 $907,900
SALISBURY, MD-DE WICOMICO 2023 $472,030 $604,400 $730,525 $907,900
SALISBURY, MD-DE WORCESTER 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Salisbury (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 $299,900 (2.7%) $398,367 (3.1%) 1.11 3,932
2018-02-01 $302,450 (2.1%) $400,528 (3.0%) 1.10 4,033
2018-03-01 $305,000 (1.7%) $399,568 (1.5%) 1.07 4,114
2018-04-01 $313,900 (4.7%) $408,972 (3.3%) 1.06 4,240
2018-05-01 $314,950 (5.0%) $414,187 (3.7%) 1.05 4,351
2018-06-01 $315,000 (3.5%) $412,790 (1.8%) 1.05 4,385
2018-07-01 $318,500 (3.8%) $420,570 (3.8%) 1.06 4,255
2018-08-01 $319,000 (2.9%) $421,832 (3.3%) 1.07 4,256
2018-09-01 $318,000 (2.6%) $423,225 (3.7%) 1.07 4,322
2018-10-01 $319,990 (4.0%) $428,235 (4.8%) 1.08 4,305
2018-11-01 $319,945 (4.9%) $429,268 (5.9%) 1.08 4,206
2018-12-01 $319,000 (6.4%) $418,898 (5.3%) 1.10 4,023
2019-01-01 $311,975 (4.0%) $411,295 (3.3%) 1.08 3,849
2019-02-01 $317,450 (5.0%) $420,094 (4.9%) 1.07 3,992
2019-03-01 $322,833 (5.9%) $428,725 (7.3%) 1.08 4,085
2019-04-01 $326,550 (4.0%) $442,940 (8.3%) 1.04 4,188
2019-05-01 $332,447 (5.6%) $447,301 (8.0%) 1.04 4,196
2019-06-01 $335,000 (6.4%) $446,625 (8.2%) 1.05 4,208
2019-07-01 $335,950 (5.5%) $447,802 (6.5%) 1.05 4,054
2019-08-01 $339,000 (6.3%) $452,284 (7.2%) 1.06 4,019
2019-09-01 $339,450 (6.8%) $458,410 (8.3%) 1.07 3,763
2019-10-01 $334,950 (4.7%) $448,357 (4.7%) 1.08 3,855
2019-11-01 $332,995 (4.1%) $447,569 (4.3%) 1.09 3,700
2019-12-01 $329,900 (3.4%) $439,774 (5.0%) 1.10 3,462
2020-01-01 $329,900 (5.8%) $439,308 (6.8%) 1.10 3,326
2020-02-01 $330,200 (4.0%) $446,776 (6.4%) 1.08 3,362
2020-03-01 $339,100 (5.0%) $452,153 (5.5%) 1.06 3,389
2020-04-01 $338,125 (3.5%) $447,343 (1.0%) 1.06 3,405
2020-05-01 $339,990 (2.3%) $453,168 (1.3%) 1.03 3,290
2020-06-01 $347,738 (3.8%) $466,216 (4.4%) 1.02 2,889
2020-07-01 $349,450 (4.0%) $478,846 (6.9%) 1.01 2,516
2020-08-01 $354,900 (4.7%) $495,805 (9.6%) 1.02 2,231
2020-09-01 $355,948 (4.9%) $502,776 (9.7%) 1.02 2,043
2020-10-01 $356,990 (6.6%) $513,515 (14.5%) 1.02 1,890
2020-11-01 $357,391 (7.3%) $515,829 (15.3%) 1.05 1,747
2020-12-01 $358,475 (8.7%) $513,464 (16.8%) 1.07 1,620
2021-01-01 $359,658 (9.0%) $514,872 (17.2%) 1.07 1,447
2021-02-01 $366,495 (11.0%) $524,290 (17.4%) 1.07 1,251
2021-03-01 $380,750 (12.3%) $533,148 (17.9%) 1.08 1,206
2021-04-01 $390,145 (15.4%) $556,118 (24.3%) 1.06 1,167
2021-05-01 $399,900 (17.6%) $563,051 (24.3%) 1.06 1,118
2021-06-01 $410,450 (18.0%) $564,754 (21.1%) 1.08 1,238
2021-07-01 $419,900 (20.2%) $555,173 (15.9%) 1.11 1,326
2021-08-01 $424,950 (19.7%) $560,936 (13.1%) 1.13 1,286
2021-09-01 $424,248 (19.2%) $557,719 (10.9%) 1.13 1,313
2021-10-01 $438,500 (22.8%) $568,664 (10.7%) 1.17 1,331
2021-11-01 $440,675 (23.3%) $569,292 (10.4%) 1.18 1,249
2021-12-01 $446,950 (24.7%) $571,648 (11.3%) 1.21 1,092
2022-01-01 $458,000 (27.3%) $594,297 (15.4%) 1.24 941
2022-02-01 $488,198 (33.2%) $613,920 (17.1%) 1.27 951
2022-03-01 $489,450 (28.6%) $606,265 (13.7%) 1.23 1,042
2022-04-01 $499,999 (28.2%) $643,442 (15.7%) 1.19 1,070
2022-05-01 $499,947 (25.0%) $655,634 (16.4%) 1.14 1,193
2022-06-01 $499,968 (21.8%) $638,111 (13.0%) 1.11 1,324
2022-07-01 $509,000 (21.2%) $662,323 (19.3%) 1.15 1,464
2022-08-01 $499,945 (17.7%) $661,206 (17.9%) 1.15 1,498
2022-09-01 $499,950 (17.8%) $661,514 (18.6%) 1.17 1,553
2022-10-01 $505,000 (15.2%) $654,045 (15.0%) 1.19 1,647
2022-11-01 $499,990 (13.5%) $649,427 (14.1%) 1.20 1,644
2022-12-01 $494,990 (10.8%) $632,703 (10.7%) 1.22 1,530
2023-01-01 $497,400 (8.6%) $639,294 (7.6%) 1.23 1,393
2023-02-01 $505,995 (3.7%) $653,434 (6.4%) 1.22 1,363
2023-03-01 $502,757 (2.7%) $653,568 (7.8%) 1.18 1,390
2023-04-01 $529,080 (5.8%) $676,019 (5.1%) 1.23 1,393
Salisbury's median listing price for 2023-04-01 was $529,080, a difference of $29,081 (5.8%) versus the prior year and $26,323 versus the prior month.

