Stockton FHA Loan Rates, Closing Costs & Stats

STOCKTON, CA

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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.

    Stockton's 126 lenders originated 1,753 FHA loans during 2023. The total origination value was $773,675,000, with an average FHA loan value of $441,343.

    Stockton FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Stockton averaged 6.52% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Stockton's average FHA mortgage closing costs are $11,781.

    The average rate for the prior week (2024-04-12) was 6.41% and one month ago for the week of 2024-03-15, the average rate was 6.28%.

    The average rate one year ago was 6.01%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.94%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 323 6.08% $17,231
    QUICKEN LOANS, LLC 141 6.16% $17,287
    LOANDEPOT.COM, LLC 119 6.24% $17,317
    AMERICAN PACIFIC MORTGAGE CORPORATION 82 6.53% $18,246
    CROSSCOUNTRY MORTGAGE, LLC 68 6.45% $18,956
    SUMMIT FUNDING, INC. 65 6.46% $18,782
    DHI MORTGAGE COMPANY, LTD. 41 5.71% $13,667
    Century Mortgage Company DBA Century Lending Company 37 6.32% $16,358
    KBHS HOME LOANS, LLC 28 5.83% $23,694
    Sierra Pacific Mortgage Company, Inc. 27 6.46% $17,571
    HOMEAMERICAN MORTGAGE CORPORATION 27 5.57% $14,229
    Paramount Residential Mortgage Group, Inc. 26 6.30% $16,203
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 26 6.36% $16,841
    HOMEOWNERS FINANCIAL GROUP USA, LLC 25 6.34% $19,669
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 24 5.53% $13,957
    GUILD MORTGAGE COMPANY 20 6.70% $17,575
    PRIMARY RESIDENTIAL MORTGAGE, INC. 18 6.42% $19,412
    EAGLE HOME MORTGAGE, LLC 18 5.86% $23,409
    AMERICAN FINANCIAL NETWORK, INC. 18 6.65% $20,156
    RESIDENTIAL BANCORP 17 6.54% $18,869
    Carrington Mortgage Services, LLC 16 6.38% $18,334
    U.S. Bank 16 6.44% $16,487
    BROKER SOLUTIONS, INC. 16 6.33% $17,488
    EVERETT FINANCIAL, INC. 15 7.18% $19,340
    CARDINAL FINANCIAL 15 6.32% $19,025
    SUN WEST MORTGAGE COMPANY, INC. 14 6.44% $18,339
    SCENIC OAKS FUNDING, INC. 14 6.50% $18,371
    PENNYMAC LOAN SERVICES, LLC 14 6.06% $16,356
    FREEDOM MORTGAGE CORPORATION 14 6.78% $18,638
    Golden Empire Mortgage, Inc. 11 6.48% $17,974
    CALCON MUTUAL MORTGAGE LLC 11 6.58% $19,067
    GUARANTEED RATE, INC. 11 6.18% $15,093
    CMG MORTGAGE, INC. 10 6.26% $23,030
    S1L, Inc. 10 6.41% $19,221
    LAND HOME FINANCIAL SERVICES, INC. 10 6.74% $16,710
    PLAZA HOME MORTGAGE, INC. 9 6.36% $16,383
    NEWREZ LLC 9 6.17% $17,352
    NATIONS DIRECT MORTGAGE, LLC 9 6.75% $17,013
    SECURITYNATIONAL MORTGAGE COMPANY 7 6.11% $23,548
    Mr. Cooper ( Nationstar Mortgage ) 7 6.29% $18,775
    Commerce Home Mortgage, Inc. 7 7.00% $17,182
    OCMBC, INC. 7 7.00% $18,444
    Plains Commerce Bank 6 6.63% $19,860
    LAKEVIEW LOAN SERVICING, LLC 6 6.06% $17,040
    ACADEMY MORTGAGE CORPORATION 6 6.15% $17,663
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 7.13% $18,042
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 6.12% $19,028
    PACIFIC RESIDENTIAL MORTGAGE, LLC 5 6.48% $13,250
    ALAMEDA MORTGAGE CORPORATION 5 6.73% $15,018
    Flagstar Bank, FSB 5 6.75% $16,382
    AMERISAVE MORTGAGE CORPORATION 5 5.50% $19,589
    PLANET HOME LENDING, LLC 4 6.03% $19,125
