Tulsa FHA Loan Rates, Closing Costs & Stats

TULSA, OK

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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.

    Tulsa's 149 lenders originated 3,405 FHA loans during 2022. The total origination value was $711,465,000, with an average FHA loan value of $208,947.

    Tulsa FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Tulsa averaged 6.28% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Tulsa's average FHA mortgage closing costs are $7,089.

    The average rate for the prior week (2023-05-19) was 6.36% and one month ago for the week of 2023-04-21, the average rate was 5.9%.

    The average rate one year ago was 4.92%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.15%.

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

    Tulsa 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 Tulsa level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    ASSOCIATED MORTGAGE CORPORATION 247 5.04% $9,424
    QUICKEN LOANS, LLC 236 4.54% $9,476
    EVERETT FINANCIAL, INC. 230 5.48% $6,363
    FLAT BRANCH MORTGAGE, INC. 221 5.14% $8,483
    First United Bank and Trust Company 198 4.78% $9,978
    US MORTGAGE CORPORATION 121 5.18% $9,683
    Arvest Bank 104 4.80% $8,136
    BOKF 104 5.14% $8,536
    United Fidelity Funding Corp. 98 5.47% $10,062
    CORNERSTONE HOME LENDING, INC. 86 5.29% $10,507
    Gateway First Bank 80 5.30% $8,157
    Waterstone Mortgage Corporation 77 5.35% $9,949
    OPEN MORTGAGE, LLC 76 5.03% $10,561
    CROSSCOUNTRY MORTGAGE, LLC 75 5.37% $11,745
    American Bank of Oklahoma 70 5.10% $9,419
    LOANDEPOT.COM, LLC 61 4.95% $10,360
    CALIBER HOME LOANS, INC. 60 5.03% $9,065
    Chickasaw Community Bank 51 5.17% $8,376
    UNITED WHOLESALE MORTGAGE, LLC 51 5.40% $10,925
    FREEDOM MORTGAGE CORPORATION 50 4.84% $10,391
    PENNYMAC LOAN SERVICES, LLC 39 4.12% $9,623
    Mr. Cooper ( Nationstar Mortgage ) 38 4.82% $11,615
    GUILD MORTGAGE COMPANY 36 4.71% $10,499
    AMERISAVE MORTGAGE CORPORATION 36 4.65% $11,195
    CARDINAL FINANCIAL 34 5.25% $11,483
    MORTGAGE SOLUTIONS OF COLORADO, LLC 33 5.66% $10,319
    MID AMERICA MORTGAGE, INC. 28 4.81% $6,143
    BROKER SOLUTIONS, INC. 27 4.90% $9,349
    Stride Bank 25 4.64% $8,326
    LAKEVIEW LOAN SERVICING, LLC 25 4.25% $7,887
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 24 4.72% $9,300
    Firstar Bank 23 4.54% $8,147
    NEWREZ LLC 22 4.88% $7,897
    BancFirst 22 5.36% $7,083
    SpiritBank 19 4.68% $7,208
    FBC MORTGAGE, LLC 17 4.82% $8,639
    Carrington Mortgage Services, LLC 16 5.09% $10,172
    TJC Mortgage, Inc. 16 5.32% $11,716
    CMG MORTGAGE, INC. 15 5.03% $10,032
    GUARANTEED RATE, INC. 15 5.00% $10,293
    Regent Financial Group, Inc. 15 5.09% $9,738
    VILLAGE CAPITAL MORTGAGE 14 3.59% $5,183
    DHI MORTGAGE COMPANY, LTD. 12 4.73% $7,990
    Citizens Bank 12 4.92% $11,273
    AmeriHome Mortgage Company, LLC 12 5.36% $9,553
    RCB Bank 11 5.11% $6,845
    AMERICAN FINANCING CORPORATION 10 5.43% $8,222
    PLAZA HOME MORTGAGE, INC. 10 5.62% $8,993
    Servion, Inc. 10 4.73% $7,828
    AMCAP MORTGAGE, LTD. 10 5.41% $11,720
    HOME POINT FINANCIAL CORPORATION 10 4.91% $8,352
    Bank of America 10 4.63% $5,677
    Nations Lending Corporation 10 5.45% $12,433
    JPMorgan Chase Bank 7 5.11% $5,127
    MUTUAL OF OMAHA MORTGAGE, INC. 7 4.68% $13,487
    NFM, INC. 6 5.60% $9,798
    MOVEMENT MORTGAGE, LLC 6 4.65% $11,362
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 5.35% $10,536
    LOANPAL, LLC 6 5.56% $12,099
    Fidelity Bank 6 5.38% $10,890
    Mortgage Research Center, LLC 6 5.94% $5,730
    AMERICAN PACIFIC MORTGAGE CORPORATION 5 4.88% $12,103
    International Bank of Commerce 5 6.05% $8,393
    MidFirst Bank 5 3.58% $9,244
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 4.90% $10,091
