Springfield FHA Loan Rates, Closing Costs & Stats

SPRINGFIELD, MA

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 6.48% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

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

The average rate for the prior week (2025-03-28) was 6.38% and one month ago for the week of 2025-02-28, the average rate was 6.57%.

The average rate one year ago was 6.59%.

For refis of the same type during the week of 2025-04-04, the average rate was 6.49%.

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%) 0.00 320
Springfield's median listing price for 2025-03-01 was $329,900, a difference of $5,000 (1.5%) versus the prior year and $4,900 versus the prior month.

Springfield's median listing price comes in at 0% of the national average.

Springfield's average listing price for 2025-03-01 was $390,311, a difference of $-11,535 (-2.9%) versus the prior year and $605 versus the prior month.

For the 2025-03-01 period, Springfield had 320 MLS listings, a difference of -23 listings (-7%) versus the prior month and 71 listings (29%) 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 0 days 1,555 sqft
Springfield's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

Springfield's median square footage for active listings during the 2025-03-01 period was 1,555 sqft. One year prior, the average listing was 1,580 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).