    BECKAM FUNDING CORP. 4 6.81% $33,739
    ALLIED MORTGAGE GROUP, INC. 4 7.03% $18,852
    ENVOY MORTGAGE, LTD 4 6.22% $15,987
    Equity Prime Mortgage LLC 4 6.97% $16,613
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.19% $18,227
    Wells Fargo Bank 4 6.63% $12,999
    ML Mortgage Corp. 4 6.72% $15,544
    CITY FIRST MORTGAGE SERVICES, L.L.C. 3 6.62% $17,281
    AmeriHome Mortgage Company, LLC 3 5.92% $18,171
    Ameris Bank 3 6.04% $12,932
    DIGNIFIED HOME LOANS, LLC 3 6.21% $12,043
    GUARANTEED RATE AFFINITY, LLC 3 6.71% $12,255
    JPMorgan Chase Bank 3 5.91% $12,873
    LADERA LENDING, INC. 3 6.13% $14,392
    MASON MCDUFFIE MORTGAGE CORPORATION 3 6.91% $19,604
    MLD MORTGAGE INC. 3 6.21% $17,650
    NETWORK CAPITAL FUNDING CORPORATION 3 5.92% $21,682
    NFM, INC. 3 6.71% $18,930
    South Pacific Financial Corporation 3 5.79% $16,522
    The Loan Store, Inc. 3 7.08% $16,952
    VILLAGE CAPITAL MORTGAGE 3 5.71% $25,119
    Watermark Capital, Inc. 3 6.13% $15,728
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 6.31% $13,202
    Keystone Funding, Inc. 2 5.88% $15,260
    Hometown Equity Mortgage, LLC 2 6.00% $23,033
    NexBank 2 6.13% $14,261
    VERITAS FUNDING, LLC 2 6.94% $16,207
    GUARANTY HOME MORTGAGE CORPORATION 2 5.38% $11,954
    LOANLEADERS OF AMERICA, INC. 2 5.50% $20,329
    Franklin Loan Corporation 2 6.63% $20,929
    Performance Financial, Inc. 2 6.75% $14,031
    CHURCHILL MORTGAGE CORPORATION 2 6.94% $14,467
    Platinum Home Mortgage Corporation 2 6.50% $19,746
    CASTLE & COOKE MORTGAGE, LLC 2 6.50% $14,535
    Bank of America 2 6.00% $24,309
    AmRes Corporation 2 6.94% $24,374
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.81% $15,607
    American Mortgage & Equity Consultants, Inc. 2 6.38% $18,013
    AMERICAN FINANCING CORPORATION 2 5.75% $18,724
    The Federal Savings Bank 2 6.88% $25,755
    ZILLOW HOME LOANS, LLC 2 5.88% $13,843
    UNION HOME MORTGAGE CORP. 2 6.88% $20,140
    MANN FINANCIAL INC. 2 7.19% $15,373
    AMERICAN FINANCIAL RESOURCES, INC. 2 5.63% $13,813
    AMCAP MORTGAGE, LTD. 2 6.44% $19,245
    LOANPAL, LLC 2 5.00% $20,634
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.25% $13,511
    MOUNTAIN WEST FINANCIAL, INC. 2 6.69% $12,738
    Barrington Bank & Trust Company, N.A. 1 6.63% $14,918
    Lakeview Community Capital, LLC 1 5.75% $18,995
    TruHome Solutions, LLC 1 5.88% $22,784
    Nations Lending Corporation 1 7.75% $7,188
    Vellum Mortgage, Inc. 1 6.50% $15,385
    Residential Mortgage Solutions, Inc. 1 6.50% $16,632
    RUOFF MORTGAGE COMPANY, INC. 1 6.75% $18,616
    Arvest Bank 1 6.88% $13,194
    Northpointe Bank 1 7.13% $17,330
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.00% $20,946
    ON Q FINANCIAL, INC. 1 7.75% $21,221
    ONY GLO, INC. 1 6.75% $20,524
    MOVEMENT MORTGAGE, LLC 1 5.75% $28,855
    Shea Mortgage Inc. 1 5.13% $11,491
    First Bank 1 6.00% $21,677
    THE GOLDEN 1 1 5.75% $14,429
    Citizens Bank 1 5.13% $18,899
    SNAPFI, INC. 1 6.63% $15,437
    AHL FUNDING 1 6.63% $16,780
    Mortgage Research Center, LLC 1 6.75% $13,001
    PNC Bank 1 5.25% $21,818
    POINT Mortgage 1 6.75% $14,848
    PREMIER LENDING, INC. 1 5.75% $19,822
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.38% $18,899
    CALIBER HOME LOANS, INC. 1 5.75% $15,534
    BAY EQUITY LLC 1 6.63% $21,064

