Virginia Beach FHA Loan Rates, Closing Costs & Stats

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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.

    Virginia Beach's 204 lenders originated 6,290 FHA loans during 2022. The total origination value was $1,669,530,000, with an average FHA loan value of $265,426.

    Virginia Beach FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Virginia Beach averaged 6.37% for the week of 2023-12-01, compared to the national average (all FHA variants) of 6.949% for the same period.

    Virginia Beach's average FHA mortgage closing costs are $7,733.

    The average rate for the prior week (2023-11-24) was 6.48% and one month ago for the week of 2023-10-27, the average rate was 6.89%.

    The average rate one year ago was 5.81%.

    For refis of the same type during the week of 2023-12-01, the average rate was 5.42%.

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

    Virginia Beach 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 Virginia Beach level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 626 4.98% $9,981
    OVM FINANCIAL, INC. 549 4.65% $9,500
    QUICKEN LOANS, LLC 423 4.37% $9,990
    MOVEMENT MORTGAGE, LLC 309 4.87% $9,432
    UNITED WHOLESALE MORTGAGE, LLC 264 4.89% $9,965
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 262 5.97% $10,835
    CALIBER HOME LOANS, INC. 229 4.84% $9,791
    TIDEWATER MORTGAGE SERVICES, INC. 182 5.00% $9,415
    SOUTHERN TRUST MORTGAGE, LLC 179 5.00% $10,567
    LOANDEPOT.COM, LLC 152 4.75% $10,607
    CBM Mortgage, Inc. 141 5.12% $8,786
    NVR Mortgage Finance, Inc. 103 4.18% $14,694
    CARDINAL FINANCIAL 100 4.99% $11,325
    PENNYMAC LOAN SERVICES, LLC 92 4.06% $9,324
    Mr. Cooper ( Nationstar Mortgage ) 88 4.54% $11,027
    FREEDOM MORTGAGE CORPORATION 86 4.75% $10,008
    Tidewater Home Funding, LLC 66 4.89% $8,136
    Alcova Mortgage LLC 65 5.18% $7,330
    Carrington Mortgage Services, LLC 62 5.10% $11,173
    BROKER SOLUTIONS, INC. 62 5.00% $10,210
    Towne Mortgage, LLC 57 4.86% $9,656
    LAKEVIEW LOAN SERVICING, LLC 54 4.02% $7,154
    Prosperity Home Mortgage, LLC 50 4.57% $8,989
    Advance Financial Group, LLC 47 4.84% $10,278
    Atlantic Coast Mortgage, LLC 47 5.30% $10,128
    AMERISAVE MORTGAGE CORPORATION 46 4.50% $11,856
    EMM LOANS LLC 45 5.08% $10,558
    C & F Mortgage Corporation 43 5.18% $10,630
    HOMESPIRE MORTGAGE CORPORATION 42 5.21% $9,211
    Towne Bank 42 4.81% $9,863
    NewTowne Mortgage, LLC 38 5.06% $9,993
    The Federal Savings Bank 38 4.94% $10,265
    Blue Ridge Bank 36 4.72% $8,208
    CAPITAL CENTER, L.L.C. 36 4.90% $6,286
    NEWREZ LLC 35 5.01% $9,424
    Ameris Bank 35 4.88% $8,868
    PRIMELENDING, A PLAINSCAPITAL COMPANY 34 5.15% $9,932
    MCLEAN MORTGAGE CORPORATION 33 4.90% $8,773
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 33 5.34% $8,794
    Nations Lending Corporation 31 4.81% $10,441
    Paramount Residential Mortgage Group, Inc. 31 5.11% $11,363
    George Mason Mortgage, LLC 31 4.26% $10,131
    EMBRACE HOME LOANS, INC. 29 5.49% $9,153
    CMG MORTGAGE, INC. 29 5.35% $10,106
    CROSSCOUNTRY MORTGAGE, LLC 27 5.41% $12,646
    Mortgage Research Center, LLC 26 4.78% $7,216
    Lakeview Community Capital, LLC 25 4.14% $6,462
    HOMESIDE FINANCIAL, LLC 24 5.22% $10,729
    RELIANCE FIRST CAPITAL, LLC 23 4.53% $9,484
    Plains Commerce Bank 22 4.83% $12,026
    Equity Prime Mortgage LLC 22 5.26% $12,552
    JOHNSON MORTGAGE COMPANY, L.L.C. 21 3.99% $8,586
