Stockton FHA Loan Rates, Closing Costs & Stats

STOCKTON, CA

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.

Stockton's 174 lenders originated 3,884 FHA loans during 2021. The total origination value was $1,349,780,000, with an average FHA loan value of $347,523.

Stockton FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Stockton averaged 6.2% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Stockton's average FHA mortgage closing costs are $10,529.

The average rate for the prior week (2022-11-25) was 6.52% and one month ago for the week of 2022-10-28, the average rate was 6.76%.

The average rate one year ago was 3.49%.

For refis of the same type during the week of 2022-12-02, the average rate was 5.96%.

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

Stockton 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 Stockton level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 254 2.65% $10,883
QUICKEN LOANS, LLC 221 2.65% $9,072
FREEDOM MORTGAGE CORPORATION 180 2.71% $7,176
SUMMIT FUNDING, INC. 163 3.21% $14,094
FINANCE OF AMERICA MORTGAGE LLC 154 2.90% $12,570
CALIBER HOME LOANS, INC. 144 2.90% $10,838
LOANDEPOT.COM, LLC 124 3.17% $12,637
AMERICAN PACIFIC MORTGAGE CORPORATION 100 3.09% $12,047
HOME POINT FINANCIAL CORPORATION 87 2.74% $10,737
LAKEVIEW LOAN SERVICING, LLC 65 2.81% $5,992
PENNYMAC LOAN SERVICES, LLC 57 2.98% $7,345
Mr. Cooper ( Nationstar Mortgage ) 56 2.98% $7,524
Lakeview Community Capital, LLC 55 2.84% $6,232
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 54 3.21% $13,733
Carrington Mortgage Services, LLC 51 3.13% $10,841
MOVEMENT MORTGAGE, LLC 49 3.19% $11,610
BROKER SOLUTIONS, INC. 48 3.14% $11,593
Paramount Residential Mortgage Group, Inc. 47 3.15% $12,216
Equity Prime Mortgage LLC 46 3.17% $11,495
PRIMARY RESIDENTIAL MORTGAGE, INC. 44 3.28% $15,250
STEARNS LENDING, LLC 42 3.10% $14,455
HOMEBRIDGE FINANCIAL SERVICES, INC. 42 2.80% $10,597
AMERICAN FINANCIAL NETWORK, INC. 41 3.09% $15,070
Commerce Home Mortgage, Inc. 39 3.02% $12,270
NEWREZ LLC 39 2.81% $8,282
VILLAGE CAPITAL MORTGAGE 38 2.68% $4,111
SCENIC OAKS FUNDING, INC. 38 2.86% $11,304
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 38 3.59% $13,907
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 36 2.98% $13,636
CROSSCOUNTRY MORTGAGE, LLC 31 3.09% $13,173
Golden Empire Mortgage, Inc. 30 3.09% $13,330
ALAMEDA MORTGAGE CORPORATION 29 3.23% $11,804
SUN WEST MORTGAGE COMPANY, INC. 29 2.96% $10,649
GUARANTEED RATE, INC. 28 3.04% $12,884
Sierra Pacific Mortgage Company, Inc. 26 3.24% $12,546
HOMEOWNERS FINANCIAL GROUP USA, LLC 24 3.32% $14,221
MOUNTAIN WEST FINANCIAL, INC. 23 3.34% $15,550
CALCON MUTUAL MORTGAGE LLC 23 3.42% $13,637
GUILD MORTGAGE COMPANY 23 3.08% $13,781
