Springfield FHA Loan Rates, Closing Costs & Stats

SPRINGFIELD, MO

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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 94 lenders originated 1,335 FHA loans during 2023. The total origination value was $274,875,000, with an average FHA loan value of $205,899.

    Springfield FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Springfield averaged 6.54% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

    Springfield's average FHA mortgage closing costs are $6,024.

    The average rate for the prior week (2025-02-07) was 6.55% and one month ago for the week of 2025-01-10, the average rate was 6.51%.

    The average rate one year ago was 6.44%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.03%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FLAT BRANCH MORTGAGE, INC. 155 6.71% $7,342
    DAS Acquisition Company, LLC 134 6.77% $8,804
    QUICKEN LOANS, LLC 128 6.37% $9,386
    GERSHMAN INVESTMENT CORP. 74 6.98% $8,091
    UNITED WHOLESALE MORTGAGE, LLC 72 6.29% $12,162
    BROKER SOLUTIONS, INC. 38 6.67% $8,738
    PENNYMAC LOAN SERVICES, LLC 37 6.42% $10,171
    The Central Trust Bank 37 6.52% $7,036
    Plains Commerce Bank 33 6.47% $10,346
    Mortgage Research Center, LLC 30 6.86% $4,999
    CARDINAL FINANCIAL 21 6.30% $9,091
    AMERISAVE MORTGAGE CORPORATION 21 5.96% $11,404
    Springfield First Community Bank 21 6.75% $7,959
    Mr. Cooper ( Nationstar Mortgage ) 20 6.34% $12,172
    Hawthorn Bank 19 6.24% $7,292
    Arvest Bank 19 6.80% $7,557
    MOVEMENT MORTGAGE, LLC 19 6.74% $8,217
    LOANDEPOT.COM, LLC 18 6.23% $11,902
    Great Southern Bank 18 6.19% $6,332
    GUILD MORTGAGE COMPANY 18 6.69% $8,330
    FREEDOM MORTGAGE CORPORATION 17 7.02% $12,299
    PRIMELENDING, A PLAINSCAPITAL COMPANY 16 6.93% $9,122
    GUARANTEED RATE, INC. 13 6.30% $8,011
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 7.40% $8,640
    Oakstar Bank 12 6.42% $7,043
    ASSEMBLIES OF GOD Credit Union 11 6.77% $8,176
    MORTGAGE FINANCIAL SERVICES, LLC 11 6.92% $9,148
    PREMIER MORTGAGE RESOURCES, L.L.C. 10 6.66% $9,366
    ENDEAVOR CAPITAL, LLC. 10 6.37% $10,818
    U.S. Bank 9 6.39% $6,483
    Equity Prime Mortgage LLC 9 7.06% $9,618
    Regions Bank 9 5.85% $7,076
    NEWREZ LLC 8 7.06% $6,671
    VILLAGE CAPITAL MORTGAGE 8 6.47% $5,999
    BANK OF LITTLE ROCK MORTGAGE CORPORATION 8 6.61% $8,444
    BancorpSouth 8 6.42% $5,902
    Carrington Mortgage Services, LLC 7 6.50% $10,386
    LOANPAL, LLC 7 6.11% $9,162