    LOANPAL, LLC 20 4.29% $11,207
    PLANET HOME LENDING, LLC 19 4.81% $9,386
    Fulton Bank 18 4.74% $9,372
    HOMEBRIDGE FINANCIAL SERVICES, INC. 17 5.38% $10,068
    HOME POINT FINANCIAL CORPORATION 16 3.84% $9,687
    FIDELITY DIRECT MORTGAGE, LLC 16 4.84% $10,557
    MUTUAL OF OMAHA MORTGAGE, INC. 15 4.86% $11,075
    GUARANTEED RATE, INC. 15 4.97% $9,733
    SWBC MORTGAGE CORPORATION 14 5.43% $7,080
    MILEND, INC. 14 5.01% $12,634
    Flagstar Bank, FSB 13 4.64% $10,240
    NFM, INC. 13 4.63% $11,594
    Truist 13 4.29% $8,483
    Loan Simple, Inc. 13 4.59% $10,508
    NATIONS DIRECT MORTGAGE, LLC 12 4.23% $11,500
    ISERVE RESIDENTIAL LENDING, LLC 12 5.46% $10,028
    First Federal Bank 12 4.67% $10,704
    VILLAGE CAPITAL MORTGAGE 11 3.84% $5,475
    SUN WEST MORTGAGE COMPANY, INC. 11 4.57% $10,259
    M&T Bank 10 3.75% $7,835
    Wells Fargo Bank 10 4.68% $7,116
    EVERETT FINANCIAL, INC. 10 4.55% $6,557
    DRAGAS MORTGAGE COMPANY 10 5.36% $10,360
    GoPrime Mortgage, Inc. 10 5.04% $9,880
    AMERICAN PACIFIC MORTGAGE CORPORATION 10 5.90% $10,822
    AMERICAN FINANCIAL RESOURCES, INC. 9 4.26% $10,110
    AMERIFIRST FINANCIAL CORPORATION 8 5.58% $9,483
    Evolve Bank & Trust 8 5.09% $11,963
    Wyndham Capital Mortgage, Inc. 8 4.53% $7,836
    TOWNE MORTGAGE COMPANY 8 4.63% $9,981
    Bank of America 8 4.08% $4,713
    UNITED MORTGAGE CORP 7 4.75% $9,740
    AMERICAN FINANCING CORPORATION 7 4.43% $11,214
    U.S. Bank 7 4.64% $11,309
    Dollar Bank, Federal Savings Bank 7 4.88% $8,011
    Hometown Equity Mortgage, LLC 6 4.98% $10,587
    GMFS LLC 6 4.83% $12,592
    DATA MORTGAGE, INC. 6 5.58% $11,587
    VILLAGE BANK MORTGAGE CORPORATION 6 4.88% $7,770
    SUCCESS MORTGAGE PARTNERS, INC. 6 4.83% $9,553
    FIRST HOME MORTGAGE CORPORATION 6 5.00% $13,394
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 6 5.60% $10,612
    CityWorth Mortgage LLC 5 5.28% $11,751
    BAYSHORE MORTGAGE FUNDING, LLC 5 5.03% $9,392
    ALLIED MORTGAGE GROUP, INC. 5 3.95% $9,403
    ZILLOW HOME LOANS, LLC 5 4.55% $8,638
    Sierra Pacific Mortgage Company, Inc. 5 5.83% $9,480
    GSF Mortgage Corporation 5 5.55% $10,929
    PNC Bank 4 4.06% $10,540
    CHURCHILL MORTGAGE CORPORATION 4 4.56% $8,312
    Citizens Bank 4 4.34% $11,047
    DHI MORTGAGE COMPANY, LTD. 4 4.25% $14,454
    HAMILTON HOME LOANS, INC. 4 4.81% $10,238
    Integrity Home Mortgage Corp 4 5.50% $11,884
    JPMorgan Chase Bank 4 4.63% $7,547
    LEADERONE FINANCIAL CORPORATION 4 4.22% $11,663
    NATIONS RELIABLE LENDING, LLC 4 4.41% $10,290
    NETWORK CAPITAL FUNDING CORPORATION 4 5.09% $10,809
    Strong Home Mortgage, LLC 3 4.88% $9,535
    RANLIFE, INC. 3 4.04% $7,021
    MLD MORTGAGE INC. 3 5.38% $9,527
    PENTAGON FEDERAL CREDIT UNION 3 6.00% $9,430
    First Option Mortgage, LLC 3 3.92% $9,761
    MID AMERICA MORTGAGE, INC. 3 4.71% $8,091
    North American Savings Bank, F.S.B. 3 5.04% $6,847
    Mortgage Network, Inc. 3 4.92% $7,267
    OCMBC, INC. 3 4.88% $10,136
    LANGLEY 3 4.83% $8,820
    LOANLEADERS OF AMERICA, INC. 3 5.17% $13,865
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 5.42% $19,886
    Barrington Bank & Trust Company, N.A. 3 3.63% $8,836
    MID-ISLAND MORTGAGE CORP. 3 4.46% $11,902
    MIDLAND MORTGAGE CORPORATION 3 5.08% $10,916
    BETTER MORTGAGE CORPORATION 3 3.71% $9,519
    NATION ONE MORTGAGE CORPORATION 3 5.25% $15,555
    LIBERTY HOME MORTGAGE CORPORATION 3 5.83% $16,090
    CONTOUR MORTGAGE CORPORATION 3 4.04% $10,531
