Spartanburg FHA Loan Rates, Closing Costs & Stats

SPARTANBURG, SC

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.

Spartanburg's 147 lenders originated 1,821 FHA loans during 2022. The total origination value was $441,745,000, with an average FHA loan value of $242,584.

Spartanburg FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Spartanburg averaged 6.22% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Spartanburg's average FHA mortgage closing costs are $7,134.

The average rate for the prior week (2024-02-23) was 6.31% and one month ago for the week of 2024-01-26, the average rate was 5.9%.

The average rate one year ago was 5.83%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.33%.

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

Spartanburg 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 Spartanburg level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 144 4.41% $9,197
DHI MORTGAGE COMPANY, LTD. 123 4.08% $8,553
MOVEMENT MORTGAGE, LLC 74 4.96% $9,269
LOANDEPOT.COM, LLC 65 4.74% $9,505
PRIMELENDING, A PLAINSCAPITAL COMPANY 64 5.35% $10,521
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 58 5.16% $8,312
ARK-LA-TEX FINANCIAL SERVICES, LLC. 52 5.03% $9,395
UNITED WHOLESALE MORTGAGE, LLC 50 5.02% $10,132
NVR Mortgage Finance, Inc. 47 4.30% $10,037
CARDINAL FINANCIAL 47 4.79% $11,685
INSPIRE HOME LOANS INC. 47 5.06% $9,090
BROKER SOLUTIONS, INC. 36 4.80% $9,751
GUILD MORTGAGE COMPANY 34 5.14% $11,282
FREEDOM MORTGAGE CORPORATION 33 4.68% $8,767
Mr. Cooper ( Nationstar Mortgage ) 32 4.64% $11,209
Carrington Mortgage Services, LLC 32 4.45% $9,434
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 32 5.12% $9,824
PENNYMAC LOAN SERVICES, LLC 32 4.50% $9,937
Sierra Pacific Mortgage Company, Inc. 32 4.56% $9,056
Renasant Bank 30 4.63% $12,250
CROSSCOUNTRY MORTGAGE, LLC 27 5.43% $9,810
ON Q FINANCIAL, INC. 24 5.71% $8,468
EAGLE HOME MORTGAGE, LLC 24 5.18% $12,848
Flagstar Bank, FSB 24 4.54% $8,788
VANDERBILT MORTGAGE AND FINANCE, INC. 21 4.18% $9,774
Paramount Residential Mortgage Group, Inc. 18 5.11% $10,210
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 17 5.11% $9,636
AMERISAVE MORTGAGE CORPORATION 17 4.67% $12,362
ACOPIA, LLC 17 5.31% $12,952
Nations Lending Corporation 16 5.65% $10,234
HOMEOWNERS FINANCIAL GROUP USA, LLC 15 4.53% $9,590
Network Funding, L.P. 15 4.83% $9,090
CALIBER HOME LOANS, INC. 15 4.33% $8,726
HOME POINT FINANCIAL CORPORATION 13 4.18% $8,191
APEX HOME LOANS, INC. 13 4.08% $11,183
LAKEVIEW LOAN SERVICING, LLC 13 4.19% $5,930
HOMESIDE FINANCIAL, LLC 13 5.58% $13,308
AMERICAN PACIFIC MORTGAGE CORPORATION 12 5.43% $12,526
Equity Prime Mortgage LLC 12 5.44% $10,284
NEWREZ LLC 11 4.56% $6,967
EVERETT FINANCIAL, INC. 11 6.02% $6,677
SUCCESS MORTGAGE PARTNERS, INC. 11 4.41% $9,433
Ameris Bank 9 5.07% $8,993
HOMESTAR FINANCIAL CORPORATION 9 4.53% $9,326
TOWNE MORTGAGE COMPANY 9 4.90% $10,417
Alcova Mortgage LLC 9 5.18% $8,906
SOUTHWEST FUNDING, LP 8 5.41% $9,644
PRIMARY RESIDENTIAL MORTGAGE, INC. 8 5.45% $11,346
First Heritage Mortgage, LLC 7 4.48% $9,308
Southern First Bank 7 5.02% $8,105
LOANPAL, LLC 7 5.11% $12,017
MUTUAL OF OMAHA MORTGAGE, INC. 7 4.52% $9,601
Lakeview Community Capital, LLC 7 3.80% $5,347
MIDLAND MORTGAGE CORPORATION 6 4.65% $5,484
CAPITAL CENTER, L.L.C. 6 3.40% $4,748
RELIANCE FIRST CAPITAL, LLC 6 5.77% $8,795
FINANCE OF AMERICA MORTGAGE LLC 6 5.14% $9,862
HOMEBRIDGE FINANCIAL SERVICES, INC. 5 6.35% $10,533
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 5 5.05% $11,675
