Vallejo FHA Loan Rates, Closing Costs & Stats

VALLEJO, 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.

    Vallejo's 104 lenders originated 1,018 FHA loans during 2023. The total origination value was $513,020,000, with an average FHA loan value of $503,949.

    Vallejo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Vallejo averaged 6.24% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Vallejo's average FHA mortgage closing costs are $13,175.

    The average rate for the prior week (2024-11-01) was 6.32% and one month ago for the week of 2024-10-04, the average rate was 5.74%.

    The average rate one year ago was 6.98%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.53%.

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

    Vallejo 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 Vallejo level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 188 6.15% $19,255
    QUICKEN LOANS, LLC 86 6.01% $18,802
    CROSSCOUNTRY MORTGAGE, LLC 50 6.51% $21,336
    LOANDEPOT.COM, LLC 43 6.30% $18,116
    GUILD MORTGAGE COMPANY 34 6.45% $22,768
    AMERICAN PACIFIC MORTGAGE CORPORATION 32 6.56% $20,196
    Paramount Residential Mortgage Group, Inc. 24 6.62% $19,521
    INSPIRE HOME LOANS INC. 21 5.76% $18,629
    BROKER SOLUTIONS, INC. 19 6.74% $23,193
    DHI MORTGAGE COMPANY, LTD. 18 5.68% $16,415
    Sierra Pacific Mortgage Company, Inc. 16 6.45% $20,998
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 15 6.03% $16,695
    PENNYMAC LOAN SERVICES, LLC 14 6.17% $18,923
    Century Mortgage Company DBA Century Lending Company 14 6.71% $19,379
    EVERETT FINANCIAL, INC. 13 6.83% $23,626
    NEWREZ LLC 12 6.35% $21,120
    MASON MCDUFFIE MORTGAGE CORPORATION 10 6.46% $22,440
    MOVEMENT MORTGAGE, LLC 10 6.33% $23,021
    South Pacific Financial Corporation 10 6.05% $16,264
    CMG MORTGAGE, INC. 10 6.64% $19,506
    NFM, INC. 9 6.26% $22,642
    HOMEAMERICAN MORTGAGE CORPORATION 9 5.92% $12,630
    Equity Prime Mortgage LLC 9 6.83% $25,285
    HOMEBRIDGE FINANCIAL SERVICES, INC. 8 6.31% $16,912
    TRAVIS CREDIT UNION 8 6.25% $14,617
    GUARANTEED RATE, INC. 7 6.79% $17,509
    CARDINAL FINANCIAL 7 5.88% $23,008
    Golden Empire Mortgage, Inc. 7 6.23% $18,590
    KBHS HOME LOANS, LLC 7 5.64% $26,461
    OCMBC, INC. 7 7.36% $17,871
    Commerce Home Mortgage, Inc. 6 6.96% $18,071
    AMERICAN FINANCIAL NETWORK, INC. 6 6.60% $17,008
    SUN WEST MORTGAGE COMPANY, INC. 6 6.14% $21,104
    Mr. Cooper ( Nationstar Mortgage ) 6 6.17% $22,709
    FREEDOM MORTGAGE CORPORATION 6 6.08% $18,702
    CALIBER HOME LOANS, INC. 6 6.25% $16,521
    S1L, Inc. 5 6.63% $18,803
    SUMMIT FUNDING, INC. 5 6.67% $21,207
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 5 5.88% $27,348
    PANORAMA MORTGAGE GROUP, LLC 5 6.10% $28,304
    BECKAM FUNDING CORP. 4 7.13% $26,316
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 6.94% $24,429