    ZILLOW HOME LOANS, LLC 5 6.13% $9,067
    Flagstar Bank, FSB 5 4.20% $9,419
    M&T Bank 5 3.93% $8,221
    SENTE MORTGAGE, INC. 5 4.85% $9,044
    CHURCHILL MORTGAGE CORPORATION 4 4.78% $11,074
    UNION HOME MORTGAGE CORP. 4 6.75% $9,540
    Equity Prime Mortgage LLC 4 4.63% $9,467
    PLANET HOME LENDING, LLC 4 4.47% $7,582
    BAY EQUITY LLC 4 5.69% $11,916
    First Savings Bank 3 5.67% $7,463
    LIBERTY HOME MORTGAGE CORPORATION 3 3.92% $11,361
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 5.46% $6,756
    DAS Acquisition Company, LLC 3 4.71% $9,711
    CALCON MUTUAL MORTGAGE LLC 3 6.54% $10,560
    NBKC BANK 3 5.04% $9,475
    The Central Trust Bank 3 6.25% $7,150
    Great Plains National Bank 3 6.00% $10,576
    First Guaranty Mortgage Corporation 3 4.13% $8,178
    VANDERBILT MORTGAGE AND FINANCE, INC. 3 5.58% $13,000
    Paramount Residential Mortgage Group, Inc. 3 5.33% $11,229
    AMERICAN HOMESTAR MORTGAGE, L.L.C. 3 5.33% $13,045
    AMERICAN FINANCIAL RESOURCES, INC. 3 5.04% $8,621
    LEADERONE FINANCIAL CORPORATION 3 3.79% $8,553
    SOUTHWEST FUNDING, LP 2 6.50% $5,694
    First Oklahoma Mortgage, LLC 2 3.88% $8,273
    GENEVA FINANCIAL, LLC 2 3.56% $10,846
    ROYAL UNITED MORTGAGE LLC 2 5.75% $12,546
    SUN WEST MORTGAGE COMPANY, INC. 2 4.88% $10,307
    Prosperity Home Mortgage, LLC 2 4.56% $11,720
    U.S. Bank 2 5.00% $8,414
    NETWORK CAPITAL FUNDING CORPORATION 2 4.63% $11,884
    Mortgage Investment Services Corporation 2 5.13% $8,335
    First Option Mortgage, LLC 2 4.00% $12,995
    HOMESIDE FINANCIAL, LLC 2 6.63% $9,007
    GSF Mortgage Corporation 2 6.50% $7,570
    TTCU Federal Credit Union 2 5.19% $7,845
    VAN DYK MORTGAGE CORPORATION 1 5.88% $8,064
    Watermark Capital, Inc. 1 4.63% $6,854
    UNITED 1 5.50% $12,413
    F & M Bank 1 4.75% $4,525
    First Internet Bank of Indiana 1 4.75% $7,874
    GERSHMAN INVESTMENT CORP. 1 4.13% $8,085
    Goldwater Bank, N.A. 1 4.63% $6,965
    First Federal Bank 1 2.63% $5,342
    FIRST AMERICAN MORTGAGE, INC. 1 7.25% $5,393
    HOMESTAR FINANCIAL CORPORATION 1 5.63% $13,791
    Hometown Lenders, Inc. 1 5.75% $11,504
    JLB CORPORATION 1 2.75% $7,749
    FINANCE OF AMERICA MORTGAGE LLC 1 4.38% $9,300
    Landmark National Bank 1 5.50% $4,816
    FAY SERVICING, LLC 1 3.13% $6,491
    Community First National Bank 1 4.63% $5,773
    NATIONS DIRECT MORTGAGE, LLC 1 5.13% $6,946
    COMMUNICATION 1 5.13% $6,828
    NEW DAY FINANCIAL, LLC 1 4.25% $5,210
    Colonial Savings, F.A. 1 4.88% $12,452
    North American Savings Bank, F.S.B. 1 4.63% $10,244
    Northpointe Bank 1 5.63% $8,448
    Origin Bank 1 3.25% $6,721
    CHERRY CREEK MORTGAGE, LLC 1 4.75% $8,096
    Peoples Bank 1 4.88% $14,098
    PHH Mortgage Corporation 1 5.25% $11,684
    Plains Commerce Bank 1 6.25% $11,013
    CERTAINTY HOME LOANS, LLC 1 4.00% $9,013
    POLARIS HOME FUNDING CORP. 1 6.38% $9,543
    PREMIA MORTGAGE, LLC 1 5.25% $3,578
    Prosperity Bank 1 4.75% $7,459
    Century Mortgage Company DBA Century Lending Company 1 6.25% $8,900
    Centennial Bank 1 4.88% $8,891
    Capital Bank 1 6.63% $8,704
    RUOFF MORTGAGE COMPANY, INC. 1 5.63% $6,602
    SECURITYNATIONAL MORTGAGE COMPANY 1 5.25% $6,986
    Sierra Pacific Mortgage Company, Inc. 1 4.50% $7,559
    SOUTHWEST STAGE FUNDING, LLC 1 3.25% $5,469
    Barrington Bank & Trust Company, N.A. 1 4.75% $7,952
    Texana Bank 1 4.63% $10,858
    The Federal Savings Bank 1 5.63% $11,635
    The Union Bank Company 1 5.63% $16,790
    BANK OF LITTLE ROCK MORTGAGE CORPORATION 1 6.25% $8,975
    Town Square Mortgage & Investments, Inc. 1 5.75% $5,105
    TruHome Solutions, LLC 1 5.13% $9,059
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.00% $19,373
    UNITED MORTGAGE CORP. 1 5.25% $14,440
    ANGEL OAK HOME LOANS LLC 1 5.13% $7,076