First Federal Bank 5 4.68% $10,138
GUARANTEED RATE, INC. 5 4.90% $8,605
CONTOUR MORTGAGE CORPORATION 5 6.20% $11,747
LIBERTY HOME MORTGAGE CORPORATION 4 5.91% $10,739
CORNERSTONE HOME LENDING, INC. 4 3.94% $10,015
Countybank 4 5.06% $8,217
NFM, INC. 4 4.66% $11,381
OCMBC, INC. 4 6.13% $12,566
RAPID MORTGAGE COMPANY 4 4.91% $10,746
UNION HOME MORTGAGE CORP. 4 5.22% $11,089
MID AMERICA MORTGAGE, INC. 3 5.75% $4,304
Blue Ridge Bank 3 4.50% $9,833
POLARIS HOME FUNDING CORP. 3 5.25% $11,910
Mortgage Research Center, LLC 3 4.95% $4,646
Wells Fargo Bank 3 4.25% $2,680
Magnolia Bank 3 6.13% $9,238
CRESCENT MORTGAGE COMPANY 3 5.96% $7,979
RESOURCE FINANCIAL SERVICES, INC. 3 4.92% $6,274
Hometown Lenders, Inc. 3 4.46% $14,824
Bank of America 3 5.38% $4,300
INTERLINC MORTGAGE SERVICES, LLC 3 4.96% $10,760
First-Citizens Bank & Trust Company 3 4.17% $7,536
Truist 2 5.10% $5,929
ZILLOW HOME LOANS, LLC 2 5.63% $10,119
United Bank 2 4.81% $6,573
Princeton Mortgage Corporation 2 4.81% $9,728
Allen Tate Mortgage Partners, LLC 2 6.00% $11,205
VILLAGE CAPITAL MORTGAGE 2 3.56% $5,569
Regions Bank 2 5.19% $8,509
LADERA LENDING, INC. 2 6.19% $11,829
JPMorgan Chase Bank 2 6.31% $4,433
Century Mortgage Company DBA Century Lending Company 2 3.69% $11,674
Atlantic Coast Mortgage, LLC 2 6.63% $10,528
M&T Bank 2 4.81% $9,659
GoPrime Mortgage, Inc. 2 5.50% $8,069
SUN WEST MORTGAGE COMPANY, INC. 2 3.75% $10,482
CMG MORTGAGE, INC. 2 6.63% $7,792
Synovus Bank 2 5.88% $7,941
Mortgage Assurance Inc. 2 3.06% $11,011
PREMIER MORTGAGE RESOURCES, L.L.C. 2 4.12% $7,329
CERTAINTY HOME LOANS, LLC 2 4.44% $9,139
Barrington Bank & Trust Company, N.A. 2 4.33% $14,519
AmeriHome Mortgage Company, LLC 1 4.63% $10,028
Strong Home Mortgage, LLC 1 4.38% $7,393
AMERIFIRST FINANCIAL CORPORATION 1 5.13% $11,819
SWBC MORTGAGE CORPORATION 1 3.25% $9,154
Texana Bank 1 3.50% $12,380
The Park National Bank 1 6.25% $10,040
TIDEWATER MORTGAGE SERVICES, INC. 1 3.13% $9,840
AMERICAN FINANCING CORPORATION 1 7.25% $9,119
TruHome Solutions, LLC 1 5.63% $7,416
UNITED MORTGAGE CORP 1 4.63% $9,628
AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $10,273
UNIVERSAL MORTGAGE & FINANCE, INC. 1 7.13% $10,858
Waterstone Mortgage Corporation 1 6.50% $2,722
INTERCOASTAL MORTGAGE COMPANY 1 5.88% $10,209
BAY EQUITY LLC 1 5.25% $12,318
HALLMARK HOME MORTGAGE, LLC 1 5.25% $13,178
GSF Mortgage Corporation 1 7.13% $7,187
GENEVA FINANCIAL, LLC 1 5.63% $7,708
Gateway First Bank 1 5.25% $8,884
MEMBER ADVANTAGE MORTGAGE, LLC 1 3.88% $7,934
First Community Bank 1 5.13% $10,547
MLD MORTGAGE INC. 1 2.25% $12,984
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 4.63% $14,273
FBC MORTGAGE, LLC 1 4.00% $7,835
FAY SERVICING, LLC 1 5.25% $6,569
NATIONS DIRECT MORTGAGE, LLC 1 5.63% $8,351
NEW DAY FINANCIAL, LLC 1 5.49% $5,451
NEXERA HOLDING LLC 1 6.75% $7,575
Northpointe Bank 1 5.00% $9,195
NTFN, INC. 1 3.38% $6,968
Wolfe Financial, Inc 1 3.75% $8,276
CBM Mortgage, Inc. 1 5.63% $11,648
CAROLINA ONE MORTGAGE, LLC 1 4.99% $19,215
PLANET HOME LENDING, LLC 1 4.88% $8,279
Platinum Home Mortgage Corporation 1 3.75% $8,269
PLAZA HOME MORTGAGE, INC. 1 6.13% $10,658
PNC Bank 1 5.63% $4,842
KELLER MORTGAGE, LLC 1 5.13% $13,352
Bank of England 1 3.75% $13,226
Wyndham Capital Mortgage, Inc. 1 5.63% $12,991
Austin Capital Bank SSB 1 5.75% $11,433
RESIDENTIAL BANCORP 1 4.88% $14,252
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.75% $7,680
RUOFF MORTGAGE COMPANY, INC. 1 4.13% $4,197
Assurance Financial Group, L.L.C. 1 4.63% $15,970
SOUTHPOINT FINANCIAL SERVICES, INC. 1 4.00% $8,159

