Salt Lake City FHA Loan Rates, Closing Costs & Stats

SALT LAKE CITY, UT

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.

Salt Lake City's 124 lenders originated 3,501 FHA loans during 2023. The total origination value was $1,412,645,000, with an average FHA loan value of $403,498.

Salt Lake City FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Salt Lake City averaged 6.8% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

Salt Lake City's average FHA mortgage closing costs are $10,717.

The average rate for the prior week (2024-05-10) was 6.64% and one month ago for the week of 2024-04-12, the average rate was 6.41%.

The average rate one year ago was 6.06%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.97%.

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

Salt Lake City 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 Salt Lake City level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 569 6.12% $15,701
SECURITYNATIONAL MORTGAGE COMPANY 255 6.73% $18,931
QUICKEN LOANS, LLC 187 6.12% $16,097
DHI MORTGAGE COMPANY, LTD. 172 6.00% $10,383
INTERCAP LENDING INC. 138 6.38% $16,906
FIRST COLONY MORTGAGE CORPORATION 117 6.32% $19,595
VERITAS FUNDING, LLC 79 6.62% $18,100
RANLIFE, INC. 78 6.34% $17,437
Plains Commerce Bank 70 6.47% $18,027
CARDINAL FINANCIAL 69 6.42% $15,292
PACIFIC RESIDENTIAL MORTGAGE, LLC 66 7.06% $18,359
Paramount Residential Mortgage Group, Inc. 64 6.95% $17,254
CROSSCOUNTRY MORTGAGE, LLC 59 6.60% $18,203
CITYWIDE HOME LOANS, LLC 58 6.14% $14,906
NEWREZ LLC 57 6.21% $14,776
Century Mortgage Company DBA Century Lending Company 56 6.36% $14,908
MY MOVE MORTGAGE, LLC 56 6.10% $17,665
ACADEMY MORTGAGE CORPORATION 50 6.44% $20,025
SECURITY HOME MORTGAGE, LLC. 45 6.32% $16,710
DIRECT MORTGAGE, CORP. 43 6.31% $17,725
BROKER SOLUTIONS, INC. 41 6.44% $17,488
PENNYMAC LOAN SERVICES, LLC 37 6.06% $15,621
LOANDEPOT.COM, LLC 28 6.50% $16,073
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 25 6.71% $15,707
Network Funding, L.P. 25 6.49% $17,714
HOMEAMERICAN MORTGAGE CORPORATION 23 5.40% $10,004
CANOPY MORTGAGE, LLC 20 6.08% $21,726
ARK-LA-TEX FINANCIAL SERVICES, LLC. 19 6.78% $16,146
AMERICAN PACIFIC MORTGAGE CORPORATION 17 6.67% $16,264
CASTLE & COOKE MORTGAGE, LLC 16 6.50% $17,460
Bank of Utah 16 6.52% $12,866
Equity Prime Mortgage LLC 13 7.15% $19,758
FREEDOM MORTGAGE CORPORATION 13 6.80% $16,939
GUARANTEED RATE, INC. 13 6.31% $15,766
MOUNTAIN AMERICA 12 6.43% $12,692
AMERICA FIRST 12 6.67% $14,150
GUILD MORTGAGE COMPANY 12 5.91% $13,770
The Loan Store, Inc. 12 7.01% $13,887
PLAZA HOME MORTGAGE, INC. 11 6.76% $13,079
NATIONS RELIABLE LENDING, LLC 11 6.02% $15,746
AMERICAN FINANCIAL NETWORK, INC. 11 6.84% $17,524
CYPRUS Federal Credit Union 10 6.50% $13,014
Mr. Cooper ( Nationstar Mortgage ) 10 5.94% $18,316
LAKEVIEW LOAN SERVICING, LLC 9 6.08% $15,139
Carrington Mortgage Services, LLC 9 6.29% $16,232
PANORAMA MORTGAGE GROUP, LLC 9 6.86% $15,945
AMERISAVE MORTGAGE CORPORATION 9 5.64% $20,476
American Mortgage & Equity Consultants, Inc. 9 6.49% $17,165
LOANPAL, LLC 9 5.80% $19,182
S1L, Inc. 8 5.83% $19,930
CLM MORTGAGE, INC 8 6.09% $14,189
