Springfield FHA Loan Rates, Closing Costs & Stats

SPRINGFIELD, MA

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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.

    Springfield's 108 lenders originated 1,441 FHA loans during 2024. The total origination value was $425,995,000, with an average FHA loan value of $295,625.

    Springfield FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Springfield averaged 6.54% for the week of 2025-05-23, compared to the national average (all FHA variants) of 6.612% for the same period.

    Springfield's average FHA mortgage closing costs are $8,803.

    The average rate for the prior week (2025-05-16) was 6.57% and one month ago for the week of 2025-04-18, the average rate was 6.69%.

    The average rate one year ago was 6.77%.

    For refis of the same type during the week of 2025-05-23, the average rate was 6.95%.

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

    Springfield 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 Springfield level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 147 6.25% $14,208
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 119 6.62% $14,197
    QUICKEN LOANS, LLC 110 6.33% $12,192
    CMG MORTGAGE, INC. 73 6.49% $14,263
    FREEDOM MORTGAGE CORPORATION 58 6.47% $12,025
    MOVEMENT MORTGAGE, LLC 55 6.52% $13,615
    BROKER SOLUTIONS, INC. 45 6.74% $13,636
    TOTAL MORTGAGE SERVICES, LLC 45 6.81% $13,854
    CROSSCOUNTRY MORTGAGE, LLC 39 6.54% $13,740
    Paramount Residential Mortgage Group, Inc. 31 6.73% $11,041
    NORTHPOINT MORTGAGE, INC. 30 6.35% $12,671
    PENNYMAC LOAN SERVICES, LLC 29 5.95% $9,195
    GUILD MORTGAGE COMPANY 28 6.46% $12,650
    LOANDEPOT.COM, LLC 27 6.26% $13,572
    Citizens Bank 25 6.28% $11,416
    NORWICH COMMERCIAL GROUP, INC. 24 6.54% $10,974
    GUARANTEED RATE, INC. 23 6.50% $12,776
    Mr. Cooper ( Nationstar Mortgage ) 19 6.50% $10,300
    LAKEVIEW LOAN SERVICING, LLC 17 6.37% $7,830
    HARBORONE MORTGAGE, LLC 15 6.45% $12,095
    AMERICAN FINANCIAL NETWORK, INC. 15 6.26% $15,070
    GENEVA FINANCIAL, LLC 14 6.79% $13,872
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 12 6.64% $14,789
    RADIUS FINANCIAL GROUP INC. 12 6.89% $13,509
    NEWREZ LLC 12 6.48% $11,652
    MUTUAL OF OMAHA MORTGAGE, INC. 12 6.43% $15,760
    FIRST COLONY MORTGAGE CORPORATION 11 6.19% $12,252
    PLAZA HOME MORTGAGE, INC. 11 6.74% $12,634
    Equity Prime Mortgage LLC 11 6.82% $15,431
    M&T Bank 10 6.54% $10,091
    CIBM Bank 10 6.33% $12,400
    FIRST WORLD MORTGAGE CORPORATION 9 6.46% $13,278
    Evolve Bank & Trust 9 6.39% $11,426
    HOMEBRIDGE FINANCIAL SERVICES, INC. 9 6.51% $9,636
    AMERISAVE MORTGAGE CORPORATION 8 6.17% $9,710
    Semper Home Loans, Inc. 8 7.00% $14,498
    MORTGAGE EQUITY PARTNERS LLC 8 6.78% $17,626
    HOMESTEAD FUNDING CORP. 8 6.69% $9,427
    Keystone Funding, Inc. 8 6.34% $11,996
    WILLIAM RAVEIS MORTGAGE, LLC 7 6.55% $12,762
    Nations Lending Corporation 6 6.73% $13,499
    AMERICAN FINANCING CORPORATION 6 6.00% $14,272
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 6.35% $10,639
    VILLAGE CAPITAL MORTGAGE 6 6.25% $5,628
    BAYCOAST MORTGAGE COMPANY, LLC 5 6.40% $8,915
    Easthampton Savings Bank 5 6.00% $9,715
    NORTHERN MORTGAGE SERVICES, LLC 5 6.80% $12,529
    PREMIER MORTGAGE RESOURCES, L.L.C. 5 6.62% $11,050