The top Spartanburg FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 144 FHA loans originated. Their average total fees are $9,197, which is $644 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

The lowest fee Spartanburg FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($5,930), EVERETT FINANCIAL, INC. ($6,677), NEWREZ LLC ($6,967), HOME POINT FINANCIAL CORPORATION ($8,191) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,312).

The lowest rate Spartanburg FHA lenders (with over 10 loans originated) are APEX HOME LOANS, INC. (4.08%), DHI MORTGAGE COMPANY, LTD. (4.08%), VANDERBILT MORTGAGE AND FINANCE, INC. (4.18%), HOME POINT FINANCIAL CORPORATION (4.18%) and LAKEVIEW LOAN SERVICING, LLC (4.19%).

Spartanburg FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Spartanburg (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 $209,950 (10.6%) $249,840 (6.2%) 0.78 1,173
2018-02-01 $212,620 (9.8%) $251,406 (4.8%) 0.77 1,137
2018-03-01 $218,214 (13.1%) $262,004 (9.5%) 0.77 1,107
2018-04-01 $224,139 (15.0%) $271,804 (13.8%) 0.76 1,087
2018-05-01 $224,306 (13.5%) $272,434 (13.7%) 0.75 1,171
2018-06-01 $222,500 (9.9%) $271,200 (10.7%) 0.74 1,260
2018-07-01 $219,900 (7.7%) $270,074 (8.5%) 0.73 1,294
2018-08-01 $219,054 (7.2%) $268,476 (8.8%) 0.73 1,340
2018-09-01 $215,082 (4.0%) $265,607 (5.9%) 0.72 1,335
2018-10-01 $211,700 (0.9%) $261,499 (2.0%) 0.72 1,376
2018-11-01 $213,708 (2.5%) $260,643 (3.3%) 0.72 1,312
2018-12-01 $214,900 (2.7%) $256,172 (2.3%) 0.74 1,261
2019-01-01 $216,285 (3.0%) $261,900 (4.8%) 0.75 1,243
2019-02-01 $215,082 (1.2%) $261,283 (3.9%) 0.73 1,298
2019-03-01 $219,372 (0.5%) $306,821 (17.1%) 0.72 1,283
2019-04-01 $221,482 (-1.2%) $316,317 (16.4%) 0.70 1,244
2019-05-01 $224,280 (0.0%) $288,400 (5.9%) 0.70 1,239
2019-06-01 $226,000 (1.6%) $294,304 (8.5%) 0.71 1,245
2019-07-01 $228,950 (4.1%) $294,417 (9.0%) 0.72 1,236
2019-08-01 $227,936 (4.1%) $291,558 (8.6%) 0.72 1,293
2019-09-01 $227,164 (5.6%) $288,378 (8.6%) 0.73 1,338
2019-10-01 $225,782 (6.7%) $285,549 (9.2%) 0.73 1,368
2019-11-01 $225,000 (5.3%) $283,922 (8.9%) 0.74 1,339
2019-12-01 $224,900 (4.7%) $278,424 (8.7%) 0.75 1,348
2020-01-01 $221,229 (2.3%) $265,310 (1.3%) 0.74 1,267
2020-02-01 $225,000 (4.6%) $273,025 (4.5%) 0.74 1,204
2020-03-01 $232,980 (6.2%) $281,823 (-8.2%) 0.73 1,101
2020-04-01 $229,350 (3.6%) $282,574 (-10.7%) 0.72 1,137
2020-05-01 $235,000 (4.8%) $287,314 (-0.4%) 0.71 1,019
2020-06-01 $240,995 (6.6%) $301,893 (2.6%) 0.71 902