CMG MORTGAGE, INC. 22 3.19% $14,945
Hometown Equity Mortgage, LLC 22 3.47% $14,923
KBHS HOME LOANS, LLC 21 3.20% $16,922
MASON MCDUFFIE MORTGAGE CORPORATION 20 3.16% $13,262
ROUNDPOINT MORTGAGE SERVICING CORPORATION 18 3.54% $15,136
DIGNIFIED HOME LOANS, LLC 16 2.91% $9,921
HOMEAMERICAN MORTGAGE CORPORATION 16 2.69% $8,527
PLANET HOME LENDING, LLC 15 2.77% $9,869
Amerifirst Financial, Inc. 15 3.07% $12,287
NATIONS DIRECT MORTGAGE, LLC 14 2.96% $13,031
SNAPFI, INC. 14 3.23% $9,846
DHI MORTGAGE COMPANY, LTD. 13 2.77% $12,788
ACADEMY MORTGAGE CORPORATION 12 3.21% $10,977
AMERISAVE MORTGAGE CORPORATION 12 2.82% $11,569
S1L, Inc. 12 3.08% $11,953
First Guaranty Mortgage Corporation 12 2.78% $7,765
Platinum Home Mortgage Corporation 11 3.16% $14,842
BAY EQUITY LLC 11 3.11% $11,956
LAND HOME FINANCIAL SERVICES, INC. 10 3.21% $13,748
InterContinental Capital Group, Inc 10 2.60% $7,954
LOANPAL, LLC 9 2.56% $11,955
FBC MORTGAGE, LLC 9 2.94% $10,861
INSPIRE HOME LOANS INC. 9 3.35% $13,483
BEST CAPITAL FUNDING 9 2.81% $13,472
ARK-LA-TEX FINANCIAL SERVICES, LLC. 9 2.75% $11,249
GoPrime Mortgage, Inc. 9 3.17% $12,484
OCMBC, INC. 8 3.20% $9,623
MORIA DEVELOPMENT, INC. 7 3.46% $11,928
PLAZA HOME MORTGAGE, INC. 7 2.87% $11,114
Flagstar Bank, FSB 6 3.04% $11,375
Nations Lending Corporation 6 3.29% $12,930
PREMIER LENDING, INC. 6 2.92% $10,950
SECURITYNATIONAL MORTGAGE COMPANY 6 3.13% $13,244
BECKAM FUNDING CORP. 5 3.63% $19,593
AmeriHome Mortgage Company, LLC 5 3.00% $5,128
Bank of America 5 2.88% $8,381
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 2.85% $10,698
MUTUAL OF OMAHA MORTGAGE, INC. 5 2.65% $7,973
United Fidelity Funding Corp. 5 2.80% $9,862
DIRECT MORTGAGE, CORP. 4 2.66% $14,124
LENDUS, LLC 4 2.53% $11,263
EMBRACE HOME LOANS, INC. 4 2.65% $13,484
Plains Commerce Bank 4 2.81% $11,517
CELEBRITY HOME LOANS, LLC 4 2.72% $9,900
Barrington Bank & Trust Company, N.A. 4 3.03% $10,349
Loan Simple, Inc. 4 2.90% $9,170
EVERETT FINANCIAL, INC. 4 3.47% $9,456
AHL FUNDING 3 2.92% $18,160
The Federal Savings Bank 3 2.92% $15,961
Hometown Lenders, Inc. 3 2.79% $11,164
AMCAP MORTGAGE, LTD. 3 3.96% $12,496
EAGLE HOME MORTGAGE, LLC 3 3.46% $12,712
PREMIER MORTGAGE RESOURCES, L.L.C. 3 3.04% $13,312
CANOPY MORTGAGE, LLC 3 2.67% $13,183
Bank of the West 3 3.63% $11,408
MID AMERICA MORTGAGE, INC. 3 3.00% $3,072
RESIDENTIAL BANCORP. 3 3.04% $12,898
PARKSIDE LENDING, LLC 3 2.96% $9,734
PACIFIC RESIDENTIAL MORTGAGE, LLC 2 2.81% $12,550
TRAVIS CREDIT UNION 2 2.81% $9,710
Umpqua Bank 2 2.94% $7,898
PANORAMA MORTGAGE GROUP, LLC 2 3.63% $14,506
ZILLOW HOME LOANS, LLC 2 2.75% $11,524
FIRST ALLIANCE HOME MORTGAGE, LLC 2 2.94% $11,565
WESTERN EXPRESS LENDING 2 3.06% $10,989
CLEARPATH LENDING 2 2.75% $6,956
LADERA LENDING, INC. 2 2.50% $10,806