    The top Tulsa FHA lender as defined by loan originations is ASSOCIATED MORTGAGE CORPORATION, with 247 FHA loans originated. Their average total fees are $9,424, which is $52 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Tulsa FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($5,183), Bank of America ($5,677), MID AMERICA MORTGAGE, INC. ($6,143), EVERETT FINANCIAL, INC. ($6,363) and RCB Bank ($6,845).

    The lowest rate Tulsa FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE (3.59%), PENNYMAC LOAN SERVICES, LLC (4.12%), LAKEVIEW LOAN SERVICING, LLC (4.25%), Firstar Bank (4.54%) and QUICKEN LOANS, LLC (4.54%).

    Tulsa FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    TULSA, OK CREEK 2022 $420,680 $538,650 $651,050 $809,150
    TULSA, OK OKMULGEE 2022 $420,680 $538,650 $651,050 $809,150
    TULSA, OK OSAGE 2022 $420,680 $538,650 $651,050 $809,150
    TULSA, OK PAWNEE 2022 $420,680 $538,650 $651,050 $809,150
    TULSA, OK ROGERS 2022 $420,680 $538,650 $651,050 $809,150
    TULSA, OK TULSA 2022 $420,680 $538,650 $651,050 $809,150
    TULSA, OK WAGONER 2022 $420,680 $538,650 $651,050 $809,150
    TULSA, OK CREEK 2023 $472,030 $604,400 $730,525 $907,900
    TULSA, OK OKMULGEE 2023 $472,030 $604,400 $730,525 $907,900
    TULSA, OK OSAGE 2023 $472,030 $604,400 $730,525 $907,900
    TULSA, OK PAWNEE 2023 $472,030 $604,400 $730,525 $907,900
    TULSA, OK ROGERS 2023 $472,030 $604,400 $730,525 $907,900
    TULSA, OK TULSA 2023 $472,030 $604,400 $730,525 $907,900
    TULSA, OK WAGONER 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Tulsa (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 $203,000 (4.1%) $271,321 (2.3%) 0.75 3,983
    2018-02-01 $207,956 (4.1%) $272,234 (0.8%) 0.76 3,898
    2018-03-01 $215,000 (6.2%) $282,598 (3.4%) 0.75 3,890
    2018-04-01 $219,900 (5.0%) $290,016 (3.3%) 0.75 3,917
    2018-05-01 $219,900 (3.0%) $290,095 (2.1%) 0.73 4,087
    2018-06-01 $217,500 (-0.3%) $287,042 (-0.1%) 0.73 4,305
    2018-07-01 $214,975 (0.0%) $287,533 (2.2%) 0.72 4,440
    2018-08-01 $213,900 (-1.8%) $287,182 (1.1%) 0.72 4,491
    2018-09-01 $213,100 (1.5%) $285,970 (2.2%) 0.72 4,481
    2018-10-01 $213,900 (1.9%) $284,302 (1.4%) 0.72 4,340
    2018-11-01 $218,750 (6.2%) $287,669 (3.4%) 0.74 4,087
    2018-12-01 $214,975 (7.5%) $284,471 (4.1%) 0.74 3,948
    2019-01-01 $215,168 (6.0%) $286,078 (5.4%) 0.74 3,686
    2019-02-01 $219,950 (5.8%) $294,085 (8.0%) 0.74 3,542
    2019-03-01 $225,000 (4.7%) $302,777 (7.1%) 0.75 3,396
    2019-04-01 $232,424 (5.7%) $311,947 (7.6%) 0.74 3,388
    2019-05-01 $239,250 (8.8%) $323,456 (11.5%) 0.75 3,393
    2019-06-01 $236,900 (8.9%) $326,267 (13.7%) 0.74 3,491
    2019-07-01 $239,900 (11.6%) $328,888 (14.4%) 0.75 3,506
    2019-08-01 $245,000 (14.5%) $334,448 (16.5%) 0.77 3,464