    INTERCAP LENDING INC. 4 6.38% $23,568
    U.S. Bank 4 5.94% $17,265
    Flagstar Bank, FSB 4 5.59% $18,436
    VILLAGE CAPITAL MORTGAGE 4 6.00% $23,267
    PACIFIC RESIDENTIAL MORTGAGE, LLC 4 6.81% $16,282
    AMCAP MORTGAGE, LTD. 3 6.50% $21,592
    CALCON MUTUAL MORTGAGE LLC 3 6.83% $19,269
    HOMEOWNERS FINANCIAL GROUP USA, LLC 3 7.17% $19,872
    Carrington Mortgage Services, LLC 3 6.50% $20,780
    JPMorgan Chase Bank 3 6.83% $10,906
    AMERISAVE MORTGAGE CORPORATION 3 5.63% $18,570
    Prosperity Home Mortgage, LLC 3 6.25% $16,771
    ALLIED MORTGAGE GROUP, INC. 3 6.46% $19,491
    BAY-VALLEY MORTGAGE GROUP 3 6.00% $24,611
    OPEN MORTGAGE, LLC 3 6.13% $16,248
    CORNERSTONE HOME LENDING, INC. 2 5.88% $13,963
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.19% $23,419
    MICHIGAN MUTUAL, INC. 2 5.81% $21,109
    Bank of America 2 6.81% $19,809
    MLD MORTGAGE INC. 2 6.88% $20,419
    INTELLILOAN, INC. 2 6.06% $19,830
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 7.69% $18,170
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.25% $29,973
    GUARANTY HOME MORTGAGE CORPORATION 2 5.44% $24,300
    American Mortgage & Equity Consultants, Inc. 2 6.75% $21,450
    NETWORK CAPITAL FUNDING CORPORATION 2 6.13% $16,072
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 7.06% $21,353
    PLAZA HOME MORTGAGE, INC. 2 6.13% $13,834
    PLANET HOME LENDING, LLC 2 6.13% $17,968
    Vellum Mortgage, Inc. 2 5.81% $11,866
    DAS Acquisition Company, LLC 2 6.25% $24,945
    Plains Commerce Bank 2 6.63% $15,761
    ENVOY MORTGAGE, LTD 2 6.38% $20,637
    AHL FUNDING 2 6.94% $21,965
    EAGLE HOME MORTGAGE, LLC 2 6.19% $19,290
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 5.50% $16,011
    ZILLOW HOME LOANS, LLC 1 6.75% $17,305
    ALAMEDA MORTGAGE CORPORATION 1 6.25% $23,641
    Ameris Bank 1 6.13% $14,059
    AXIA FINANCIAL, LLC 1 8.13% $14,451
    BAY EQUITY LLC 1 5.75% $20,246
    CASTLE & COOKE MORTGAGE, LLC 1 7.75% $16,813
    Cornerstone First Mortgage, Inc 1 5.25% $11,351
    HOMESPIRE MORTGAGE CORPORATION 1 6.63% $31,576
    iCore Lending, Inc. 1 6.50% $22,504
    LADERA LENDING, INC. 1 6.38% $25,815
    LENOX FINANCIAL MORTGAGE CORPORATION 1 6.38% $23,211
    LOANPAL, LLC 1 6.63% $11,891
    MANN FINANCIAL INC. 1 6.63% $22,678
    MID AMERICA MORTGAGE, INC. 1 6.88% $10,268
    NATIONS DIRECT MORTGAGE, LLC 1 6.88% $24,772
    NATIONWIDE MORTGAGE BANKERS, INC. 1 5.75% $19,339
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 7.25% $10,087
    PENTAGON FEDERAL CREDIT UNION 1 5.38% $12,363
    Performance Financial, Inc. 1 5.75% $26,615
    PHH Mortgage Corporation 1 6.63% $11,983
    Platinum Home Mortgage Corporation 1 5.63% $25,061
    RESIDENTIAL BANCORP 1 5.63% $20,367
    TJC Mortgage, Inc. 1 5.75% $24,132
    UNION HOME MORTGAGE CORP. 1 6.13% $20,910
    Waterstone Mortgage Corporation 1 6.00% $16,597
    1st Security Bank of Washington 1 6.50% $16,206