    JMAC LENDING, INC. 4 6.28% $12,585
    HOMESPIRE MORTGAGE CORPORATION 4 5.84% $16,523
    Berkshire Bank 4 6.03% $9,044
    ZILLOW HOME LOANS, LLC 4 6.53% $10,028
    LOANPAL, LLC 4 5.96% $14,355
    EVERETT FINANCIAL, INC. 3 7.08% $8,881
    CARDINAL FINANCIAL 3 6.92% $11,516
    EMM LOANS LLC 3 6.96% $10,593
    FIRST HOME MORTGAGE CORPORATION 3 6.38% $17,438
    Flagstar Bank, FSB 3 5.55% $9,833
    GUARANTEED RATE AFFINITY, LLC 3 6.50% $12,481
    Mortgage Research Center, LLC 3 6.75% $9,193
    NFM, INC. 3 6.83% $17,483
    OCMBC, INC. 3 6.42% $12,901
    PHH Mortgage Corporation 3 6.29% $8,608
    Plains Commerce Bank 3 6.88% $13,536
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.92% $14,657
    T2 FINANCIAL LLC 3 6.25% $15,224
    Barrington Bank & Trust Company, N.A. 2 7.00% $10,647
    Rockland Trust Company 2 6.13% $12,083
    SALEM FIVE MORTGAGE COMPANY, LLC 2 6.50% $11,420
    CHURCHILL MORTGAGE CORPORATION 2 6.13% $9,516
    Sierra Pacific Mortgage Company, Inc. 2 6.00% $14,379
    American Mortgage & Equity Consultants, Inc. 2 6.44% $13,881
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.94% $17,584
    TD Bank 2 7.06% $4,140
    The Washington Trust Company, of Westerly 2 6.06% $15,145
    TJC Mortgage, Inc. 2 7.00% $9,812
    BAY EQUITY LLC 2 6.19% $15,953
    FIRST MORTGAGE COMPANY, INC. 2 6.44% $10,314
    RELIANCE FIRST CAPITAL, LLC 2 6.56% $16,583
    BETTER MORTGAGE CORPORATION 2 5.94% $9,877
    LIBERTY HOME MORTGAGE CORPORATION 2 6.50% $12,786
    LEADERONE FINANCIAL CORPORATION 2 6.94% $12,241
    MSA MORTGAGE, LLC 2 5.88% $11,233
    Ixonia Bank 2 5.94% $18,085
    Residential Mortgage Solutions, Inc. 1 5.99% $8,557
    SUN WEST MORTGAGE COMPANY, INC. 1 5.83% $7,838
    TOP FLITE FINANCIAL, INC. 1 5.99% $17,527
    MILEND, INC. 1 5.50% $25,008
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 6.13% $16,574
    LADERA LENDING, INC. 1 7.13% $9,017
    Leader Bank 1 6.25% $12,630
    NATIONS DIRECT MORTGAGE, LLC 1 6.25% $13,710
    KeyBank 1 6.50% $6,206
    NEW FED MORTGAGE, CORP. 1 5.75% $16,325
    NJ LENDERS CORP. 1 5.75% $12,460
    INTELLILOAN, INC. 1 6.00% $5,146
    Northpointe Bank 1 6.25% $12,519
    HOMESIDE FINANCIAL, LLC 1 6.25% $14,668
    Home Loan Investment Bank, F.S.B. 1 6.75% $9,672
    U.S. Bank 1 6.63% $8,711
    FIRST COMMUNITY MORTGAGE, INC. 1 7.25% $7,688
    Wells Fargo Bank 1 6.75% $11,977
    ENVOY MORTGAGE, LTD 1 6.63% $13,100
    PREMIA MORTGAGE, LLC 1 6.25% $11,892
    DREW MORTGAGE ASSOCIATES, INC. 1 6.63% $12,126
    DAS Acquisition Company, LLC 1 6.50% $15,942
    CONTOUR MORTGAGE CORPORATION 1 6.00% $15,984
    Republic State Mortgage Co. 1 6.25% $18,923

    The top Springfield FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 147 FHA loans originated. Their average total fees are $14,208, which is $11 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Springfield FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($7,830), PENNYMAC LOAN SERVICES, LLC ($9,195), M&T Bank ($10,091), Mr. Cooper ( Nationstar Mortgage ) ($10,300) and NORWICH COMMERCIAL GROUP, INC. ($10,974).

    The lowest rate Springfield FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.95%), FIRST COLONY MORTGAGE CORPORATION (6.19%), UNITED WHOLESALE MORTGAGE, LLC (6.25%), AMERICAN FINANCIAL NETWORK, INC. (6.26%) and LOANDEPOT.COM, LLC (6.26%).