2020-07-01 $237,250 (3.6%) $298,763 (1.5%) 0.69 816
2020-08-01 $239,000 (4.9%) $306,750 (5.2%) 0.68 765
2020-09-01 $237,250 (4.4%) $317,922 (10.3%) 0.68 736
2020-10-01 $240,245 (6.4%) $318,982 (11.7%) 0.69 734
2020-11-01 $239,925 (6.6%) $320,436 (12.9%) 0.70 754
2020-12-01 $234,472 (4.3%) $308,594 (10.8%) 0.70 713
2021-01-01 $234,900 (6.2%) $306,356 (15.5%) 0.70 692
2021-02-01 $233,985 (4.0%) $309,473 (13.4%) 0.68 661
2021-03-01 $240,988 (3.4%) $318,592 (13.1%) 0.68 515
2021-04-01 $240,396 (4.8%) $310,795 (10.0%) 0.65 468
2021-05-01 $251,376 (7.0%) $317,293 (10.4%) 0.67 392
2021-06-01 $255,120 (5.9%) $316,406 (4.8%) 0.67 401
2021-07-01 $271,275 (14.3%) $343,297 (14.9%) 0.72 492
2021-08-01 $265,880 (11.3%) $336,420 (9.7%) 0.71 587
2021-09-01 $273,370 (15.2%) $352,504 (10.9%) 0.73 597
2021-10-01 $276,990 (15.3%) $355,811 (11.6%) 0.74 582
2021-11-01 $278,033 (15.9%) $362,576 (13.2%) 0.74 515
2021-12-01 $272,610 (16.3%) $345,315 (11.9%) 0.74 463
2022-01-01 $279,110 (18.8%) $341,448 (11.5%) 0.75 381
2022-02-01 $282,643 (20.8%) $344,098 (11.2%) 0.74 339
2022-03-01 $286,245 (18.8%) $341,622 (7.2%) 0.72 295
2022-04-01 $291,855 (21.4%) $355,339 (14.3%) 0.70 336
2022-05-01 $299,940 (19.3%) $348,207 (9.7%) 0.69 495
2022-06-01 $304,003 (19.2%) $346,391 (9.5%) 0.68 613
2022-07-01 $305,000 (12.4%) $346,112 (0.8%) 0.69 855
2022-08-01 $304,825 (14.7%) $350,342 (4.1%) 0.70 1,006
2022-09-01 $307,150 (12.4%) $351,899 (-0.2%) 0.72 1,087
2022-10-01 $304,950 (10.1%) $355,091 (-0.2%) 0.72 1,105
2022-11-01 $303,973 (9.3%) $351,952 (-2.9%) 0.73 1,122
2022-12-01 $300,000 (10.1%) $353,885 (2.5%) 0.74 1,009
2023-01-01 $302,447 (8.4%) $358,841 (5.1%) 0.75 943
2023-02-01 $301,244 (6.6%) $356,538 (3.6%) 0.73 912
2023-03-01 $305,475 (6.7%) $361,160 (5.7%) 0.72 902
2023-04-01 $314,900 (7.9%) $375,920 (5.8%) 0.73 939
2023-05-01 $319,450 (6.5%) $380,741 (9.3%) 0.72 907
2023-06-01 $312,896 (2.9%) $371,341 (7.2%) 0.70 945
2023-07-01 $314,900 (3.3%) $375,871 (8.6%) 0.72 981
2023-08-01 $311,686 (2.3%) $373,965 (6.7%) 0.72 1,016
2023-09-01 $310,000 (0.9%) $376,634 (7.0%) 0.72 977
2023-10-01 $309,950 (1.6%) $374,063 (5.3%) 0.73 1,034
2023-11-01 $306,700 (0.9%) $369,600 (5.0%) 0.73 1,079
2023-12-01 $309,994 (3.3%) $368,987 (4.3%) 0.76 1,111
2024-01-01 $313,269 (3.6%) $366,242 (2.1%) 0.77 1,087
Spartanburg's median listing price for 2024-01-01 was $313,269, a difference of $10,822 (3.6%) versus the prior year and $3,275 versus the prior month.