    Texana Bank 3 4.50% $8,646
    NATIONWIDE MORTGAGE BANKERS, INC. 3 4.42% $12,321
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 3 3.67% $8,112
    US MORTGAGE CORPORATION 2 4.75% $8,719
    MICHIGAN MUTUAL, INC. 2 3.81% $5,763
    MORIA DEVELOPMENT, INC. 2 5.44% $13,115
    INTERCOASTAL MORTGAGE COMPANY 2 5.00% $7,595
    Hometown Lenders, Inc. 2 4.00% $13,219
    GUILD MORTGAGE COMPANY 2 4.63% $11,995
    NEW DAY FINANCIAL, LLC 2 4.56% $14,263
    GENEVA FINANCIAL, LLC 2 6.19% $14,021
    Northpointe Bank 2 5.25% $10,861
    OCEANSIDE MORTGAGE COMPANY 2 3.44% $1,837
    First Heritage Mortgage, LLC 2 4.94% $8,961
    First Guaranty Mortgage Corporation 2 4.31% $8,253
    FIRST COMMUNITY MORTGAGE, INC. 2 4.00% $9,022
    Residential Mortgage Solutions, Inc. 2 6.19% $9,927
    Shamrock Home Loans, Inc. 2 3.50% $7,401
    EAGLE HOME MORTGAGE, LLC 2 4.94% $19,542
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 4.69% $10,172
    DRAPER AND KRAMER MORTGAGE CORP. 2 4.38% $9,479
    TOP FLITE FINANCIAL, INC. 2 4.88% $18,064
    Bank of England 2 4.88% $10,175
    Atlantic Union Bank 2 5.25% $10,789
    Armed Forces Bank 2 4.63% $9,859
    ARC HOME LLC 2 4.25% $8,415
    Virginia Credit Union, Inc. 2 5.69% $6,604
    Waterstone Mortgage Corporation 2 4.81% $13,839
    Magnolia Bank 2 5.19% $11,774
    FirstBank 1 3.88% $6,238
    FINANCE OF AMERICA MORTGAGE LLC 1 5.13% $10,301
    Acre Mortgage and Financial Inc 1 6.25% $13,497
    RAPID MORTGAGE COMPANY 1 3.25% $10,536
    FAY SERVICING, LLC 1 2.88% $5,149
    ANGEL OAK HOME LOANS LLC 1 5.13% $9,176
    ROSS MORTGAGE CORPORATION 1 4.25% $17,564
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 6.25% $12,189
    Encompass Lending Group, LP 1 3.13% $13,301
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.13% $8,993
    Vellum Mortgage, Inc. 1 3.75% $7,157
    SOVEREIGN LENDING GROUP INCORPORATED 1 4.25% $9,768
    STOCKTON MORTGAGE CORPORATION 1 4.13% $12,963
    NBKC BANK 1 4.75% $9,986
    Kwik Mortgage Corporation 1 3.88% $22,065
    DIRECT MORTGAGE LOANS, LLC 1 5.63% $12,442
    NBH Bank 1 3.13% $9,859
    AmeriHome Mortgage Company, LLC 1 6.63% $10,321
    GUARANTEED RATE AFFINITY, LLC 1 5.25% $22,461
    THE MORTGAGE FIRM, INC. 1 5.63% $7,681
    The Union Bank Company 1 4.63% $12,685
    Colten Mortgage, LLC 1 3.75% $8,924
    C&F Select LLC 1 6.13% $11,341
    West Town Bank & Trust 1 3.75% $7,283
    Century Mortgage Company DBA Century Lending Company 1 4.50% $7,694
    MY MORTGAGE, INC. 1 5.50% $7,451
    BAY EQUITY LLC 1 6.25% $11,352
    INTERLINC MORTGAGE SERVICES, LLC 1 7.50% $5,290
    UNION HOME MORTGAGE CORP. 1 3.63% $6,992
    FIRST STATE MORTGAGE SERVICES, LLC 1 5.50% $6,068
    Willamette Valley Bank 1 5.13% $16,900
    NORWICH COMMERCIAL GROUP, INC. 1 5.25% $9,358
    FIRST SAVINGS MORTGAGE CORPORATION 1 3.38% $5,979
    GEO-CORP, INC. 1 4.75% $12,916
    First National Bank of Omaha 1 4.88% $6,745
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 5.99% $9,134
    Peoples Bank 1 5.63% $14,885
    PHH Mortgage Corporation 1 5.13% $16,313
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 6.25% $15,859
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $16,935
    PLAZA HOME MORTGAGE, INC. 1 5.13% $7,357
    ACADEMY MORTGAGE CORPORATION 1 5.88% $6,211
    POLARIS HOME FUNDING CORP. 1 5.00% $8,971
    PREMIA MORTGAGE, LLC 1 5.00% $9,477
    Presidential Bank, FSB 1 3.88% $10,139
    UNIVERSAL MORTGAGE & FINANCE, INC. 1 5.63% $13,766