    Springfield FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Springfield (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 $219,900 (15.8%) $269,640 (12.6%) 0.82 834
    2018-02-01 $222,494 (14.4%) $271,836 (10.0%) 0.81 804
    2018-03-01 $239,900 (14.1%) $280,963 (8.8%) 0.84 813
    2018-04-01 $248,450 (12.4%) $293,341 (10.0%) 0.84 860
    2018-05-01 $249,950 (8.9%) $294,335 (6.7%) 0.83 998
    2018-06-01 $249,900 (5.2%) $296,475 (6.6%) 0.83 1,069
    2018-07-01 $249,900 (4.6%) $298,909 (6.7%) 0.83 1,148
    2018-08-01 $239,900 (2.1%) $292,279 (4.6%) 0.80 1,190
    2018-09-01 $239,000 (2.2%) $288,269 (4.2%) 0.80 1,229
    2018-10-01 $237,075 (3.3%) $285,583 (3.7%) 0.80 1,231
    2018-11-01 $232,400 (3.3%) $281,525 (2.3%) 0.79 1,132
    2018-12-01 $224,900 (2.3%) $272,879 (-0.1%) 0.78 1,016
    2019-01-01 $225,850 (2.7%) $269,264 (-0.1%) 0.78 880
    2019-02-01 $225,561 (1.4%) $272,008 (0.1%) 0.76 837
    2019-03-01 $235,614 (-1.8%) $282,346 (0.5%) 0.77 814
    2019-04-01 $249,900 (0.6%) $297,955 (1.6%) 0.79 796
    2019-05-01 $254,900 (2.0%) $309,415 (5.1%) 0.80 839
    2019-06-01 $259,900 (4.0%) $312,213 (5.3%) 0.81 900
    2019-07-01 $259,075 (3.7%) $308,830 (3.3%) 0.81 931
    2019-08-01 $253,609 (5.7%) $304,096 (4.0%) 0.80 963
    2019-09-01 $251,523 (5.2%) $299,571 (3.9%) 0.80 1,000
    2019-10-01 $249,900 (5.4%) $294,661 (3.2%) 0.81 1,019
    2019-11-01 $242,500 (4.4%) $291,941 (3.7%) 0.80 907
    2019-12-01 $235,925 (4.9%) $289,675 (6.2%) 0.79 761
    2020-01-01 $242,400 (7.3%) $297,487 (10.5%) 0.81 680
    2020-02-01 $249,900 (10.8%) $305,632 (12.4%) 0.82 651
    2020-03-01 $279,947 (18.8%) $331,316 (17.3%) 0.88 638
    2020-04-01 $279,900 (12.0%) $328,207 (10.2%) 0.88 630
    2020-05-01 $289,000 (13.4%) $339,209 (9.6%) 0.88 581
    2020-06-01 $299,950 (15.4%) $352,067 (12.8%) 0.88 545
    2020-07-01 $299,900 (15.8%) $353,411 (14.4%) 0.87 495
    2020-08-01 $315,000 (24.2%) $364,117 (19.7%) 0.90 480
    2020-09-01 $299,900 (19.2%) $368,968 (23.2%) 0.86 485
    2020-10-01 $299,000 (19.7%) $362,699 (23.1%) 0.86 530
    2020-11-01 $269,603 (11.2%) $342,126 (17.2%) 0.79 477
    2020-12-01 $254,950 (8.1%) $333,376 (15.1%) 0.76 430
    2021-01-01 $250,000 (3.1%) $344,136 (15.7%) 0.75 339
    2021-02-01 $276,700 (10.7%) $352,048 (15.2%) 0.81 280
    2021-03-01 $298,450 (6.6%) $373,032 (12.6%) 0.85 262
    2021-04-01 $312,475 (11.6%) $385,827 (17.6%) 0.85 269
    2021-05-01 $299,900 (3.8%) $374,684 (10.5%) 0.80 315
    2021-06-01 $299,675 (-0.1%) $385,361 (9.5%) 0.79 351
    2021-07-01 $295,000 (-1.6%) $382,269 (8.2%) 0.78 393
    2021-08-01 $299,350 (-5.0%) $375,638 (3.2%) 0.80 454