    The top Vallejo FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 188 FHA loans originated. Their average total fees are $19,255, which is $454 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Vallejo FHA lenders (with over 10 loans originated) are South Pacific Financial Corporation ($16,264), DHI MORTGAGE COMPANY, LTD. ($16,415), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($16,695), LOANDEPOT.COM, LLC ($18,116) and INSPIRE HOME LOANS INC. ($18,629).

    The lowest rate Vallejo FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.68%), INSPIRE HOME LOANS INC. (5.76%), QUICKEN LOANS, LLC (6.01%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.03%) and South Pacific Financial Corporation (6.05%).

    Vallejo FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    VALLEJO, CA SOLANO 2022 $614,100 $786,150 $950,300 $1,181,000
    VALLEJO, CA SOLANO 2023 $685,400 $877,450 $1,060,600 $1,318,100

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Vallejo (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 $484,600 (13.4%) $579,539 (11.0%) 1.80 396
    2018-02-01 $474,000 (10.2%) $602,352 (14.9%) 1.72 404
    2018-03-01 $470,000 (10.2%) $583,201 (13.2%) 1.65 443
    2018-04-01 $483,125 (11.1%) $586,330 (12.2%) 1.64 490
    2018-05-01 $499,000 (13.1%) $623,135 (17.1%) 1.67 557
    2018-06-01 $489,900 (7.5%) $611,163 (10.7%) 1.63 663
    2018-07-01 $487,000 (6.1%) $594,288 (11.2%) 1.63 685
    2018-08-01 $469,550 (2.7%) $557,017 (6.6%) 1.57 771
    2018-09-01 $469,000 (4.2%) $543,624 (0.1%) 1.58 816
    2018-10-01 $459,450 (2.4%) $525,980 (-3.6%) 1.56 845
    2018-11-01 $455,050 (0.6%) $530,472 (-5.1%) 1.54 806
    2018-12-01 $455,000 (-5.2%) $523,771 (-10.4%) 1.57 709
    2019-01-01 $455,750 (-6.0%) $695,797 (20.1%) 1.57 628
    2019-02-01 $459,725 (-3.0%) $524,807 (-12.9%) 1.55 635
    2019-03-01 $470,714 (0.2%) $540,484 (-7.3%) 1.54 644
    2019-04-01 $485,000 (0.4%) $557,960 (-4.8%) 1.54 667
    2019-05-01 $487,919 (-2.2%) $566,121 (-9.2%) 1.53 733
    2019-06-01 $499,900 (2.0%) $586,134 (-4.1%) 1.56 766
    2019-07-01 $499,000 (2.5%) $584,585 (-1.6%) 1.56 777
    2019-08-01 $496,941 (5.8%) $580,896 (4.3%) 1.57 769
    2019-09-01 $493,852 (5.3%) $569,180 (4.7%) 1.58 763
    2019-10-01 $491,793 (7.0%) $561,369 (6.7%) 1.59 749
    2019-11-01 $479,000 (5.3%) $554,684 (4.6%) 1.57 658
    2019-12-01 $476,225 (4.7%) $568,552 (8.6%) 1.59 518
    2020-01-01 $465,000 (2.0%) $572,311 (-17.8%) 1.55 471
    2020-02-01 $485,000 (5.5%) $582,887 (11.1%) 1.59 440
    2020-03-01 $488,000 (3.7%) $581,747 (7.6%) 1.53 467
    2020-04-01 $499,000 (2.9%) $570,498 (2.3%) 1.56 508
    2020-05-01 $495,500 (1.6%) $574,475 (1.5%) 1.51 531
    2020-06-01 $502,158 (0.5%) $590,071 (0.7%) 1.48 439
    2020-07-01 $505,750 (1.4%) $593,198 (1.5%) 1.47 396
    2020-08-01 $510,000 (2.6%) $591,793 (1.9%) 1.46 355
    2020-09-01 $489,688 (-0.8%) $575,264 (1.1%) 1.40 332