ENVOY MORTGAGE, LTD 2 3.19% $15,322
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.56% $14,389
Prosperity Home Mortgage, LLC 2 3.19% $11,601
CAMPOS FINANCIAL CORP. 2 3.00% $18,326
Residential Mortgage Solutions, Inc. 2 2.56% $7,730
M&T Bank 2 2.88% $11,481
Home Mortgage Alliance Corp 2 2.75% $11,083
JMJ FINANCIAL GROUP 2 3.06% $10,607
Shea Mortgage Inc. 2 2.38% $8,398
JPMorgan Chase Bank 2 2.81% $7,677
SOVEREIGN LENDING GROUP INCORPORATED 2 2.50% $12,190
NFM, INC. 2 2.94% $8,848
North American Savings Bank, F.S.B. 2 2.50% $7,601
Low VA Rates, LLC 2 2.50% $5,686
OCEANSIDE MORTGAGE COMPANY 2 3.06% $6,668
First Bank 2 3.31% $15,751
THRIVE MORTGAGE, LLC 2 2.88% $13,078
MICHIGAN MUTUAL, INC. 2 2.75% $8,621
WALL FINANCIAL, INC. 1 3.00% $11,116
Wells Fargo Bank 1 3.00% $5,910
WINNPOINTE CORPORATION 1 2.75% $4,809
HOMESTEAD FUNDING CORP. 1 2.63% $8,227
iCore Lending, Inc. 1 3.75% $9,777
INTELLILOAN, INC. 1 2.50% $9,744
HOMESIDE FINANCIAL, LLC 1 2.63% $9,537
KELLER MORTGAGE, LLC 1 2.63% $8,915
HOME FUNDING CORPORATION 1 2.75% $7,096
HOME APPROVALS DIRECT, INC. 1 2.88% $13,489
GUARANTEED RATE AFFINITY, LLC 1 2.25% $9,141
Goldwater Bank, N.A. 1 2.88% $12,588
LENOX FINANCIAL MORTGAGE CORPORATION 1 3.75% $11,425
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 4.00% $14,771
LOANLEADERS OF AMERICA, INC. 1 3.38% $9,098
First Option Mortgage, LLC 1 4.25% $18,841
ML Mortgage Corp. 1 3.13% $9,129
Mortgage Research Center, LLC 1 2.99% $10,319
MUFG Union Bank 1 2.75% $10,044
Wyndham Capital Mortgage, Inc. 1 2.88% $7,502
DIRECTORS MORTGAGE, INC. 1 2.99% $9,250
Neighborhood Loans, Inc. 1 3.13% $12,247
NOVA FINANCIAL & INVESTMENT CORPORATION 1 3.75% $11,011
DATA MORTGAGE, INC. 1 3.38% $15,293
OPEN MORTGAGE, LLC 1 2.63% $12,183
Credence Funding Corporation 1 2.25% $7,782
COUNTRY CLUB MORTGAGE, INC. 1 2.63% $12,292
PIKE CREEK MORTGAGE SERVICES, INC. 1 3.88% $3,639
CHERRY CREEK MORTGAGE, LLC 1 2.75% $787
Century Mortgage Company DBA Century Lending Company 1 3.25% $10,997
Prime Choice Funding Inc. 1 3.25% $12,293
PULTE MORTGAGE LLC 1 3.13% $9,450
RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 3.00% $13,380
Bank of England 1 2.25% $12,347
ARC HOME LLC 1 3.50% $9,298
ANGEL OAK HOME LOANS LLC 1 2.75% $9,440
AmRes Corporation 1 2.38% $10,422
SOUTHWEST STAGE FUNDING, LLC 1 3.38% $12,453
Ameris Bank 1 2.75% $10,601
Strong Home Mortgage, LLC 1 2.88% $6,300
AMERICAN FINANCING CORPORATION 1 2.50% $13,379
Sunflower Bank 1 3.75% $21,056
AMERICAN FINANCIAL RESOURCES, INC. 1 4.25% $12,721
THE GOLDEN 1 1 2.50% $11,157
TJC Mortgage, Inc. 1 3.25% $9,084
TOWNE MORTGAGE COMPANY 1 3.38% $6,557
UNION HOME MORTGAGE CORP. 1 2.75% $9,395
UNITED SECURITY FINANCIAL CORP 1 2.38% $9,627
U.S. Bank 1 3.13% $11,432
VISION ONE MORTGAGE, INC. 1 3.00% $6,465

