Spokane FHA Loan Rates, Closing Costs & Stats

SPOKANE-SPOKANE VALLEY, WA

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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.

    Spokane's 110 lenders originated 1,318 FHA loans during 2023. The total origination value was $429,460,000, with an average FHA loan value of $325,842.

    Spokane FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Spokane averaged -0.05% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Spokane's average FHA mortgage closing costs are $9,068.

    The average rate for the prior week (2024-11-08) was 6.36% and one month ago for the week of 2024-10-11, the average rate was 6.16%.

    The average rate one year ago was 7.21%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.63%.

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

    Spokane 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 Spokane level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Sunflower Bank 113 6.37% $13,224
    UNITED WHOLESALE MORTGAGE, LLC 84 6.18% $14,485
    QUICKEN LOANS, LLC 80 6.15% $13,325
    American Mortgage & Equity Consultants, Inc. 52 6.68% $15,095
    AMERICAN PACIFIC MORTGAGE CORPORATION 51 6.73% $15,144
    CMG MORTGAGE, INC. 37 6.66% $15,296
    DHI MORTGAGE COMPANY, LTD. 36 5.51% $10,625
    GUILD MORTGAGE COMPANY 36 6.92% $13,740
    MOVEMENT MORTGAGE, LLC 31 7.06% $14,258
    SUMMIT FUNDING, INC. 26 6.84% $14,411
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 25 7.04% $14,433
    CROSSCOUNTRY MORTGAGE, LLC 22 7.05% $15,344
    ENVOY MORTGAGE, LTD 21 7.07% $13,869
    LOANDEPOT.COM, LLC 18 6.19% $15,993
    CHURCHILL MORTGAGE CORPORATION 17 6.76% $13,557
    LEADERONE FINANCIAL CORPORATION 16 6.23% $15,098
    AMERISAVE MORTGAGE CORPORATION 15 5.86% $15,732
    Willamette Valley Bank 15 6.53% $15,153
    CORNERSTONE HOME LENDING, INC. 15 6.69% $15,040
    CARDINAL FINANCIAL 15 6.40% $15,444
    PREMIER MORTGAGE RESOURCES, L.L.C. 14 6.29% $19,662
    PENRITH HOME LOANS LLC 13 6.46% $14,072
    Northpointe Bank 13 7.20% $11,762
    PENNYMAC LOAN SERVICES, LLC 13 6.36% $14,149
    ACADEMY MORTGAGE CORPORATION 12 6.50% $12,641
    Paramount Residential Mortgage Group, Inc. 12 6.51% $16,842
    MANN FINANCIAL INC. 12 6.57% $13,066
    EAGLE HOME MORTGAGE, LLC 12 5.51% $13,773
    CANOPY MORTGAGE, LLC 11 7.29% $19,992
    Wheatland Bank 11 6.78% $14,640
    T2 FINANCIAL LLC 11 7.39% $12,132
    PREMIER LENDING, INC. 10 6.88% $13,038
    GUARANTEED RATE, INC. 10 6.37% $12,868
    Sierra Pacific Mortgage Company, Inc. 9 6.46% $14,306
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 9 6.81% $15,471
    FREEDOM MORTGAGE CORPORATION 9 6.83% $15,595
    HomeStreet Bank 9 6.76% $15,110
    NUMERICA CREDIT UNION 8 6.31% $11,014
    EVERETT FINANCIAL, INC. 8 6.38% $13,978
    BROKER SOLUTIONS, INC. 8 6.81% $13,844
    MID AMERICA MORTGAGE, INC. 7 6.79% $9,505
    Flagstar Bank, FSB 6 6.58% $10,374
    Carrington Mortgage Services, LLC 6 6.10% $15,627
    BAY EQUITY LLC 5 6.08% $15,042
    AMERICAN FINANCIAL NETWORK, INC. 5 7.13% $14,978
    Boeing Employees Credit Union 5 6.65% $9,726
    IDAHO CENTRAL 5 6.68% $14,869
    LAKEVIEW LOAN SERVICING, LLC 5 6.23% $15,720
    Mr. Cooper ( Nationstar Mortgage ) 5 5.83% $19,931
    NEWREZ LLC 5 6.48% $15,409
    PLANET HOME LENDING, LLC 5 5.65% $11,331
    S1L, Inc. 5 6.80% $11,290