    2019-09-01 $251,178 (17.9%) $341,232 (19.3%) 0.79 3,046
    2019-10-01 $246,250 (15.1%) $331,720 (16.7%) 0.79 3,236
    2019-11-01 $245,000 (12.0%) $325,804 (13.3%) 0.80 3,140
    2019-12-01 $249,700 (16.2%) $493,261 (73.4%) 0.83 2,952
    2020-01-01 $239,700 (11.4%) $317,556 (11.0%) 0.80 2,844
    2020-02-01 $244,635 (11.2%) $325,267 (10.6%) 0.80 2,705
    2020-03-01 $255,325 (13.5%) $333,525 (10.2%) 0.80 2,702
    2020-04-01 $259,900 (11.8%) $336,137 (7.8%) 0.81 2,669
    2020-05-01 $265,500 (11.0%) $350,559 (8.4%) 0.81 2,526
    2020-06-01 $281,375 (18.8%) $360,709 (10.6%) 0.83 2,293
    2020-07-01 $293,625 (22.4%) $381,751 (16.1%) 0.85 2,169
    2020-08-01 $279,900 (14.2%) $370,442 (10.8%) 0.80 2,014
    2020-09-01 $281,225 (12.0%) $371,644 (8.9%) 0.81 1,906
    2020-10-01 $271,687 (10.3%) $366,167 (10.4%) 0.78 1,900
    2020-11-01 $267,450 (9.2%) $368,959 (13.3%) 0.78 1,883
    2020-12-01 $265,000 (6.1%) $365,980 (-25.8%) 0.79 1,643
    2021-01-01 $269,000 (12.2%) $400,746 (26.2%) 0.80 1,364
    2021-02-01 $252,575 (3.3%) $373,982 (15.0%) 0.73 1,165
    2021-03-01 $289,000 (13.2%) $402,055 (20.6%) 0.82 1,023
    2021-04-01 $272,475 (4.8%) $1,130,579 (236.3%) 0.74 1,088
    2021-05-01 $275,000 (3.6%) $404,511 (15.4%) 0.73 1,088
    2021-06-01 $252,500 (-10.3%) $383,567 (6.3%) 0.66 1,216
    2021-07-01 $255,000 (-13.2%) $377,474 (-1.1%) 0.67 1,389
    2021-08-01 $265,000 (-5.3%) $365,857 (-1.2%) 0.71 1,534
    2021-09-01 $265,000 (-5.8%) $367,727 (-1.1%) 0.71 1,496
    2021-10-01 $265,000 (-2.5%) $374,248 (2.2%) 0.71 1,458
    2021-11-01 $254,087 (-5.0%) $370,409 (0.4%) 0.68 1,314
    2021-12-01 $251,450 (-5.1%) $366,281 (0.1%) 0.68 1,119
    2022-01-01 $260,000 (-3.4%) $385,176 (-3.9%) 0.70 926
    2022-02-01 $273,310 (8.2%) $401,266 (7.3%) 0.71 830
    2022-03-01 $272,185 (-5.8%) $404,593 (0.6%) 0.68 769
    2022-04-01 $295,000 (8.3%) $408,633 (-63.9%) 0.70 843
    2022-05-01 $297,500 (8.2%) $408,258 (0.9%) 0.68 1,067
    2022-06-01 $299,950 (18.8%) $411,896 (7.4%) 0.67 1,232
    2022-07-01 $313,964 (23.1%) $397,709 (5.4%) 0.71 1,675
    2022-08-01 $313,269 (18.2%) $395,518 (8.1%) 0.72 1,848
    2022-09-01 $315,589 (19.1%) $390,205 (6.1%) 0.74 1,939
    2022-10-01 $319,250 (20.5%) $390,789 (4.4%) 0.75 2,048
    2022-11-01 $316,995 (24.8%) $389,280 (5.1%) 0.76 2,097
    2022-12-01 $329,990 (31.2%) $399,609 (9.1%) 0.81 1,993
    2023-01-01 $344,700 (32.6%) $409,588 (6.3%) 0.85 1,923
    2023-02-01 $354,262 (29.6%) $417,527 (4.1%) 0.85 1,783
    2023-03-01 $361,920 (33.0%) $428,435 (5.9%) 0.85 1,762
    2023-04-01 $369,900 (25.4%) $430,784 (5.4%) 0.86 1,822
    Tulsa's median listing price for 2023-04-01 was $369,900, a difference of $74,900 (25.4%) versus the prior year and $7,980 versus the prior month.