    2020-10-01 $499,000 (1.5%) $596,939 (6.3%) 1.43 334
    2020-11-01 $512,500 (7.0%) $605,401 (9.1%) 1.50 294
    2020-12-01 $498,875 (4.8%) $609,717 (7.2%) 1.48 240
    2021-01-01 $514,900 (10.7%) $625,935 (9.4%) 1.54 211
    2021-02-01 $499,725 (3.0%) $602,559 (3.4%) 1.45 207
    2021-03-01 $521,975 (7.0%) $633,163 (8.8%) 1.48 203
    2021-04-01 $538,094 (7.8%) $659,397 (15.6%) 1.46 228
    2021-05-01 $549,900 (11.0%) $648,498 (12.9%) 1.46 257
    2021-06-01 $577,000 (14.9%) $669,722 (13.5%) 1.52 307
    2021-07-01 $585,000 (15.7%) $681,788 (14.9%) 1.54 336
    2021-08-01 $582,000 (14.1%) $669,031 (13.1%) 1.55 391
    2021-09-01 $599,450 (22.4%) $667,207 (16.0%) 1.60 424
    2021-10-01 $599,000 (20.0%) $663,307 (11.1%) 1.60 432
    2021-11-01 $599,000 (16.9%) $675,072 (11.5%) 1.60 376
    2021-12-01 $589,200 (18.1%) $665,028 (9.1%) 1.60 288
    2022-01-01 $585,000 (13.6%) $675,470 (7.9%) 1.58 213
    2022-02-01 $593,250 (18.7%) $681,193 (13.1%) 1.54 210
    2022-03-01 $610,000 (16.9%) $714,002 (12.8%) 1.53 263
    2022-04-01 $639,000 (18.8%) $724,182 (9.8%) 1.52 306
    2022-05-01 $629,000 (14.4%) $705,979 (8.9%) 1.44 436
    2022-06-01 $619,500 (7.4%) $689,353 (2.9%) 1.38 612
    2022-07-01 $620,000 (6.0%) $686,594 (0.7%) 1.40 730
    2022-08-01 $625,000 (7.4%) $699,719 (4.6%) 1.44 830
    2022-09-01 $624,000 (4.1%) $701,662 (5.2%) 1.46 787
    2022-10-01 $606,891 (1.3%) $697,992 (5.2%) 1.43 791
    2022-11-01 $599,625 (0.1%) $696,482 (3.2%) 1.44 750
    2022-12-01 $599,900 (1.8%) $692,313 (4.1%) 1.48 575
    2023-01-01 $599,000 (2.4%) $679,404 (0.6%) 1.48 478
    2023-02-01 $599,000 (1.0%) $675,651 (-0.8%) 1.45 397
    2023-03-01 $599,968 (-1.6%) $699,749 (-2.0%) 1.42 371
    2023-04-01 $609,500 (-4.6%) $745,839 (3.0%) 1.42 297
    2023-05-01 $622,225 (-1.1%) $751,163 (6.4%) 1.41 326
    2023-06-01 $626,000 (1.1%) $730,478 (6.0%) 1.41 361
    2023-07-01 $624,900 (0.8%) $720,073 (4.9%) 1.42 393
    2023-08-01 $615,000 (-1.6%) $726,738 (3.9%) 1.41 450
    2023-09-01 $599,950 (-3.9%) $708,896 (1.0%) 1.40 515
    2023-10-01 $598,950 (-1.3%) $680,878 (-2.5%) 1.41 563
    2023-11-01 $583,814 (-2.6%) $668,738 (-4.0%) 1.39 554
    2023-12-01 $589,000 (-1.8%) $680,622 (-1.7%) 1.44 475
    2024-01-01 $592,500 (-1.1%) $689,497 (1.5%) 1.45 414
    2024-02-01 $583,944 (-2.5%) $662,531 (-1.9%) 1.41 417
    2024-03-01 $585,000 (-2.5%) $692,735 (-1.0%) 1.38 457
    2024-04-01 $597,000 (-2.1%) $691,104 (-7.3%) 1.39 545
    2024-05-01 $599,450 (-3.7%) $693,878 (-7.6%) 1.35 618
    2024-06-01 $601,900 (-3.9%) $698,213 (-4.4%) 1.35 651
    2024-07-01 $610,475 (-2.3%) $709,590 (-1.5%) 1.40 717
    2024-08-01 $600,000 (-2.4%) $704,099 (-3.1%) 1.40 714
    2024-09-01 $599,945 (0.0%) $697,128 (-1.7%) 1.41 706
    2024-10-01 $595,988 (-0.5%) $697,447 (2.4%) 1.40 711
    Vallejo's median listing price for 2024-10-01 was $595,988, a difference of $-2,962 (-0.5%) versus the prior year and $-3,957 versus the prior month.