Spartanburg's median listing price comes in at 77% of the national average.

Spartanburg's average listing price for 2024-01-01 was $366,242, a difference of $7,401 (2.1%) versus the prior year and $-2,745 versus the prior month.

For the 2024-01-01 period, Spartanburg had 1,087 MLS listings, a difference of -24 listings (-2%) versus the prior month and 144 listings (15%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Spartanburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 88 days 2,045 sqft
2018-02-01 83 days 2,042 sqft
2018-03-01 50 days 2,122 sqft
2018-04-01 50 days 2,152 sqft
2018-05-01 52 days 2,149 sqft
2018-06-01 52 days 2,150 sqft
2018-07-01 57 days 2,128 sqft
2018-08-01 56 days 2,106 sqft
2018-09-01 64 days 2,073 sqft
2018-10-01 66 days 2,020 sqft
2018-11-01 66 days 2,026 sqft
2018-12-01 71 days 2,000 sqft
2019-01-01 80 days 2,000 sqft
2019-02-01 71 days 2,017 sqft
2019-03-01 64 days 2,032 sqft
2019-04-01 61 days 2,048 sqft
2019-05-01 61 days 2,082 sqft
2019-06-01 58 days 2,103 sqft
2019-07-01 58 days 2,087 sqft
2019-08-01 57 days 2,096 sqft
2019-09-01 58 days 2,089 sqft
2019-10-01 58 days 2,080 sqft
2019-11-01 59 days 2,055 sqft
2019-12-01 66 days 2,019 sqft
2020-01-01 72 days 2,003 sqft
2020-02-01 73 days 2,006 sqft
2020-03-01 58 days 2,082 sqft
2020-04-01 61 days 2,014 sqft
2020-05-01 69 days 2,026 sqft
2020-06-01 66 days 2,072 sqft
2020-07-01 54 days 2,074 sqft
2020-08-01 46 days 2,087 sqft
2020-09-01 46 days 2,071 sqft
2020-10-01 49 days 2,030 sqft
2020-11-01 46 days 1,968 sqft
2020-12-01 48 days 1,896 sqft
2021-01-01 51 days 1,870 sqft
2021-02-01 49 days 1,808 sqft
2021-03-01 41 days 1,797 sqft
2021-04-01 44 days 1,797 sqft
2021-05-01 43 days 1,800 sqft
2021-06-01 38 days 1,882 sqft
2021-07-01 34 days 1,927 sqft
2021-08-01 38 days 1,844 sqft
2021-09-01 42 days 1,831 sqft
2021-10-01 46 days 1,856 sqft
2021-11-01 39 days 1,839 sqft
2021-12-01 44 days 1,779 sqft
2022-01-01 53 days 1,826 sqft
2022-02-01 34 days 1,828 sqft
2022-03-01 33 days 1,795 sqft
2022-04-01 32 days 1,820 sqft
2022-05-01 25 days 1,858 sqft
2022-06-01 30 days 1,879 sqft
2022-07-01 31 days 1,884 sqft
2022-08-01 39 days 1,900 sqft
2022-09-01 43 days 1,962 sqft
2022-10-01 51 days 1,931 sqft
2022-11-01 59 days 1,925 sqft
2022-12-01 67 days 1,922 sqft
2023-01-01 71 days 1,945 sqft
2023-02-01 63 days 1,942 sqft
2023-03-01 44 days 1,958 sqft
2023-04-01 41 days 1,990 sqft
2023-05-01 48 days 2,025 sqft
2023-06-01 51 days 2,002 sqft
2023-07-01 49 days 2,000 sqft
2023-08-01 47 days 1,955 sqft
2023-09-01 47 days 1,965 sqft
2023-10-01 51 days 1,996 sqft
2023-11-01 50 days 1,965 sqft
2023-12-01 55 days 1,969 sqft
2024-01-01 64 days 1,938 sqft
Spartanburg's median listing age (time on market) for 2024-01-01 was 64 days. This is -9% shorter than the same period one year ago.

Spartanburg's median square footage for active listings during the 2024-01-01 period was 1,938 sqft. One year prior, the average listing was 1,945 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).