    Tulsa's median listing price comes in at 86% of the national average.

    Tulsa's average listing price for 2023-04-01 was $430,784, a difference of $22,151 (5.4%) versus the prior year and $2,349 versus the prior month.

    For the 2023-04-01 period, Tulsa had 1,822 MLS listings, a difference of 60 listings (3%) versus the prior month and 979 listings (116%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Tulsa (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 71 days 2,099 sqft
    2018-02-01 66 days 2,106 sqft
    2018-03-01 53 days 2,184 sqft
    2018-04-01 51 days 2,213 sqft
    2018-05-01 49 days 2,201 sqft
    2018-06-01 51 days 2,189 sqft
    2018-07-01 58 days 2,180 sqft
    2018-08-01 58 days 2,162 sqft
    2018-09-01 61 days 2,143 sqft
    2018-10-01 65 days 2,130 sqft
    2018-11-01 66 days 2,148 sqft
    2018-12-01 68 days 2,125 sqft
    2019-01-01 71 days 2,123 sqft
    2019-02-01 60 days 2,165 sqft
    2019-03-01 54 days 2,212 sqft
    2019-04-01 52 days 2,255 sqft
    2019-05-01 50 days 2,292 sqft
    2019-06-01 53 days 2,258 sqft
    2019-07-01 58 days 2,275 sqft
    2019-08-01 63 days 2,344 sqft
    2019-09-01 67 days 2,376 sqft
    2019-10-01 60 days 2,321 sqft
    2019-11-01 60 days 2,289 sqft
    2019-12-01 65 days 2,281 sqft
    2020-01-01 71 days 2,227 sqft
    2020-02-01 65 days 2,213 sqft
    2020-03-01 51 days 2,261 sqft
    2020-04-01 54 days 2,266 sqft
    2020-05-01 54 days 2,294 sqft
    2020-06-01 53 days 2,339 sqft
    2020-07-01 52 days 2,434 sqft
    2020-08-01 51 days 2,358 sqft
    2020-09-01 50 days 2,346 sqft
    2020-10-01 49 days 2,290 sqft
    2020-11-01 51 days 2,228 sqft
    2020-12-01 60 days 2,230 sqft
    2021-01-01 65 days 2,206 sqft
    2021-02-01 62 days 2,085 sqft
    2021-03-01 49 days 2,261 sqft
    2021-04-01 42 days 2,134 sqft
    2021-05-01 39 days 2,132 sqft
    2021-06-01 37 days 2,011 sqft
    2021-07-01 37 days 2,012 sqft
    2021-08-01 37 days 2,015 sqft
    2021-09-01 40 days 1,984 sqft
    2021-10-01 45 days 1,992 sqft
    2021-11-01 46 days 1,924 sqft
    2021-12-01 51 days 1,936 sqft
    2022-01-01 53 days 1,951 sqft
    2022-02-01 43 days 2,006 sqft
    2022-03-01 40 days 1,934 sqft
    2022-04-01 31 days 2,025 sqft
    2022-05-01 33 days 2,024 sqft
    2022-06-01 36 days 2,040 sqft
    2022-07-01 31 days 2,018 sqft
    2022-08-01 39 days 2,039 sqft
    2022-09-01 45 days 2,051 sqft
    2022-10-01 47 days 2,083 sqft
    2022-11-01 52 days 2,080 sqft
    2022-12-01 60 days 2,121 sqft
    2023-01-01 65 days 2,168 sqft
    2023-02-01 58 days 2,180 sqft
    2023-03-01 52 days 2,228 sqft
    2023-04-01 46 days 2,244 sqft
    Tulsa's median listing age (time on market) for 2023-04-01 was 46 days. This is 48% longer than the same period one year ago.

    Tulsa's median square footage for active listings during the 2023-04-01 period was 2,244 sqft. One year prior, the average listing was 2,025 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).