    The top Stockton FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 323 FHA loans originated. Their average total fees are $17,231, which is $56 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Stockton FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($13,667), K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. ($13,957), HOMEAMERICAN MORTGAGE CORPORATION ($14,229), GUARANTEED RATE, INC. ($15,093) and Paramount Residential Mortgage Group, Inc. ($16,203).

    The lowest rate Stockton FHA lenders (with over 10 loans originated) are K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. (5.53%), HOMEAMERICAN MORTGAGE CORPORATION (5.57%), DHI MORTGAGE COMPANY, LTD. (5.71%), KBHS HOME LOANS, LLC (5.83%) and EAGLE HOME MORTGAGE, LLC (5.86%).

    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
    STOCKTON, CA SAN JOAQUIN 2023 $656,650 $840,650 $1,016,150 $1,262,800

    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 (7.9%) $454,806 (6.6%) 1.32 828
    2018-04-01 $383,000 (6.4%) $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%) $474,965 (5.9%) 1.30 1,217
    2018-08-01 $385,472 (1.4%) $463,983 (3.7%) 1.29 1,372
    2018-09-01 $385,000 (1.6%) $463,907 (4.0%) 1.29 1,476
    2018-10-01 $385,000 (2.7%) $460,663 (3.2%) 1.30 1,507
    2018-11-01 $386,425 (3.0%) $509,234 (12.2%) 1.31 1,505
    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 (8.9%) $488,914 (4.0%) 1.32 1,176
    2019-05-01 $419,475 (9.5%) $497,314 (3.9%) 1.31 1,303
    2019-06-01 $424,999 (9.0%) $554,533 (15.0%) 1.33 1,402
    2019-07-01 $428,598 (9.9%) $873,615 (83.9%) 1.34 1,456
    2019-08-01 $426,848 (10.7%) $1,030,356 (122.1%) 1.35 1,441
    2019-09-01 $422,121 (9.6%) $782,546 (68.7%) 1.35 1,467
    2019-10-01 $419,247 (8.9%) $534,562 (16.0%) 1.35 1,474
    2019-11-01 $425,000 (10.0%) $482,396 (-5.3%) 1.39 1,378
    2019-12-01 $432,500 (11.2%) $491,445 (6.5%) 1.44 1,131
    2020-01-01 $424,975 (10.0%) $494,574 (9.3%) 1.42 981
    2020-02-01 $434,000 (14.2%) $504,604 (11.6%) 1.42 893
    2020-03-01 $429,225 (7.3%) $500,527 (4.9%) 1.35 905
    2020-04-01 $429,450 (3.0%) $502,525 (2.8%) 1.35 975
    2020-05-01 $434,900 (3.7%) $511,381 (2.8%) 1.32 965
    2020-06-01 $446,500 (5.1%) $533,384 (-3.8%) 1.32 772
    2020-07-01 $445,000 (3.8%) $550,313 (-37.0%) 1.29 641
    2020-08-01 $449,250 (5.3%) $550,593 (-46.6%) 1.29 567
    2020-09-01 $455,975 (8.0%) $570,090 (-27.2%) 1.31 563
    2020-10-01 $450,000 (7.3%) $552,407 (3.3%) 1.29 556
    2020-11-01 $450,000 (5.9%) $574,401 (19.1%) 1.32 490
    2020-12-01 $449,950 (4.0%) $578,313 (17.7%) 1.34 400