    LAKEVIEW LOAN SERVICING, LLC 6 6.08% $10,502
    AMERICAN FINANCIAL NETWORK, INC. 5 6.63% $11,864
    Flagstar Bank, FSB 5 6.94% $6,894
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.98% $16,408
    Simmons Bank 5 6.58% $7,251
    CROSSCOUNTRY MORTGAGE, LLC 4 7.13% $6,603
    PLANET HOME LENDING, LLC 4 5.84% $7,252
    SUN WEST MORTGAGE COMPANY, INC. 4 6.31% $10,624
    TOP FLITE FINANCIAL, INC. 4 6.75% $15,417
    Paramount Residential Mortgage Group, Inc. 4 6.72% $8,786
    MID AMERICA MORTGAGE, INC. 3 7.38% $7,578
    Servion, Inc. 3 6.58% $6,847
    AMERICAN FINANCING CORPORATION 3 6.38% $13,619
    ROYAL UNITED MORTGAGE LLC 3 7.33% $11,181
    AXIA FINANCIAL, LLC 3 6.38% $8,553
    ON Q FINANCIAL, INC. 3 7.17% $7,406
    Prosperity Home Mortgage, LLC 3 5.83% $7,457
    COMMUNITY MORTGAGE, LLC 3 7.29% $6,674
    Bank of America 2 6.38% $3,362
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 7.00% $13,410
    BLUCURRENT 2 7.13% $6,794
    LEADERONE FINANCIAL CORPORATION 2 6.44% $7,171
    JPMorgan Chase Bank 2 6.81% $8,392
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.44% $11,069
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.88% $5,927
    Ameris Bank 2 6.69% $8,619
    EVERETT FINANCIAL, INC. 2 6.63% $12,143
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.25% $5,983
    Commerce Bank 2 6.31% $5,545
    United Fidelity Funding Corp. 2 6.31% $7,834
    Willamette Valley Bank 1 6.50% $7,373
    American Mortgage & Equity Consultants, Inc. 1 6.75% $13,579
    AmeriHome Mortgage Company, LLC 1 6.13% $10,119
    Bell Bank 1 5.75% $6,159
    CHURCHILL MORTGAGE CORPORATION 1 6.63% $8,591
    CMG MORTGAGE, INC. 1 6.75% $7,196
    CRESCENT MORTGAGE COMPANY 1 5.50% $19,813
    DELMAR FINANCIAL COMPANY 1 7.13% $8,187
    First Bank 1 6.50% $6,042
    FIRST INTEGRITY MORTGAGE SERVICES, INC. 1 7.63% $3,783
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.75% $11,357
    Ixonia Bank 1 6.99% $9,705
    MEGASTAR FINANCIAL CORP. 1 6.75% $6,292
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $14,041
    Nations Lending Corporation 1 6.75% $4,789
    Neighborhood Loans, Inc. 1 5.38% $13,600
    NexBank 1 6.13% $10,485
    Old National Bank 1 6.25% $8,077
    OPEN MORTGAGE, LLC 1 5.75% $22,226
    PLAZA HOME MORTGAGE, INC. 1 6.75% $14,234
    PNC Bank 1 6.25% $5,534
    TOWNE MORTGAGE COMPANY 1 5.49% $12,776
    UMB Bank 1 5.75% $8,203
    US MORTGAGE CORPORATION 1 6.13% $10,429
    VERITAS FUNDING, LLC 1 6.00% $14,847
    Academy Bank 1 6.50% $6,100