    Banner Bank 4 7.00% $8,469
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.62% $10,875
    Glacier Bank 4 6.28% $14,194
    The Federal Savings Bank 4 6.31% $15,054
    SUN WEST MORTGAGE COMPANY, INC. 4 6.09% $15,986
    AXIA FINANCIAL, LLC 4 6.88% $13,807
    Equity Prime Mortgage LLC 4 6.72% $15,938
    Washington Trust Bank 4 7.06% $13,550
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.50% $16,683
    Loan Simple, Inc. 3 7.37% $13,613
    Lakeview Community Capital, LLC 3 6.54% $15,775
    AMERICAN FINANCING CORPORATION 3 6.38% $10,499
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 7.58% $14,710
    ZILLOW HOME LOANS, LLC 3 6.83% $12,994
    Century Mortgage Company DBA Century Lending Company 3 6.29% $15,167
    CHERRY CREEK MORTGAGE, LLC 3 6.75% $4,058
    U.S. Bank 3 7.00% $13,680
    TOP FLITE FINANCIAL, INC. 3 7.08% $16,293
    JPMorgan Chase Bank 3 6.96% $9,850
    LOANPAL, LLC 3 5.83% $13,300
    INTERCAP LENDING INC. 2 7.00% $17,634
    GENEVA FINANCIAL, LLC 2 6.81% $14,632
    Mortgage Research Center, LLC 2 6.44% $10,356
    NETWORK CAPITAL FUNDING CORPORATION 2 5.94% $11,187
    Alaska USA Federal Credit Union 2 6.31% $11,971
    CALIBER HOME LOANS, INC. 2 5.94% $12,227
    Plains Commerce Bank 2 6.38% $14,428
    CALCON MUTUAL MORTGAGE LLC 2 6.44% $20,244
    SUMMIT MORTGAGE CORPORATION 2 6.81% $12,458
    Umpqua Bank 2 6.88% $10,048
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.25% $13,531
    VILLAGE CAPITAL MORTGAGE 2 5.82% $14,657
    V.I.P. MORTGAGE, INC. 2 6.81% $15,897
    HOMESIDE FINANCIAL, LLC 2 6.25% $15,033
    Wallick & Volk, Inc. 2 7.19% $9,426
    Ixonia Bank 2 6.75% $18,967
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.12% $22,030
    Barrington Bank & Trust Company, N.A. 1 7.25% $13,779
    SOUTHWEST STAGE FUNDING, LLC 1 5.75% $4,741
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $16,611
    HORIZON 1 6.75% $13,546
    MORTGAGE LENDING GROUP LLC 1 6.99% $18,114
    FIRST COMMUNITY MORTGAGE, INC. 1 7.25% $17,002
    MICHIGAN MUTUAL, INC. 1 5.13% $21,339
    First Savings Bank 1 7.00% $19,688
    LIBERTY HOME MORTGAGE CORPORATION 1 7.25% $18,472
    WASHINGTON STATE EMPLOYEES Credit Union 1 5.63% $13,325
    Chickasaw Community Bank 1 7.38% $6,811
    Commerce Home Mortgage, Inc. 1 7.38% $12,078
    United Fidelity Funding Corp. 1 5.50% $15,286
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.75% $11,296
    AHL FUNDING 1 6.13% $25,023
    LEGEND LENDING CORPORATION 1 6.75% $14,569
    BAY-VALLEY MORTGAGE GROUP 1 6.75% $15,161
    PRIORITY HOME LENDING, LLC 1 5.63% $6,137
    1st Security Bank of Washington 1 7.63% $17,045
    RANLIFE, INC. 1 6.50% $17,613
    RESIDENTIAL BANCORP 1 7.00% $9,134

    The top Spokane FHA lender as defined by loan originations is Sunflower Bank, with 113 FHA loans originated. Their average total fees are $13,224, which is $1,261 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Spokane FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($10,625), Northpointe Bank ($11,762), T2 FINANCIAL LLC ($12,132), ACADEMY MORTGAGE CORPORATION ($12,641) and GUARANTEED RATE, INC. ($12,868).

    The lowest rate Spokane FHA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC (5.51%), DHI MORTGAGE COMPANY, LTD. (5.51%), AMERISAVE MORTGAGE CORPORATION (5.86%), QUICKEN LOANS, LLC (6.15%) and UNITED WHOLESALE MORTGAGE, LLC (6.18%).