    2021-01-01 $450,000 (5.9%) $604,149 (22.2%) 1.34 334
    2021-02-01 $459,500 (5.9%) $607,067 (20.3%) 1.34 330
    2021-03-01 $453,450 (5.6%) $590,781 (18.0%) 1.29 382
    2021-04-01 $498,250 (16.0%) $625,326 (24.4%) 1.35 410
    2021-05-01 $499,000 (14.7%) $623,769 (22.0%) 1.33 446
    2021-06-01 $524,595 (17.5%) $643,418 (20.6%) 1.38 569
    2021-07-01 $540,000 (21.4%) $643,722 (17.0%) 1.42 677
    2021-08-01 $537,450 (19.6%) $650,459 (18.1%) 1.43 792
    2021-09-01 $542,250 (18.9%) $646,095 (13.3%) 1.45 825
    2021-10-01 $539,570 (19.9%) $632,949 (14.6%) 1.44 816
    2021-11-01 $540,144 (20.0%) $632,138 (10.1%) 1.44 649
    2021-12-01 $542,475 (20.6%) $649,193 (12.3%) 1.47 491
    2022-01-01 $548,250 (21.8%) $660,166 (9.3%) 1.48 383
    2022-02-01 $565,000 (23.0%) $700,971 (15.5%) 1.47 395
    2022-03-01 $595,000 (31.2%) $740,624 (25.4%) 1.49 447
    2022-04-01 $600,000 (20.4%) $741,732 (18.6%) 1.43 559
    2022-05-01 $627,000 (25.7%) $733,646 (17.6%) 1.43 798
    2022-06-01 $631,997 (20.5%) $718,105 (11.6%) 1.41 1,031
    2022-07-01 $601,278 (11.4%) $682,566 (6.0%) 1.35 1,321
    2022-08-01 $594,795 (10.7%) $664,683 (2.2%) 1.38 1,333
    2022-09-01 $581,950 (7.3%) $659,698 (2.1%) 1.36 1,237
    2022-10-01 $560,000 (3.8%) $640,970 (1.3%) 1.32 1,239
    2022-11-01 $550,450 (1.9%) $636,525 (0.7%) 1.32 1,138
    2022-12-01 $542,745 (0.1%) $631,515 (-2.7%) 1.34 955
    2023-01-01 $539,495 (-1.6%) $623,692 (-5.5%) 1.34 798
    2023-02-01 $543,998 (-3.7%) $633,471 (-9.6%) 1.31 672
    2023-03-01 $547,500 (-8.0%) $646,803 (-12.7%) 1.29 574
    2023-04-01 $579,000 (-3.5%) $685,337 (-7.6%) 1.35 538
    2023-05-01 $575,000 (-8.3%) $681,551 (-7.1%) 1.30 546
    2023-06-01 $582,000 (-7.9%) $698,264 (-2.8%) 1.31 534
    2023-07-01 $587,800 (-2.2%) $705,176 (3.3%) 1.34 579
    2023-08-01 $585,965 (-1.5%) $681,632 (2.6%) 1.35 626
    2023-09-01 $579,450 (-0.4%) $671,364 (1.8%) 1.35 672
    2023-10-01 $582,500 (4.0%) $673,903 (5.1%) 1.37 716
    2023-11-01 $575,000 (4.5%) $677,296 (6.4%) 1.37 783
    2023-12-01 $549,000 (1.2%) $673,014 (6.6%) 1.34 702
    2024-01-01 $544,450 (0.9%) $678,020 (8.7%) 1.33 596
    2024-02-01 $549,500 (1.0%) $678,670 (7.1%) 1.32 613
    2024-03-01 $562,000 (2.7%) $672,079 (3.9%) 1.32 627
    Stockton's median listing price for 2024-03-01 was $562,000, a difference of $14,500 (2.7%) versus the prior year and $12,500 versus the prior month.

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

    Stockton's average listing price for 2024-03-01 was $672,079, a difference of $25,276 (3.9%) versus the prior year and $-6,591 versus the prior month.