    2021-09-01 $284,500 (-5.1%) $365,342 (-1.0%) 0.76 439
    2021-10-01 $274,675 (-8.1%) $351,310 (-3.1%) 0.73 413
    2021-11-01 $270,400 (0.3%) $359,013 (4.9%) 0.72 367
    2021-12-01 $267,450 (4.9%) $356,919 (7.1%) 0.72 316
    2022-01-01 $275,000 (10.0%) $350,962 (2.0%) 0.74 248
    2022-02-01 $282,497 (2.1%) $352,937 (0.3%) 0.73 233
    2022-03-01 $287,175 (-3.8%) $358,158 (-4.0%) 0.72 221
    2022-04-01 $314,458 (0.6%) $379,656 (-1.6%) 0.75 240
    2022-05-01 $307,475 (2.5%) $372,941 (-0.5%) 0.70 323
    2022-06-01 $322,500 (7.6%) $385,188 (-0.1%) 0.72 409
    2022-07-01 $299,900 (1.7%) $367,596 (-3.8%) 0.68 484
    2022-08-01 $299,900 (0.2%) $364,967 (-2.8%) 0.69 479
    2022-09-01 $314,975 (10.7%) $373,374 (2.2%) 0.74 466
    2022-10-01 $314,900 (14.6%) $371,401 (5.7%) 0.74 446
    2022-11-01 $314,175 (16.2%) $369,983 (3.1%) 0.76 415
    2022-12-01 $299,987 (12.2%) $361,857 (1.4%) 0.74 363
    2023-01-01 $294,900 (7.2%) $349,483 (-0.4%) 0.73 332
    2023-02-01 $297,450 (5.3%) $343,503 (-2.7%) 0.72 307
    2023-03-01 $311,050 (8.3%) $361,482 (0.9%) 0.73 268
    2023-04-01 $325,000 (3.4%) $380,579 (0.2%) 0.76 276
    2023-05-01 $344,175 (11.9%) $389,652 (4.5%) 0.78 291
    2023-06-01 $345,400 (7.1%) $417,028 (8.3%) 0.78 290
    2023-07-01 $349,900 (16.7%) $415,426 (13.0%) 0.80 319
    2023-08-01 $339,950 (13.4%) $408,020 (11.8%) 0.78 341
    2023-09-01 $332,450 (5.6%) $405,884 (8.7%) 0.77 353
    2023-10-01 $327,450 (4.0%) $395,177 (6.4%) 0.77 405
    2023-11-01 $325,000 (3.5%) $383,578 (3.7%) 0.77 392
    2023-12-01 $316,950 (5.7%) $380,885 (5.3%) 0.77 340
    2024-01-01 $320,925 (8.8%) $383,699 (9.8%) 0.78 278
    2024-02-01 $307,494 (3.4%) $383,438 (11.6%) 0.74 246
    2024-03-01 $324,900 (4.5%) $401,846 (11.2%) 0.76 249
    2024-04-01 $333,000 (2.5%) $407,910 (7.2%) 0.77 260
    2024-05-01 $349,950 (1.7%) $425,943 (9.3%) 0.80 320
    2024-06-01 $335,000 (-3.0%) $416,143 (-0.2%) 0.76 364
    2024-07-01 $338,225 (-3.3%) $419,018 (0.9%) 0.77 357
    2024-08-01 $350,000 (3.0%) $434,595 (6.5%) 0.81 383
    2024-09-01 $344,950 (3.8%) $421,269 (3.8%) 0.81 460
    2024-10-01 $341,950 (4.4%) $410,651 (3.9%) 0.80 508
    2024-11-01 $329,900 (1.5%) $393,262 (2.5%) 0.79 498
    2024-12-01 $330,000 (4.1%) $397,518 (4.4%) 0.82 417
    2025-01-01 $328,161 (2.3%) $385,830 (0.6%) 0.82 376
    2025-02-01 $325,000 (5.7%) $389,706 (1.6%) 0.79 343
    2025-03-01 $329,900 (1.5%) $390,311 (-2.9%) 0.78 320
    2025-04-01 $344,900 (3.6%) $414,636 (1.7%) 0.80 346
    Springfield's median listing price for 2025-04-01 was $344,900, a difference of $11,900 (3.6%) versus the prior year and $15,000 versus the prior month.