    Spokane FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Spokane (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 $285,000 (13.3%) $356,589 (11.9%) 1.06 1,074
    2018-02-01 $298,625 (13.8%) $373,506 (13.9%) 1.08 991
    2018-03-01 $309,900 (12.7%) $381,101 (10.9%) 1.09 980
    2018-04-01 $319,225 (12.0%) $392,806 (12.5%) 1.08 1,110
    2018-05-01 $319,070 (10.4%) $395,916 (11.7%) 1.07 1,260
    2018-06-01 $315,000 (9.2%) $395,583 (11.1%) 1.05 1,421
    2018-07-01 $317,500 (11.4%) $399,258 (14.0%) 1.06 1,543
    2018-08-01 $309,463 (12.5%) $391,344 (14.6%) 1.04 1,605
    2018-09-01 $300,000 (9.1%) $388,146 (13.8%) 1.01 1,633
    2018-10-01 $312,250 (14.6%) $397,319 (16.3%) 1.06 1,559
    2018-11-01 $319,500 (19.2%) $403,049 (19.2%) 1.08 1,342
    2018-12-01 $318,500 (15.8%) $402,314 (15.3%) 1.10 1,127
    2019-01-01 $327,995 (15.1%) $415,262 (16.5%) 1.13 950
    2019-02-01 $335,845 (12.5%) $422,619 (13.2%) 1.13 859
    2019-03-01 $341,043 (10.1%) $427,846 (12.3%) 1.12 892
    2019-04-01 $346,818 (8.6%) $430,929 (9.7%) 1.10 1,003
    2019-05-01 $349,985 (9.7%) $426,538 (7.7%) 1.09 1,170
    2019-06-01 $349,990 (11.1%) $419,099 (5.9%) 1.09 1,286
    2019-07-01 $344,850 (8.6%) $407,997 (2.2%) 1.08 1,469
    2019-08-01 $340,273 (10.0%) $410,018 (4.8%) 1.08 1,492
    2019-09-01 $340,682 (13.6%) $415,422 (7.0%) 1.09 1,473
    2019-10-01 $340,955 (9.2%) $419,683 (5.6%) 1.10 1,451
    2019-11-01 $345,000 (8.0%) $422,492 (4.8%) 1.13 1,256
    2019-12-01 $342,970 (7.7%) $420,764 (4.6%) 1.14 1,044
    2020-01-01 $342,498 (4.4%) $419,674 (1.1%) 1.14 813
    2020-02-01 $359,900 (7.2%) $438,812 (3.8%) 1.18 747
    2020-03-01 $379,924 (11.4%) $448,389 (4.8%) 1.19 795
    2020-04-01 $379,350 (9.4%) $451,379 (4.8%) 1.19 932
    2020-05-01 $385,604 (10.2%) $455,230 (6.7%) 1.17 940
    2020-06-01 $384,975 (10.0%) $450,694 (7.5%) 1.13 938
    2020-07-01 $393,963 (14.2%) $459,805 (12.7%) 1.14 885
    2020-08-01 $388,073 (14.1%) $464,389 (13.3%) 1.11 858
    2020-09-01 $387,419 (13.7%) $462,065 (11.2%) 1.11 842
    2020-10-01 $376,156 (10.3%) $462,780 (10.3%) 1.08 751
    2020-11-01 $374,950 (8.7%) $466,012 (10.3%) 1.10 614
    2020-12-01 $369,849 (7.8%) $470,358 (11.8%) 1.10 464
    2021-01-01 $369,900 (8.0%) $490,305 (16.8%) 1.10 324
    2021-02-01 $378,155 (5.1%) $512,838 (16.9%) 1.10 286
    2021-03-01 $377,450 (-0.7%) $508,198 (13.3%) 1.07 323
    2021-04-01 $399,900 (5.4%) $529,689 (17.4%) 1.08 331
    2021-05-01 $413,000 (7.1%) $530,315 (16.5%) 1.10 395