    The top Springfield FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 155 FHA loans originated. Their average total fees are $7,342, which is $1,463 lower than the next largest lender, DAS Acquisition Company, LLC.

    The lowest fee Springfield FHA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,999), Great Southern Bank ($6,332), The Central Trust Bank ($7,036), Oakstar Bank ($7,043) and Hawthorn Bank ($7,292).

    The lowest rate Springfield FHA lenders (with over 10 loans originated) are AMERISAVE MORTGAGE CORPORATION (5.96%), Great Southern Bank (6.19%), LOANDEPOT.COM, LLC (6.23%), Hawthorn Bank (6.24%) and UNITED WHOLESALE MORTGAGE, LLC (6.29%).

    Springfield FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SPRINGFIELD, MO CHRISTIAN 2022 $420,680 $538,650 $651,050 $809,150
    SPRINGFIELD, MO DALLAS 2022 $420,680 $538,650 $651,050 $809,150
    SPRINGFIELD, MO GREENE 2022 $420,680 $538,650 $651,050 $809,150
    SPRINGFIELD, MO POLK 2022 $420,680 $538,650 $651,050 $809,150
    SPRINGFIELD, MO WEBSTER 2022 $420,680 $538,650 $651,050 $809,150
    SPRINGFIELD, MO CHRISTIAN 2023 $472,030 $604,400 $730,525 $907,900
    SPRINGFIELD, MO DALLAS 2023 $472,030 $604,400 $730,525 $907,900
    SPRINGFIELD, MO GREENE 2023 $472,030 $604,400 $730,525 $907,900
    SPRINGFIELD, MO POLK 2023 $472,030 $604,400 $730,525 $907,900
    SPRINGFIELD, MO WEBSTER 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 $176,900 (14.0%) $239,476 (13.2%) 0.66 1,628
    2018-02-01 $183,925 (15.0%) $240,957 (12.3%) 0.67 1,570
    2018-03-01 $189,900 (11.8%) $244,326 (8.0%) 0.67 1,527
    2018-04-01 $199,925 (11.1%) $255,802 (6.2%) 0.68 1,510
    2018-05-01 $207,950 (15.6%) $263,607 (8.4%) 0.69 1,517
    2018-06-01 $217,000 (19.7%) $269,986 (10.1%) 0.72 1,663
    2018-07-01 $205,000 (14.0%) $266,342 (9.4%) 0.68 1,775
    2018-08-01 $189,900 (4.8%) $250,567 (2.4%) 0.64 1,944
    2018-09-01 $189,500 (5.3%) $246,948 (2.6%) 0.64 1,956
    2018-10-01 $186,950 (3.9%) $243,010 (0.9%) 0.63 1,955
    2018-11-01 $183,250 (2.1%) $241,238 (0.6%) 0.62 1,928
    2018-12-01 $182,900 (3.4%) $238,283 (-0.7%) 0.63 1,815
    2019-01-01 $189,900 (7.4%) $241,336 (0.8%) 0.66 1,629
    2019-02-01 $192,175 (4.5%) $242,498 (0.6%) 0.65 1,569
    2019-03-01 $205,714 (8.3%) $252,253 (3.2%) 0.67 1,472
    2019-04-01 $222,500 (11.3%) $265,941 (4.0%) 0.71 1,377
    2019-05-01 $237,400 (14.2%) $277,850 (5.4%) 0.74 1,364
    2019-06-01 $231,450 (6.7%) $280,621 (3.9%) 0.73 1,522
    2019-07-01 $227,400 (10.9%) $275,991 (3.6%) 0.71 1,565
    2019-08-01 $223,536 (17.7%) $270,230 (7.9%) 0.71 1,647
    2019-09-01 $221,491 (16.9%) $268,176 (8.6%) 0.71 1,662
    2019-10-01 $220,152 (17.8%) $266,502 (9.7%) 0.71 1,683
    2019-11-01 $217,500 (18.7%) $261,791 (8.5%) 0.71 1,700
    2019-12-01 $214,900 (17.5%) $261,209 (9.6%) 0.72 1,577
    2020-01-01 $217,450 (14.5%) $265,065 (9.8%) 0.73 1,455
    2020-02-01 $219,900 (14.4%) $273,009 (12.6%) 0.72 1,343
    2020-03-01 $228,750 (11.2%) $287,344 (13.9%) 0.72 1,290
    2020-04-01 $229,900 (3.3%) $283,465 (6.6%) 0.72 1,350
    2020-05-01 $243,900 (2.7%) $300,018 (8.0%) 0.74 1,202
    2020-06-01 $256,023 (10.6%) $316,962 (13.0%) 0.75 1,068
    2020-07-01 $248,550 (9.3%) $317,831 (15.2%) 0.72 1,031
    2020-08-01 $249,900 (11.8%) $319,539 (18.3%) 0.72 986