Salisbury's median listing price comes in at 123% of the national average.

Salisbury's average listing price for 2023-04-01 was $676,019, a difference of $32,577 (5.1%) versus the prior year and $22,451 versus the prior month.

For the 2023-04-01 period, Salisbury had 1,393 MLS listings, a difference of 3 listings (0%) versus the prior month and 323 listings (30%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Salisbury (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 135 days 1,798 sqft
2018-02-01 131 days 1,800 sqft
2018-03-01 119 days 1,798 sqft
2018-04-01 97 days 1,800 sqft
2018-05-01 95 days 1,822 sqft
2018-06-01 99 days 1,820 sqft
2018-07-01 105 days 1,851 sqft
2018-08-01 109 days 1,851 sqft
2018-09-01 110 days 1,840 sqft
2018-10-01 108 days 1,840 sqft
2018-11-01 108 days 1,831 sqft
2018-12-01 120 days 1,817 sqft
2019-01-01 129 days 1,800 sqft
2019-02-01 130 days 1,792 sqft
2019-03-01 121 days 1,800 sqft
2019-04-01 89 days 1,849 sqft
2019-05-01 91 days 1,865 sqft
2019-06-01 95 days 1,860 sqft
2019-07-01 100 days 1,870 sqft
2019-08-01 109 days 1,900 sqft
2019-09-01 115 days 1,904 sqft
2019-10-01 104 days 1,880 sqft
2019-11-01 102 days 1,866 sqft
2019-12-01 115 days 1,856 sqft
2020-01-01 121 days 1,854 sqft
2020-02-01 114 days 1,861 sqft
2020-03-01 98 days 1,870 sqft
2020-04-01 92 days 1,873 sqft
2020-05-01 105 days 1,892 sqft
2020-06-01 113 days 1,926 sqft
2020-07-01 112 days 1,952 sqft
2020-08-01 80 days 1,949 sqft
2020-09-01 68 days 1,913 sqft
2020-10-01 68 days 1,900 sqft
2020-11-01 72 days 1,879 sqft
2020-12-01 81 days 1,853 sqft
2021-01-01 95 days 1,845 sqft
2021-02-01 91 days 1,848 sqft
2021-03-01 76 days 1,861 sqft
2021-04-01 64 days 1,857 sqft
2021-05-01 57 days 1,897 sqft
2021-06-01 47 days 1,915 sqft
2021-07-01 45 days 1,917 sqft
2021-08-01 52 days 1,888 sqft
2021-09-01 54 days 1,865 sqft
2021-10-01 54 days 1,883 sqft
2021-11-01 54 days 1,873 sqft
2021-12-01 68 days 1,877 sqft
2022-01-01 86 days 1,894 sqft
2022-02-01 73 days 1,958 sqft
2022-03-01 45 days 1,960 sqft
2022-04-01 47 days 1,971 sqft
2022-05-01 49 days 2,000 sqft
2022-06-01 45 days 2,007 sqft
2022-07-01 51 days 2,016 sqft
2022-08-01 57 days 2,024 sqft
2022-09-01 60 days 2,038 sqft
2022-10-01 63 days 2,049 sqft
2022-11-01 64 days 2,012 sqft
2022-12-01 81 days 2,000 sqft
2023-01-01 99 days 1,993 sqft
2023-02-01 101 days 2,017 sqft
2023-03-01 66 days 2,006 sqft
2023-04-01 65 days 2,023 sqft
Salisbury's median listing age (time on market) for 2023-04-01 was 65 days. This is 38% longer than the same period one year ago.

Salisbury's median square footage for active listings during the 2023-04-01 period was 2,023 sqft. One year prior, the average listing was 1,971 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).