GUARANTEED RATE AFFINITY, LLC 8 6.29% $19,306
OCMBC, INC. 7 6.88% $18,462
ON Q FINANCIAL, INC. 7 7.02% $12,518
Sierra Pacific Mortgage Company, Inc. 7 6.18% $17,791
PRIMELENDING, A PLAINSCAPITAL COMPANY 7 6.61% $15,437
SUN WEST MORTGAGE COMPANY, INC. 6 6.29% $14,947
PRIMARY RESIDENTIAL MORTGAGE, INC. 6 6.94% $17,286
Northpointe Bank 5 6.05% $13,814
AXIA FINANCIAL, LLC 5 6.70% $16,098
KeyBank 5 5.65% $19,946
VAN DYK MORTGAGE CORPORATION 5 6.68% $9,775
Flagstar Bank, FSB 5 7.02% $13,865
BAY EQUITY LLC 4 6.13% $15,398
GENEVA FINANCIAL, LLC 4 6.66% $20,645
SUMMIT FUNDING, INC. 4 6.22% $24,873
UNION HOME MORTGAGE CORP. 4 6.63% $17,431
Utah Mortgage Loan Corporation 4 6.19% $10,427
VILLAGE CAPITAL MORTGAGE 4 6.03% $11,026
Hometown Equity Mortgage, LLC 3 7.00% $15,916
FLAT BRANCH MORTGAGE, INC. 3 6.67% $13,842
The Federal Savings Bank 3 6.00% $17,447
MUTUAL OF OMAHA MORTGAGE, INC. 3 6.58% $14,670
Cornerstone First Mortgage, Inc 2 6.38% $20,020
MASON MCDUFFIE MORTGAGE CORPORATION 2 7.56% $23,692
Waterstone Mortgage Corporation 2 5.38% $22,041
AmeriHome Mortgage Company, LLC 2 6.00% $20,254
CALCON MUTUAL MORTGAGE LLC 2 6.31% $21,278
PHH Mortgage Corporation 2 5.75% $18,865
AMERICAN FINANCING CORPORATION 2 5.63% $16,033
LADERA LENDING, INC. 2 6.13% $17,952
Mortgage Research Center, LLC 2 7.06% $8,151
LAND HOME FINANCIAL SERVICES, INC. 2 7.25% $26,978
PLANET HOME LENDING, LLC 2 6.06% $9,258
Barrington Bank & Trust Company, N.A. 2 6.00% $10,001
SOVEREIGN LENDING GROUP INCORPORATED 2 5.50% $22,273
AMERICAN FINANCIAL RESOURCES, INC. 2 6.44% $16,982
SUN AMERICAN MORTGAGE COMPANY 2 5.75% $13,221
CUSTOMER SERVICE MORTGAGE CORPORATION 1 6.00% $11,552
CONTOUR MORTGAGE CORPORATION 1 7.00% $21,412
CMG MORTGAGE, INC. 1 5.75% $15,014
Citizens Bank 1 6.75% $12,926
CHURCHILL MORTGAGE CORPORATION 1 6.63% $16,395
BELEM SERVICING LLC 1 7.50% $17,120
BAY-VALLEY MORTGAGE GROUP 1 7.63% $14,726
SIRVA MORTGAGE, INC. 1 5.25% $17,123
Bank of England 1 6.25% $9,756
SWBC MORTGAGE CORPORATION 1 7.00% $6,307
Ameris Bank 1 7.13% $13,888
TJC Mortgage, Inc. 1 7.25% $14,463
U.S. Bank 1 7.13% $9,050
UTAH COMMUNITY 1 7.25% $15,080
Watermark Capital, Inc. 1 6.88% $11,635
KINECTA 1 6.00% $9,583
JMJ FINANCIAL GROUP 1 6.63% $6,175
J. VIRGIL, INC. 1 6.13% $9,077
Magnolia Bank 1 6.00% $22,766
JMAC LENDING, INC. 1 7.63% $12,166
M&T Bank 1 6.75% $10,277
HOMESIDE FINANCIAL, LLC 1 7.75% $12,973
Nations Lending Corporation 1 5.63% $7,968
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.25% $24,156
NBKC BANK 1 5.63% $14,959
NEST HOME LENDING, LLC 1 4.99% $34,033
GRANITE FEDERAL CREDIT UNION 1 7.88% $3,887
GOLDENWEST 1 5.75% $16,734
NFM, INC. 1 6.13% $16,770
GARDNER FINANCIAL SERVICES, LTD. 1 7.13% $11,849
First Savings Bank 1 5.25% $31,438
EVERETT FINANCIAL, INC. 1 5.63% $28,398
EMBRACE HOME LOANS, INC. 1 5.99% $15,462
Eagle Bank and Trust Company 1 5.50% $17,902
D. L. Evans Bank 1 5.25% $20,700
PENTAGON FEDERAL CREDIT UNION 1 5.75% $7,537

The top Salt Lake City FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 569 FHA loans originated. Their average total fees are $15,701, which is $3,231 lower than the next largest lender, SECURITYNATIONAL MORTGAGE COMPANY.