    2020-09-01 $249,950 (12.9%) $317,385 (18.4%) 0.72 989
    2020-10-01 $237,900 (8.1%) $311,976 (17.1%) 0.68 1,017
    2020-11-01 $242,450 (11.5%) $312,002 (19.2%) 0.71 916
    2020-12-01 $242,625 (12.9%) $314,952 (20.6%) 0.72 814
    2021-01-01 $250,000 (15.0%) $331,455 (25.1%) 0.75 689
    2021-02-01 $263,975 (20.0%) $365,284 (33.8%) 0.77 509
    2021-03-01 $284,400 (24.3%) $386,983 (34.7%) 0.81 410
    2021-04-01 $272,500 (18.5%) $387,313 (36.6%) 0.74 397
    2021-05-01 $269,225 (10.4%) $396,489 (32.2%) 0.72 459
    2021-06-01 $272,050 (6.3%) $394,780 (24.6%) 0.72 505
    2021-07-01 $277,450 (11.6%) $383,617 (20.7%) 0.73 599
    2021-08-01 $270,200 (8.1%) $364,639 (14.1%) 0.72 661
    2021-09-01 $272,425 (9.0%) $362,113 (14.1%) 0.73 675
    2021-10-01 $279,950 (17.7%) $378,716 (21.4%) 0.75 660
    2021-11-01 $299,900 (23.7%) $402,516 (29.0%) 0.80 575
    2021-12-01 $297,225 (22.5%) $387,938 (23.2%) 0.81 521
    2022-01-01 $314,500 (25.8%) $427,302 (28.9%) 0.85 448
    2022-02-01 $327,425 (24.0%) $437,726 (19.8%) 0.85 378
    2022-03-01 $326,125 (14.7%) $434,662 (12.3%) 0.82 382
    2022-04-01 $319,950 (17.4%) $416,888 (7.6%) 0.76 430
    2022-05-01 $345,613 (28.4%) $429,755 (8.4%) 0.79 552
    2022-06-01 $349,800 (28.6%) $432,315 (9.5%) 0.78 688
    2022-07-01 $345,000 (24.4%) $425,202 (10.8%) 0.78 913
    2022-08-01 $339,225 (25.6%) $415,812 (14.0%) 0.78 893
    2022-09-01 $338,788 (24.4%) $412,872 (14.0%) 0.79 887
    2022-10-01 $320,375 (14.4%) $413,797 (9.3%) 0.75 970
    2022-11-01 $319,900 (6.7%) $413,205 (2.7%) 0.77 1,020
    2022-12-01 $316,000 (6.3%) $402,541 (3.8%) 0.78 1,023
    2023-01-01 $312,500 (-0.6%) $394,806 (-7.6%) 0.77 889
    2023-02-01 $324,950 (-0.8%) $412,137 (-5.9%) 0.78 789
    2023-03-01 $342,500 (5.0%) $444,503 (2.3%) 0.81 712
    2023-04-01 $349,900 (9.4%) $454,172 (8.9%) 0.81 685
    2023-05-01 $357,475 (3.4%) $454,084 (5.7%) 0.81 713
    2023-06-01 $363,475 (3.9%) $446,082 (3.2%) 0.82 768
    2023-07-01 $349,900 (1.4%) $437,372 (2.9%) 0.80 858
    2023-08-01 $350,000 (3.2%) $436,889 (5.1%) 0.80 934
    2023-09-01 $349,000 (3.0%) $417,962 (1.2%) 0.81 1,034
    2023-10-01 $331,200 (3.4%) $402,541 (-2.7%) 0.78 1,118
    2023-11-01 $314,999 (-1.5%) $395,026 (-4.4%) 0.75 1,181
    2023-12-01 $319,200 (1.0%) $398,587 (-1.0%) 0.78 1,136
    2024-01-01 $330,000 (5.6%) $407,898 (3.3%) 0.81 1,009
    2024-02-01 $337,450 (3.9%) $408,241 (-1.0%) 0.81 942
    2024-03-01 $339,948 (-0.8%) $417,825 (-6.0%) 0.80 975
    2024-04-01 $340,000 (-2.8%) $423,216 (-6.8%) 0.79 1,065
    2024-05-01 $339,986 (-4.9%) $423,485 (-6.7%) 0.77 1,134
    2024-06-01 $345,000 (-5.1%) $428,437 (-4.0%) 0.78 1,273
    2024-07-01 $340,000 (-2.8%) $424,760 (-2.9%) 0.78 1,367
    2024-08-01 $340,000 (-2.9%) $427,648 (-2.1%) 0.79 1,421
    2024-09-01 $339,125 (-2.8%) $429,673 (2.8%) 0.80 1,614
    2024-10-01 $333,000 (0.5%) $423,235 (5.1%) 0.78 1,657
    2024-11-01 $319,995 (1.6%) $421,211 (6.6%) 0.77 1,793
    2024-12-01 $315,000 (-1.3%) $414,901 (4.1%) 0.78 1,587
    2025-01-01 $319,900 (-3.1%) $415,416 (1.8%) 0.00 1,503
    Springfield's median listing price for 2025-01-01 was $319,900, a difference of $-10,100 (-3.1%) 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 2025-01-01 was $415,416, a difference of $7,518 (1.8%) versus the prior year and $515 versus the prior month.