The top Stockton FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 254 FHA loans originated. Their average total fees are $10,883, which is $1,811 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Stockton FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($4,111), LAKEVIEW LOAN SERVICING, LLC ($5,992), Lakeview Community Capital, LLC ($6,232), FREEDOM MORTGAGE CORPORATION ($7,176) and PENNYMAC LOAN SERVICES, LLC ($7,345).

The lowest rate Stockton FHA lenders (with over 10 loans originated) are InterContinental Capital Group, Inc (2.60%), UNITED WHOLESALE MORTGAGE, LLC (2.65%), QUICKEN LOANS, LLC (2.65%), VILLAGE CAPITAL MORTGAGE (2.68%) and HOMEAMERICAN MORTGAGE CORPORATION (2.69%).

Stockton FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
STOCKTON, CA SAN JOAQUIN 2022 $563,500 $721,400 $872,000 $1,083,650

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Stockton (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 $383,500 (12.1%) $466,243 (8.2%) 1.42 825
2018-02-01 $377,000 (8.0%) $467,496 (9.4%) 1.37 821
2018-03-01 $375,000 (7.7%) $454,806 (6.5%) 1.32 828
2018-04-01 $383,250 (6.5%) $470,046 (8.8%) 1.30 920
2018-05-01 $383,000 (3.0%) $478,855 (7.4%) 1.28 1,039
2018-06-01 $389,900 (2.8%) $482,302 (7.6%) 1.30 1,151
2018-07-01 $389,900 (1.3%) $475,160 (6.0%) 1.30 1,216
2018-08-01 $385,500 (1.5%) $464,159 (3.8%) 1.29 1,371
2018-09-01 $385,000 (1.6%) $464,069 (4.0%) 1.29 1,475
2018-10-01 $385,125 (2.7%) $460,912 (3.3%) 1.30 1,506
2018-11-01 $386,425 (3.0%) $509,344 (12.2%) 1.31 1,504
2018-12-01 $389,000 (2.4%) $461,578 (0.7%) 1.34 1,395
2019-01-01 $386,250 (0.7%) $452,564 (-2.9%) 1.33 1,206
2019-02-01 $380,000 (0.8%) $452,218 (-3.3%) 1.28 1,151
2019-03-01 $400,082 (6.7%) $476,973 (4.9%) 1.31 1,141
2019-04-01 $417,000 (8.8%) $488,911 (4.0%) 1.32 1,176
2019-05-01 $419,500 (9.5%) $497,401 (3.9%) 1.31 1,304
2019-06-01 $424,999 (9.0%) $554,533 (15.0%) 1.33 1,404
2019-07-01 $428,598 (9.9%) $873,615 (83.9%) 1.34 1,457
2019-08-01 $426,727 (10.7%) $1,030,299 (122.0%) 1.35 1,442
2019-09-01 $421,818 (9.6%) $782,403 (68.6%) 1.35 1,468
2019-10-01 $419,045 (8.8%) $534,383 (15.9%) 1.35 1,475
2019-11-01 $425,000 (10.0%) $482,239 (-5.3%) 1.39 1,379
2019-12-01 $432,500 (11.2%) $491,247 (6.4%) 1.44 1,132
2020-01-01 $424,963 (10.0%) $494,349 (9.2%) 1.42 982
2020-02-01 $433,495 (14.1%) $504,338 (11.5%) 1.42 894
2020-03-01 $429,000 (7.2%) $500,238 (4.9%) 1.34 906
2020-04-01 $429,225 (2.9%) $502,282 (2.7%) 1.34 976
2020-05-01 $432,450 (3.1%) $511,127 (2.8%) 1.31 966
2020-06-01 $445,750 (4.9%) $533,056 (-3.9%) 1.31 773
2020-07-01 $445,000 (3.8%) $549,912 (-37.1%) 1.29 642
2020-08-01 $449,000 (5.2%) $550,157 (-46.6%) 1.29 568
2020-09-01 $455,450 (8.0%) $569,613 (-27.2%) 1.31 564
2020-10-01 $450,000 (7.4%) $551,613 (3.2%) 1.29 557
2020-11-01 $450,000 (5.9%) $573,895 (19.0%) 1.31 491
2020-12-01 $449,950 (4.0%) $577,704 (17.6%) 1.34 401
2021-01-01 $450,000 (5.9%) $603,314 (22.0%) 1.34 335
2021-02-01 $457,475 (5.5%) $606,225 (20.2%) 1.33 331
2021-03-01 $452,447 (5.5%) $590,086 (18.0%) 1.28 383
2021-04-01 $497,250 (15.9%) $624,645 (24.4%) 1.35 411
2021-05-01 $499,000 (15.4%) $623,102 (21.9%) 1.32 447
2021-06-01 $523,250 (17.4%) $642,779 (20.6%) 1.38 570
2021-07-01 $540,000 (21.4%) $642,733 (16.9%) 1.42 676
2021-08-01 $537,000 (19.6%) $649,917 (18.1%) 1.43 793
2021-09-01 $542,000 (19.0%) $645,773 (13.4%) 1.45 826
2021-10-01 $539,570 (19.9%) $632,949 (14.8%) 1.44 817
2021-11-01 $538,643 (19.7%) $631,937 (10.1%) 1.44 649
2021-12-01 $541,184 (20.3%) $648,480 (12.3%) 1.47 492
2022-01-01 $548,625 (21.9%) $660,185 (9.4%) 1.48 384
2022-02-01 $565,000 (23.5%) $700,275 (15.5%) 1.47 396
2022-03-01 $595,000 (31.5%) $738,939 (25.2%) 1.49 448
2022-04-01 $600,000 (20.7%) $741,001 (18.6%) 1.43 560
2022-05-01 $627,000 (25.7%) $733,126 (17.7%) 1.43 799
2022-06-01 $629,995 (20.4%) $717,720 (11.7%) 1.40 1,032
2022-07-01 $600,000 (11.1%) $682,681 (6.2%) 1.36 1,322
2022-08-01 $594,500 (10.7%) $664,127 (2.2%) 1.37 1,334
2022-09-01 $581,725 (7.3%) $659,217 (2.1%) 1.36 1,238
2022-10-01 $559,975 (3.8%) $640,489 (1.2%) 1.32 1,240
2022-11-01 $550,000 (2.1%) $635,570 (0.6%) 1.32 1,139
Stockton's median listing price for 2022-11-01 was $550,000, a difference of $11,357 (2.1%) versus the prior year and $-9,975 versus the prior month.