    Springfield's median listing price comes in at 80% of the national average.

    Springfield's average listing price for 2025-04-01 was $414,636, a difference of $6,726 (1.7%) versus the prior year and $24,325 versus the prior month.

    For the 2025-04-01 period, Springfield had 346 MLS listings, a difference of 26 listings (8%) versus the prior month and 86 listings (33%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Springfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 75 days 1,589 sqft
    2018-02-01 67 days 1,612 sqft
    2018-03-01 47 days 1,656 sqft
    2018-04-01 40 days 1,725 sqft
    2018-05-01 33 days 1,728 sqft
    2018-06-01 38 days 1,737 sqft
    2018-07-01 45 days 1,751 sqft
    2018-08-01 47 days 1,710 sqft
    2018-09-01 53 days 1,680 sqft
    2018-10-01 58 days 1,665 sqft
    2018-11-01 61 days 1,680 sqft
    2018-12-01 64 days 1,659 sqft
    2019-01-01 68 days 1,633 sqft
    2019-02-01 66 days 1,639 sqft
    2019-03-01 50 days 1,684 sqft
    2019-04-01 42 days 1,755 sqft
    2019-05-01 37 days 1,767 sqft
    2019-06-01 39 days 1,762 sqft
    2019-07-01 43 days 1,741 sqft
    2019-08-01 46 days 1,726 sqft
    2019-09-01 49 days 1,709 sqft
    2019-10-01 49 days 1,696 sqft
    2019-11-01 56 days 1,683 sqft
    2019-12-01 67 days 1,626 sqft
    2020-01-01 68 days 1,642 sqft
    2020-02-01 47 days 1,674 sqft
    2020-03-01 44 days 1,755 sqft
    2020-04-01 51 days 1,737 sqft
    2020-05-01 59 days 1,764 sqft
    2020-06-01 47 days 1,801 sqft
    2020-07-01 38 days 1,783 sqft
    2020-08-01 36 days 1,801 sqft
    2020-09-01 29 days 1,793 sqft
    2020-10-01 30 days 1,737 sqft
    2020-11-01 41 days 1,650 sqft
    2020-12-01 50 days 1,622 sqft
    2021-01-01 46 days 1,600 sqft
    2021-02-01 42 days 1,673 sqft
    2021-03-01 23 days 1,673 sqft
    2021-04-01 16 days 1,730 sqft
    2021-05-01 14 days 1,688 sqft
    2021-06-01 16 days 1,685 sqft
    2021-07-01 21 days 1,641 sqft
    2021-08-01 23 days 1,648 sqft
    2021-09-01 25 days 1,610 sqft
    2021-10-01 26 days 1,569 sqft
    2021-11-01 27 days 1,562 sqft
    2021-12-01 34 days 1,569 sqft
    2022-01-01 44 days 1,541 sqft
    2022-02-01 20 days 1,579 sqft
    2022-03-01 22 days 1,607 sqft
    2022-04-01 14 days 1,704 sqft
    2022-05-01 12 days 1,694 sqft
    2022-06-01 18 days 1,731 sqft
    2022-07-01 23 days 1,656 sqft
    2022-08-01 28 days 1,633 sqft
    2022-09-01 32 days 1,628 sqft
    2022-10-01 35 days 1,638 sqft
    2022-11-01 37 days 1,637 sqft
    2022-12-01 44 days 1,619 sqft
    2023-01-01 44 days 1,564 sqft
    2023-02-01 30 days 1,534 sqft
    2023-03-01 32 days 1,613 sqft
    2023-04-01 18 days 1,622 sqft
    2023-05-01 18 days 1,615 sqft
    2023-06-01 18 days 1,680 sqft
    2023-07-01 21 days 1,720 sqft
    2023-08-01 23 days 1,673 sqft
    2023-09-01 29 days 1,670 sqft
    2023-10-01 28 days 1,662 sqft
    2023-11-01 32 days 1,589 sqft
    2023-12-01 38 days 1,564 sqft
    2024-01-01 45 days 1,540 sqft
    2024-02-01 32 days 1,535 sqft
    2024-03-01 23 days 1,580 sqft
    2024-04-01 17 days 1,598 sqft
    2024-05-01 17 days 1,648 sqft
    2024-06-01 23 days 1,564 sqft
    2024-07-01 28 days 1,567 sqft
    2024-08-01 28 days 1,575 sqft
    2024-09-01 24 days 1,565 sqft
    2024-10-01 25 days 1,588 sqft
    2024-11-01 32 days 1,569 sqft
    2024-12-01 47 days 1,563 sqft
    2025-01-01 56 days 1,537 sqft
    2025-02-01 41 days 1,538 sqft
    2025-03-01 31 days 1,555 sqft
    2025-04-01 23 days 1,650 sqft
    Springfield's median listing age (time on market) for 2025-04-01 was 23 days. This is 39% longer than the same period one year ago.

    Springfield's median square footage for active listings during the 2025-04-01 period was 1,650 sqft. One year prior, the average listing was 1,598 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).