    For the 2024-03-01 period, Stockton had 627 MLS listings, a difference of 14 listings (2%) versus the prior month and 53 listings (9%) 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 53 days 1,891 sqft
    2018-02-01 37 days 1,824 sqft
    2018-03-01 33 days 1,787 sqft
    2018-04-01 31 days 1,797 sqft
    2018-05-01 30 days 1,800 sqft
    2018-06-01 36 days 1,830 sqft
    2018-07-01 37 days 1,819 sqft
    2018-08-01 37 days 1,787 sqft
    2018-09-01 37 days 1,800 sqft
    2018-10-01 44 days 1,808 sqft
    2018-11-01 45 days 1,794 sqft
    2018-12-01 53 days 1,800 sqft
    2019-01-01 63 days 1,786 sqft
    2019-02-01 48 days 1,774 sqft
    2019-03-01 40 days 1,827 sqft
    2019-04-01 37 days 1,873 sqft
    2019-05-01 36 days 1,915 sqft
    2019-06-01 38 days 1,900 sqft
    2019-07-01 43 days 1,926 sqft
    2019-08-01 46 days 1,920 sqft
    2019-09-01 46 days 1,879 sqft
    2019-10-01 47 days 1,851 sqft
    2019-11-01 52 days 1,886 sqft
    2019-12-01 64 days 1,889 sqft
    2020-01-01 66 days 1,856 sqft
    2020-02-01 50 days 1,890 sqft
    2020-03-01 41 days 1,877 sqft
    2020-04-01 44 days 1,867 sqft
    2020-05-01 56 days 1,897 sqft
    2020-06-01 58 days 1,918 sqft
    2020-07-01 58 days 1,900 sqft
    2020-08-01 40 days 1,900 sqft
    2020-09-01 35 days 1,887 sqft
    2020-10-01 35 days 1,828 sqft
    2020-11-01 38 days 1,827 sqft
    2020-12-01 46 days 1,779 sqft
    2021-01-01 44 days 1,774 sqft
    2021-02-01 28 days 1,701 sqft
    2021-03-01 27 days 1,638 sqft
    2021-04-01 23 days 1,728 sqft
    2021-05-01 24 days 1,753 sqft
    2021-06-01 21 days 1,830 sqft
    2021-07-01 25 days 1,827 sqft
    2021-08-01 25 days 1,844 sqft
    2021-09-01 30 days 1,838 sqft
    2021-10-01 33 days 1,836 sqft
    2021-11-01 40 days 1,825 sqft
    2021-12-01 45 days 1,803 sqft
    2022-01-01 39 days 1,760 sqft
    2022-02-01 28 days 1,737 sqft
    2022-03-01 25 days 1,821 sqft
    2022-04-01 24 days 1,890 sqft
    2022-05-01 24 days 1,904 sqft
    2022-06-01 26 days 1,925 sqft
    2022-07-01 31 days 1,894 sqft
    2022-08-01 38 days 1,900 sqft
    2022-09-01 45 days 1,896 sqft
    2022-10-01 48 days 1,871 sqft
    2022-11-01 51 days 1,878 sqft
    2022-12-01 62 days 1,848 sqft
    2023-01-01 65 days 1,852 sqft
    2023-02-01 53 days 1,871 sqft
    2023-03-01 45 days 1,849 sqft
    2023-04-01 33 days 1,910 sqft
    2023-05-01 34 days 1,859 sqft
    2023-06-01 33 days 1,897 sqft
    2023-07-01 30 days 1,885 sqft
    2023-08-01 32 days 1,865 sqft
    2023-09-01 35 days 1,837 sqft
    2023-10-01 38 days 1,868 sqft
    2023-11-01 39 days 1,841 sqft
    2023-12-01 47 days 1,769 sqft
    2024-01-01 54 days 1,783 sqft
    2024-02-01 37 days 1,766 sqft
    2024-03-01 36 days 1,824 sqft
    Stockton's median listing age (time on market) for 2024-03-01 was 36 days. This is -19% shorter than the same period one year ago.

    Stockton's median square footage for active listings during the 2024-03-01 period was 1,824 sqft. One year prior, the average listing was 1,849 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).