The lowest fee Salt Lake City FHA lenders (with over 10 loans originated) are HOMEAMERICAN MORTGAGE CORPORATION ($10,004), DHI MORTGAGE COMPANY, LTD. ($10,383), MOUNTAIN AMERICA ($12,692), Bank of Utah ($12,866) and CYPRUS Federal Credit Union ($13,014).

The lowest rate Salt Lake City FHA lenders (with over 10 loans originated) are HOMEAMERICAN MORTGAGE CORPORATION (5.40%), GUILD MORTGAGE COMPANY (5.91%), Mr. Cooper ( Nationstar Mortgage ) (5.94%), DHI MORTGAGE COMPANY, LTD. (6.00%) and NATIONS RELIABLE LENDING, LLC (6.02%).

Salt Lake City FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
SALT LAKE CITY, UT SALT LAKE 2022 $523,250 $669,850 $809,700 $1,006,250
SALT LAKE CITY, UT TOOELE 2022 $523,250 $669,850 $809,700 $1,006,250
SALT LAKE CITY, UT SALT LAKE 2023 $619,850 $793,500 $959,200 $1,192,050
SALT LAKE CITY, UT TOOELE 2023 $619,850 $793,500 $959,200 $1,192,050

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Salt Lake City (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 $386,972 (8.3%) $542,512 (2.6%) 1.43 2,090
2018-02-01 $390,000 (5.0%) $553,438 (1.3%) 1.42 1,909
2018-03-01 $402,960 (2.6%) $576,283 (1.3%) 1.41 1,859
2018-04-01 $417,475 (5.9%) $581,928 (1.6%) 1.42 2,037
2018-05-01 $424,036 (8.1%) $585,001 (4.4%) 1.42 2,228
2018-06-01 $421,460 (6.9%) $586,497 (5.7%) 1.41 2,484
2018-07-01 $422,898 (8.4%) $586,085 (9.0%) 1.41 2,630
2018-08-01 $405,931 (4.3%) $561,543 (7.8%) 1.36 2,989
2018-09-01 $405,000 (6.6%) $553,575 (9.5%) 1.36 3,136
2018-10-01 $399,448 (6.0%) $544,079 (8.8%) 1.35 3,336
2018-11-01 $399,000 (7.3%) $538,969 (8.9%) 1.35 3,219
2018-12-01 $399,000 (6.4%) $542,294 (7.0%) 1.38 2,868
2019-01-01 $399,900 (3.3%) $542,473 (0.0%) 1.38 2,588
2019-02-01 $409,751 (5.1%) $558,169 (0.9%) 1.38 2,413
2019-03-01 $425,671 (5.6%) $573,574 (-0.5%) 1.39 2,382
2019-04-01 $437,560 (4.8%) $577,091 (-0.8%) 1.39 2,439
2019-05-01 $442,495 (4.4%) $578,519 (-1.1%) 1.38 2,725
2019-06-01 $442,850 (5.1%) $576,611 (-1.7%) 1.38 2,927
2019-07-01 $437,450 (3.4%) $571,718 (-2.5%) 1.37 2,920
2019-08-01 $435,836 (7.4%) $569,754 (1.5%) 1.38 2,888
2019-09-01 $429,741 (6.1%) $563,830 (1.9%) 1.38 2,876
2019-10-01 $425,000 (6.4%) $564,531 (3.8%) 1.37 2,852
2019-11-01 $430,000 (7.8%) $585,308 (8.6%) 1.41 2,493
2019-12-01 $442,494 (10.9%) $607,272 (12.0%) 1.48 1,976
2020-01-01 $446,792 (11.7%) $626,861 (15.6%) 1.49 1,656
2020-02-01 $467,700 (14.1%) $662,875 (18.8%) 1.53 1,407
2020-03-01 $470,515 (10.5%) $659,329 (15.0%) 1.48 1,574
2020-04-01 $447,476 (2.3%) $600,840 (4.1%) 1.40 2,189
2020-05-01 $458,000 (3.5%) $606,769 (4.9%) 1.39 2,114
2020-06-01 $476,750 (7.7%) $643,885 (11.7%) 1.40 1,855