    For the 2025-01-01 period, Springfield had 1,503 MLS listings, a difference of -84 listings (-5%) versus the prior month and 494 listings (49%) 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 80 days 1,923 sqft
    2018-02-01 74 days 1,934 sqft
    2018-03-01 53 days 1,971 sqft
    2018-04-01 50 days 2,028 sqft
    2018-05-01 45 days 2,117 sqft
    2018-06-01 44 days 2,173 sqft
    2018-07-01 45 days 2,123 sqft
    2018-08-01 44 days 1,975 sqft
    2018-09-01 46 days 1,930 sqft
    2018-10-01 52 days 1,912 sqft
    2018-11-01 58 days 1,880 sqft
    2018-12-01 64 days 1,870 sqft
    2019-01-01 72 days 1,888 sqft
    2019-02-01 63 days 1,891 sqft
    2019-03-01 55 days 1,965 sqft
    2019-04-01 52 days 2,082 sqft
    2019-05-01 46 days 2,137 sqft
    2019-06-01 43 days 2,158 sqft
    2019-07-01 47 days 2,095 sqft
    2019-08-01 49 days 2,030 sqft
    2019-09-01 51 days 1,989 sqft
    2019-10-01 52 days 1,963 sqft
    2019-11-01 52 days 1,900 sqft
    2019-12-01 65 days 1,860 sqft
    2020-01-01 79 days 1,860 sqft
    2020-02-01 80 days 1,852 sqft
    2020-03-01 61 days 1,954 sqft
    2020-04-01 48 days 1,935 sqft
    2020-05-01 57 days 2,000 sqft
    2020-06-01 62 days 2,134 sqft
    2020-07-01 44 days 2,123 sqft
    2020-08-01 37 days 2,064 sqft
    2020-09-01 39 days 2,032 sqft
    2020-10-01 36 days 1,958 sqft
    2020-11-01 43 days 1,968 sqft
    2020-12-01 55 days 1,939 sqft
    2021-01-01 57 days 2,000 sqft
    2021-02-01 46 days 2,034 sqft
    2021-03-01 38 days 2,121 sqft
    2021-04-01 22 days 2,069 sqft
    2021-05-01 20 days 2,073 sqft
    2021-06-01 23 days 2,008 sqft
    2021-07-01 23 days 2,016 sqft
    2021-08-01 28 days 1,971 sqft
    2021-09-01 32 days 1,923 sqft
    2021-10-01 32 days 1,933 sqft
    2021-11-01 39 days 1,951 sqft
    2021-12-01 43 days 1,927 sqft
    2022-01-01 49 days 1,946 sqft
    2022-02-01 34 days 1,973 sqft
    2022-03-01 24 days 2,003 sqft
    2022-04-01 20 days 1,955 sqft
    2022-05-01 22 days 2,000 sqft
    2022-06-01 23 days 2,000 sqft
    2022-07-01 29 days 1,994 sqft
    2022-08-01 40 days 2,019 sqft
    2022-09-01 41 days 1,948 sqft
    2022-10-01 38 days 1,920 sqft
    2022-11-01 44 days 1,905 sqft
    2022-12-01 54 days 1,900 sqft
    2023-01-01 62 days 1,924 sqft
    2023-02-01 55 days 1,927 sqft
    2023-03-01 47 days 1,990 sqft
    2023-04-01 40 days 2,000 sqft
    2023-05-01 32 days 2,064 sqft
    2023-06-01 37 days 2,077 sqft
    2023-07-01 32 days 2,017 sqft
    2023-08-01 32 days 2,057 sqft
    2023-09-01 37 days 2,004 sqft
    2023-10-01 38 days 1,955 sqft
    2023-11-01 42 days 1,860 sqft
    2023-12-01 50 days 1,886 sqft
    2024-01-01 60 days 1,910 sqft
    2024-02-01 55 days 1,871 sqft
    2024-03-01 38 days 1,925 sqft
    2024-04-01 36 days 1,927 sqft
    2024-05-01 37 days 1,870 sqft
    2024-06-01 38 days 1,956 sqft
    2024-07-01 44 days 1,930 sqft
    2024-08-01 46 days 1,933 sqft
    2024-09-01 46 days 1,885 sqft
    2024-10-01 53 days 1,872 sqft
    2024-11-01 60 days 1,801 sqft
    2024-12-01 64 days 1,750 sqft
    2025-01-01 0 days 1,743 sqft
    Springfield's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    Springfield's median square footage for active listings during the 2025-01-01 period was 1,743 sqft. One year prior, the average listing was 1,910 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).