Stockton's median listing price comes in at 132% of the national average.

Stockton's average listing price for 2022-11-01 was $635,570, a difference of $3,633 (0.6%) versus the prior year and $-4,919 versus the prior month.

For the 2022-11-01 period, Stockton had 1,139 MLS listings, a difference of -101 listings (-8%) versus the prior month and 490 listings (76%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Stockton (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 54 days 1,891 sqft
2018-02-01 38 days 1,825 sqft
2018-03-01 35 days 1,787 sqft
2018-04-01 31 days 1,797 sqft
2018-05-01 30 days 1,800 sqft
2018-06-01 37 days 1,830 sqft
2018-07-01 38 days 1,819 sqft
2018-08-01 37 days 1,789 sqft
2018-09-01 38 days 1,802 sqft
2018-10-01 44 days 1,809 sqft
2018-11-01 46 days 1,794 sqft
2018-12-01 54 days 1,800 sqft
2019-01-01 64 days 1,786 sqft
2019-02-01 49 days 1,774 sqft
2019-03-01 40 days 1,827 sqft
2019-04-01 37 days 1,873 sqft
2019-05-01 37 days 1,917 sqft
2019-06-01 38 days 1,900 sqft
2019-07-01 44 days 1,926 sqft
2019-08-01 46 days 1,920 sqft
2019-09-01 47 days 1,879 sqft
2019-10-01 48 days 1,851 sqft
2019-11-01 53 days 1,886 sqft
2019-12-01 65 days 1,888 sqft
2020-01-01 69 days 1,854 sqft
2020-02-01 56 days 1,887 sqft
2020-03-01 43 days 1,874 sqft
2020-04-01 46 days 1,866 sqft
2020-05-01 58 days 1,897 sqft
2020-06-01 60 days 1,918 sqft
2020-07-01 61 days 1,899 sqft
2020-08-01 41 days 1,898 sqft
2020-09-01 36 days 1,886 sqft
2020-10-01 36 days 1,828 sqft
2020-11-01 39 days 1,827 sqft
2020-12-01 46 days 1,777 sqft
2021-01-01 45 days 1,773 sqft
2021-02-01 30 days 1,700 sqft
2021-03-01 27 days 1,634 sqft
2021-04-01 24 days 1,725 sqft
2021-05-01 25 days 1,752 sqft
2021-06-01 21 days 1,828 sqft
2021-07-01 25 days 1,826 sqft
2021-08-01 25 days 1,839 sqft
2021-09-01 30 days 1,837 sqft
2021-10-01 33 days 1,836 sqft
2021-11-01 40 days 1,824 sqft
2021-12-01 45 days 1,800 sqft
2022-01-01 40 days 1,758 sqft
2022-02-01 28 days 1,737 sqft
2022-03-01 25 days 1,819 sqft
2022-04-01 24 days 1,887 sqft
2022-05-01 24 days 1,905 sqft
2022-06-01 27 days 1,924 sqft
2022-07-01 31 days 1,894 sqft
2022-08-01 38 days 1,901 sqft
2022-09-01 46 days 1,896 sqft
2022-10-01 49 days 1,871 sqft
2022-11-01 51 days 1,875 sqft
Stockton's median listing age (time on market) for 2022-11-01 was 51 days. This is 29% longer than the same period one year ago.

Stockton's median square footage for active listings during the 2022-11-01 period was 1,875 sqft. One year prior, the average listing was 1,824 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).