2020-07-01 $482,125 (10.2%) $670,221 (17.2%) 1.40 1,629
2020-08-01 $479,999 (10.1%) $689,916 (21.1%) 1.38 1,570
2020-09-01 $473,700 (10.2%) $691,861 (22.7%) 1.36 1,486
2020-10-01 $479,950 (12.9%) $710,384 (25.8%) 1.38 1,381
2020-11-01 $499,775 (16.2%) $763,765 (30.5%) 1.46 1,128
2020-12-01 $538,032 (21.6%) $830,051 (36.7%) 1.60 857
2021-01-01 $585,000 (30.9%) $902,952 (44.0%) 1.75 622
2021-02-01 $580,879 (24.2%) $866,304 (30.7%) 1.69 525
2021-03-01 $528,630 (12.4%) $825,159 (25.2%) 1.50 623
2021-04-01 $549,850 (22.9%) $823,945 (37.1%) 1.49 652
2021-05-01 $570,000 (24.5%) $775,676 (27.8%) 1.51 715
2021-06-01 $566,950 (18.9%) $759,297 (17.9%) 1.49 898
2021-07-01 $559,079 (16.0%) $761,462 (13.6%) 1.48 1,105
2021-08-01 $563,248 (17.3%) $744,339 (7.9%) 1.50 1,272
2021-09-01 $542,450 (14.5%) $723,946 (4.6%) 1.45 1,389
2021-10-01 $539,900 (12.5%) $726,706 (2.3%) 1.44 1,339
2021-11-01 $552,400 (10.5%) $739,404 (-3.2%) 1.48 1,065
2021-12-01 $563,970 (4.8%) $742,234 (-10.6%) 1.53 686
2022-01-01 $565,000 (-3.4%) $732,575 (-18.9%) 1.53 489
2022-02-01 $555,000 (-4.5%) $749,522 (-13.5%) 1.44 472
2022-03-01 $582,500 (10.2%) $770,132 (-6.7%) 1.46 572
2022-04-01 $624,950 (13.7%) $764,430 (-7.2%) 1.49 764
2022-05-01 $637,500 (11.8%) $784,861 (1.2%) 1.46 1,329
2022-06-01 $632,450 (11.6%) $782,387 (3.0%) 1.41 1,854
2022-07-01 $615,000 (10.0%) $753,832 (-1.0%) 1.39 2,544
2022-08-01 $598,450 (6.3%) $738,042 (-0.9%) 1.38 2,668
2022-09-01 $580,250 (7.0%) $735,074 (1.5%) 1.36 2,715
2022-10-01 $574,900 (6.5%) $719,675 (-1.0%) 1.35 2,918
2022-11-01 $550,000 (-0.4%) $715,491 (-3.2%) 1.32 2,779
2022-12-01 $549,945 (-2.5%) $716,621 (-3.5%) 1.36 2,289
2023-01-01 $559,125 (-1.0%) $729,539 (-0.4%) 1.39 1,947
2023-02-01 $569,950 (2.7%) $746,243 (-0.4%) 1.38 1,633
2023-03-01 $589,975 (1.3%) $751,748 (-2.4%) 1.39 1,546
2023-04-01 $609,481 (-2.5%) $792,254 (3.6%) 1.42 1,498
2023-05-01 $635,000 (-0.4%) $815,095 (3.9%) 1.44 1,682
2023-06-01 $625,233 (-1.1%) $808,679 (3.4%) 1.41 1,925
2023-07-01 $629,000 (2.3%) $813,345 (7.9%) 1.43 2,055
2023-08-01 $605,000 (1.1%) $795,765 (7.8%) 1.39 2,203
2023-09-01 $599,000 (3.2%) $789,245 (7.4%) 1.39 2,429
2023-10-01 $589,075 (2.5%) $774,337 (7.6%) 1.39 2,561
2023-11-01 $579,475 (5.4%) $765,030 (6.9%) 1.38 2,447
2023-12-01 $574,900 (4.5%) $762,957 (6.5%) 1.40 2,223
2024-01-01 $572,425 (2.4%) $775,484 (6.3%) 1.40 1,862
2024-02-01 $569,000 (-0.2%) $771,147 (3.3%) 1.37 1,740
2024-03-01 $579,999 (-1.7%) $785,386 (4.5%) 1.37 1,717
2024-04-01 $598,500 (-1.8%) $799,762 (1.0%) 1.39 1,933
Salt Lake City's median listing price for 2024-04-01 was $598,500, a difference of $-10,981 (-1.8%) versus the prior year and $18,501 versus the prior month.