    2021-06-01 $422,450 (9.7%) $569,547 (26.4%) 1.11 514
    2021-07-01 $439,995 (11.7%) $570,861 (24.2%) 1.16 647
    2021-08-01 $454,400 (17.1%) $567,544 (22.2%) 1.21 728
    2021-09-01 $450,000 (16.2%) $565,649 (22.4%) 1.20 850
    2021-10-01 $450,000 (19.6%) $551,467 (19.2%) 1.20 839
    2021-11-01 $449,975 (20.0%) $557,558 (19.6%) 1.20 627
    2021-12-01 $459,725 (24.3%) $576,341 (22.5%) 1.25 479
    2022-01-01 $480,825 (30.0%) $617,610 (26.0%) 1.30 328
    2022-02-01 $480,480 (27.1%) $631,296 (23.1%) 1.25 306
    2022-03-01 $479,995 (27.2%) $633,895 (24.7%) 1.20 333
    2022-04-01 $500,000 (25.0%) $642,876 (21.4%) 1.19 440
    2022-05-01 $509,625 (23.4%) $635,058 (19.8%) 1.17 719
    2022-06-01 $517,450 (22.5%) $642,778 (12.9%) 1.15 955
    2022-07-01 $499,000 (13.4%) $607,213 (6.4%) 1.12 1,276
    2022-08-01 $489,951 (7.8%) $594,388 (4.7%) 1.13 1,375
    2022-09-01 $476,125 (5.8%) $579,690 (2.5%) 1.11 1,376
    2022-10-01 $469,900 (4.4%) $571,775 (3.7%) 1.11 1,355
    2022-11-01 $449,935 (0.0%) $554,276 (-0.6%) 1.08 1,219
    2022-12-01 $449,063 (-2.3%) $545,089 (-5.4%) 1.11 967
    2023-01-01 $449,475 (-6.5%) $548,403 (-11.2%) 1.11 763
    2023-02-01 $480,500 (0.0%) $577,914 (-8.5%) 1.16 683
    2023-03-01 $497,725 (3.7%) $591,639 (-6.7%) 1.17 677
    2023-04-01 $512,500 (2.5%) $604,916 (-5.9%) 1.19 780
    2023-05-01 $524,924 (3.0%) $622,699 (-2.0%) 1.19 941
    2023-06-01 $532,488 (2.9%) $633,820 (-1.4%) 1.20 1,136
    2023-07-01 $535,000 (7.2%) $629,217 (3.6%) 1.22 1,336
    2023-08-01 $525,000 (7.2%) $620,451 (4.4%) 1.21 1,402
    2023-09-01 $514,000 (8.0%) $618,592 (6.7%) 1.20 1,457
    2023-10-01 $499,575 (6.3%) $605,209 (5.9%) 1.18 1,447
    2023-11-01 $497,000 (10.5%) $598,163 (7.9%) 1.18 1,323
    2023-12-01 $490,000 (9.1%) $603,323 (10.7%) 1.20 1,113
    2024-01-01 $498,120 (10.8%) $612,666 (11.7%) 1.22 915
    2024-02-01 $503,985 (4.9%) $617,954 (6.9%) 1.21 875
    2024-03-01 $510,000 (2.5%) $620,133 (4.8%) 1.20 915
    2024-04-01 $522,500 (2.0%) $647,977 (7.1%) 1.22 1,078
    2024-05-01 $544,450 (3.7%) $662,479 (6.4%) 1.23 1,341
    2024-06-01 $530,000 (-0.5%) $650,286 (2.6%) 1.19 1,579
    2024-07-01 $525,000 (-1.9%) $633,632 (0.7%) 1.20 1,747
    2024-08-01 $515,000 (-1.9%) $624,397 (0.6%) 1.20 1,767
    2024-09-01 $505,000 (-1.8%) $623,689 (0.8%) 1.19 1,791
    2024-10-01 $497,125 (-0.5%) $615,083 (1.6%) 1.17 1,792
    Spokane's median listing price for 2024-10-01 was $497,125, a difference of $-2,450 (-0.5%) versus the prior year and $-7,875 versus the prior month.