    Vallejo's median listing price comes in at 140% of the national average.

    Vallejo's average listing price for 2024-10-01 was $697,447, a difference of $16,569 (2.4%) versus the prior year and $319 versus the prior month.

    For the 2024-10-01 period, Vallejo had 711 MLS listings, a difference of 5 listings (1%) versus the prior month and 148 listings (26%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Vallejo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 37 days 1,906 sqft
    2018-02-01 26 days 1,856 sqft
    2018-03-01 23 days 1,822 sqft
    2018-04-01 22 days 1,812 sqft
    2018-05-01 23 days 1,880 sqft
    2018-06-01 22 days 1,866 sqft
    2018-07-01 30 days 1,852 sqft
    2018-08-01 34 days 1,800 sqft
    2018-09-01 37 days 1,797 sqft
    2018-10-01 38 days 1,703 sqft
    2018-11-01 44 days 1,698 sqft
    2018-12-01 53 days 1,689 sqft
    2019-01-01 54 days 1,685 sqft
    2019-02-01 34 days 1,747 sqft
    2019-03-01 31 days 1,773 sqft
    2019-04-01 27 days 1,790 sqft
    2019-05-01 27 days 1,790 sqft
    2019-06-01 31 days 1,874 sqft
    2019-07-01 32 days 1,868 sqft
    2019-08-01 36 days 1,852 sqft
    2019-09-01 40 days 1,842 sqft
    2019-10-01 43 days 1,835 sqft
    2019-11-01 51 days 1,784 sqft
    2019-12-01 60 days 1,786 sqft
    2020-01-01 60 days 1,763 sqft
    2020-02-01 43 days 1,797 sqft
    2020-03-01 36 days 1,796 sqft
    2020-04-01 43 days 1,823 sqft
    2020-05-01 44 days 1,820 sqft
    2020-06-01 48 days 1,808 sqft
    2020-07-01 39 days 1,760 sqft
    2020-08-01 43 days 1,757 sqft
    2020-09-01 32 days 1,740 sqft
    2020-10-01 29 days 1,740 sqft
    2020-11-01 32 days 1,792 sqft
    2020-12-01 36 days 1,713 sqft
    2021-01-01 36 days 1,745 sqft
    2021-02-01 24 days 1,694 sqft
    2021-03-01 26 days 1,687 sqft
    2021-04-01 25 days 1,740 sqft
    2021-05-01 22 days 1,745 sqft
    2021-06-01 23 days 1,770 sqft
    2021-07-01 27 days 1,809 sqft
    2021-08-01 27 days 1,692 sqft
    2021-09-01 29 days 1,765 sqft
    2021-10-01 31 days 1,778 sqft
    2021-11-01 37 days 1,768 sqft
    2021-12-01 42 days 1,704 sqft
    2022-01-01 38 days 1,714 sqft
    2022-02-01 22 days 1,715 sqft
    2022-03-01 23 days 1,766 sqft
    2022-04-01 24 days 1,787 sqft
    2022-05-01 26 days 1,773 sqft
    2022-06-01 29 days 1,753 sqft
    2022-07-01 34 days 1,750 sqft
    2022-08-01 37 days 1,773 sqft
    2022-09-01 47 days 1,770 sqft
    2022-10-01 52 days 1,767 sqft
    2022-11-01 52 days 1,773 sqft
    2022-12-01 67 days 1,784 sqft
    2023-01-01 72 days 1,793 sqft
    2023-02-01 59 days 1,778 sqft
    2023-03-01 40 days 1,822 sqft
    2023-04-01 38 days 1,847 sqft
    2023-05-01 33 days 1,849 sqft
    2023-06-01 37 days 1,813 sqft
    2023-07-01 31 days 1,781 sqft
    2023-08-01 35 days 1,815 sqft
    2023-09-01 29 days 1,744 sqft
    2023-10-01 37 days 1,704 sqft
    2023-11-01 39 days 1,692 sqft
    2023-12-01 50 days 1,716 sqft
    2024-01-01 50 days 1,706 sqft
    2024-02-01 37 days 1,624 sqft
    2024-03-01 34 days 1,659 sqft
    2024-04-01 32 days 1,686 sqft
    2024-05-01 31 days 1,704 sqft
    2024-06-01 36 days 1,744 sqft
    2024-07-01 36 days 1,770 sqft
    2024-08-01 39 days 1,757 sqft
    2024-09-01 45 days 1,724 sqft
    2024-10-01 44 days 1,700 sqft
    Vallejo's median listing age (time on market) for 2024-10-01 was 44 days. This is 19% longer than the same period one year ago.

    Vallejo's median square footage for active listings during the 2024-10-01 period was 1,700 sqft. One year prior, the average listing was 1,704 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).