Salt Lake City's median listing price comes in at 139% of the national average.

Salt Lake City's average listing price for 2024-04-01 was $799,762, a difference of $7,508 (1.0%) versus the prior year and $14,376 versus the prior month.

For the 2024-04-01 period, Salt Lake City had 1,933 MLS listings, a difference of 216 listings (13%) versus the prior month and 435 listings (29%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Salt Lake City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 52 days 2,800 sqft
2018-02-01 41 days 2,856 sqft
2018-03-01 31 days 2,999 sqft
2018-04-01 29 days 2,995 sqft
2018-05-01 26 days 3,013 sqft
2018-06-01 29 days 2,988 sqft
2018-07-01 31 days 2,938 sqft
2018-08-01 30 days 2,782 sqft
2018-09-01 35 days 2,734 sqft
2018-10-01 36 days 2,650 sqft
2018-11-01 43 days 2,660 sqft
2018-12-01 52 days 2,700 sqft
2019-01-01 58 days 2,706 sqft
2019-02-01 50 days 2,791 sqft
2019-03-01 39 days 2,867 sqft
2019-04-01 33 days 2,942 sqft
2019-05-01 31 days 2,921 sqft
2019-06-01 33 days 2,896 sqft
2019-07-01 38 days 2,847 sqft
2019-08-01 39 days 2,791 sqft
2019-09-01 38 days 2,706 sqft
2019-10-01 39 days 2,664 sqft
2019-11-01 45 days 2,678 sqft
2019-12-01 58 days 2,724 sqft
2020-01-01 63 days 2,802 sqft
2020-02-01 39 days 2,940 sqft
2020-03-01 24 days 2,876 sqft
2020-04-01 28 days 2,697 sqft
2020-05-01 36 days 2,653 sqft
2020-06-01 36 days 2,652 sqft
2020-07-01 32 days 2,599 sqft
2020-08-01 29 days 2,516 sqft
2020-09-01 29 days 2,417 sqft
2020-10-01 28 days 2,394 sqft
2020-11-01 31 days 2,431 sqft
2020-12-01 36 days 2,571 sqft
2021-01-01 31 days 2,552 sqft
2021-02-01 13 days 2,557 sqft
2021-03-01 8 days 2,390 sqft
2021-04-01 8 days 2,346 sqft
2021-05-01 9 days 2,402 sqft
2021-06-01 11 days 2,432 sqft
2021-07-01 16 days 2,437 sqft
2021-08-01 19 days 2,457 sqft
2021-09-01 21 days 2,402 sqft
2021-10-01 24 days 2,402 sqft
2021-11-01 25 days 2,402 sqft
2021-12-01 35 days 2,475 sqft
2022-01-01 38 days 2,475 sqft
2022-02-01 25 days 2,344 sqft
2022-03-01 21 days 2,364 sqft
2022-04-01 19 days 2,402 sqft
2022-05-01 19 days 2,558 sqft
2022-06-01 24 days 2,524 sqft
2022-07-01 30 days 2,473 sqft
2022-08-01 37 days 2,412 sqft
2022-09-01 44 days 2,402 sqft
2022-10-01 46 days 2,394 sqft
2022-11-01 53 days 2,379 sqft
2022-12-01 67 days 2,396 sqft
2023-01-01 74 days 2,411 sqft
2023-02-01 62 days 2,463 sqft
2023-03-01 45 days 2,574 sqft
2023-04-01 41 days 2,674 sqft
2023-05-01 36 days 2,692 sqft
2023-06-01 36 days 2,661 sqft
2023-07-01 38 days 2,630 sqft
2023-08-01 42 days 2,517 sqft
2023-09-01 43 days 2,450 sqft
2023-10-01 46 days 2,417 sqft
2023-11-01 54 days 2,426 sqft
2023-12-01 63 days 2,405 sqft
2024-01-01 67 days 2,406 sqft
2024-02-01 54 days 2,370 sqft
2024-03-01 44 days 2,370 sqft
2024-04-01 38 days 2,416 sqft
Salt Lake City's median listing age (time on market) for 2024-04-01 was 38 days. This is -7% shorter than the same period one year ago.

Salt Lake City's median square footage for active listings during the 2024-04-01 period was 2,416 sqft. One year prior, the average listing was 2,674 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).