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

    Spokane's average listing price for 2024-10-01 was $615,083, a difference of $9,874 (1.6%) versus the prior year and $-8,606 versus the prior month.

    For the 2024-10-01 period, Spokane had 1,792 MLS listings, a difference of 1 listings (0%) versus the prior month and 345 listings (24%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Spokane (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 69 days 2,262 sqft
    2018-02-01 47 days 2,315 sqft
    2018-03-01 44 days 2,356 sqft
    2018-04-01 36 days 2,364 sqft
    2018-05-01 33 days 2,401 sqft
    2018-06-01 36 days 2,360 sqft
    2018-07-01 39 days 2,390 sqft
    2018-08-01 41 days 2,353 sqft
    2018-09-01 44 days 2,352 sqft
    2018-10-01 46 days 2,320 sqft
    2018-11-01 53 days 2,329 sqft
    2018-12-01 66 days 2,316 sqft
    2019-01-01 66 days 2,353 sqft
    2019-02-01 49 days 2,351 sqft
    2019-03-01 41 days 2,363 sqft
    2019-04-01 30 days 2,349 sqft
    2019-05-01 32 days 2,380 sqft
    2019-06-01 35 days 2,434 sqft
    2019-07-01 37 days 2,401 sqft
    2019-08-01 38 days 2,391 sqft
    2019-09-01 39 days 2,373 sqft
    2019-10-01 41 days 2,359 sqft
    2019-11-01 47 days 2,275 sqft
    2019-12-01 62 days 2,225 sqft
    2020-01-01 69 days 2,194 sqft
    2020-02-01 53 days 2,241 sqft
    2020-03-01 40 days 2,315 sqft
    2020-04-01 40 days 2,324 sqft
    2020-05-01 43 days 2,321 sqft
    2020-06-01 39 days 2,319 sqft
    2020-07-01 39 days 2,342 sqft
    2020-08-01 39 days 2,308 sqft
    2020-09-01 43 days 2,307 sqft
    2020-10-01 47 days 2,264 sqft
    2020-11-01 52 days 2,215 sqft
    2020-12-01 57 days 2,152 sqft
    2021-01-01 52 days 2,114 sqft
    2021-02-01 40 days 2,091 sqft
    2021-03-01 30 days 2,151 sqft
    2021-04-01 25 days 2,150 sqft
    2021-05-01 27 days 2,161 sqft
    2021-06-01 21 days 2,218 sqft
    2021-07-01 26 days 2,211 sqft
    2021-08-01 29 days 2,209 sqft
    2021-09-01 31 days 2,254 sqft
    2021-10-01 35 days 2,219 sqft
    2021-11-01 50 days 2,144 sqft
    2021-12-01 72 days 2,145 sqft
    2022-01-01 61 days 2,041 sqft
    2022-02-01 33 days 2,022 sqft
    2022-03-01 25 days 2,038 sqft
    2022-04-01 22 days 2,165 sqft
    2022-05-01 20 days 2,220 sqft
    2022-06-01 22 days 2,217 sqft
    2022-07-01 28 days 2,190 sqft
    2022-08-01 32 days 2,193 sqft
    2022-09-01 39 days 2,178 sqft
    2022-10-01 39 days 2,158 sqft
    2022-11-01 44 days 2,131 sqft
    2022-12-01 57 days 2,120 sqft
    2023-01-01 52 days 2,102 sqft
    2023-02-01 43 days 2,123 sqft
    2023-03-01 37 days 2,167 sqft
    2023-04-01 30 days 2,193 sqft
    2023-05-01 29 days 2,251 sqft
    2023-06-01 30 days 2,303 sqft
    2023-07-01 35 days 2,312 sqft
    2023-08-01 37 days 2,318 sqft
    2023-09-01 41 days 2,304 sqft
    2023-10-01 39 days 2,276 sqft
    2023-11-01 47 days 2,255 sqft
    2023-12-01 57 days 2,258 sqft
    2024-01-01 46 days 2,247 sqft
    2024-02-01 39 days 2,210 sqft
    2024-03-01 39 days 2,211 sqft
    2024-04-01 31 days 2,240 sqft
    2024-05-01 26 days 2,309 sqft
    2024-06-01 30 days 2,326 sqft
    2024-07-01 38 days 2,301 sqft
    2024-08-01 44 days 2,287 sqft
    2024-09-01 43 days 2,264 sqft
    2024-10-01 45 days 2,245 sqft
    Spokane's median listing age (time on market) for 2024-10-01 was 45 days. This is 14% longer than the same period one year ago.

    Spokane's median square footage for active listings during the 2024-10-01 period was 2,245 sqft. One year prior, the average listing was 2,276 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).