    The top Virginia Beach FHA lender as defined by loan originations is ATLANTIC BAY MORTGAGE GROUP, L.L.C., with 626 FHA loans originated. Their average total fees are $9,981, which is $480 higher than the next largest lender, OVM FINANCIAL, INC..

    The lowest fee Virginia Beach FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($5,475), CAPITAL CENTER, L.L.C. ($6,286), Lakeview Community Capital, LLC ($6,462), EVERETT FINANCIAL, INC. ($6,557) and SWBC MORTGAGE CORPORATION ($7,080).

    The lowest rate Virginia Beach FHA lenders (with over 10 loans originated) are M&T Bank (3.75%), VILLAGE CAPITAL MORTGAGE (3.84%), HOME POINT FINANCIAL CORPORATION (3.84%), JOHNSON MORTGAGE COMPANY, L.L.C. (3.99%) and LAKEVIEW LOAN SERVICING, LLC (4.02%).

    Virginia Beach FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC CAMDEN 2022 $488,750 $625,700 $756,300 $939,900
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC CURRITUCK 2022 $488,750 $625,700 $756,300 $939,900
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC GATES 2022 $488,750 $625,700 $756,300 $939,900
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC GLOUCESTER 2022 $488,750 $625,700 $756,300 $939,900
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC ISLE OF WIGHT 2022 $488,750 $625,700 $756,300 $939,900
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC JAMES CITY 2022 $488,750 $625,700 $756,300 $939,900
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC MATHEWS 2022 $488,750 $625,700 $756,300 $939,900
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC SOUTHAMPTON 2022 $488,750 $625,700 $756,300 $939,900
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC YORK 2022 $488,750 $625,700 $756,300 $939,900
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC CHESAPEAKE CITY 2022 $488,750 $625,700 $756,300 $939,900
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC FRANKLIN CITY 2022 $488,750 $625,700 $756,300 $939,900
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC HAMPTON CITY 2022 $488,750 $625,700 $756,300 $939,900
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC NEWPORT NEWS CI 2022 $488,750 $625,700 $756,300 $939,900
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC NORFOLK CITY 2022 $488,750 $625,700 $756,300 $939,900
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC POQUOSON CITY 2022 $488,750 $625,700 $756,300 $939,900
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC PORTSMOUTH CITY 2022 $488,750 $625,700 $756,300 $939,900
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC SUFFOLK CITY 2022 $488,750 $625,700 $756,300 $939,900
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC VIRGINIA BEACH 2022 $488,750 $625,700 $756,300 $939,900
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC WILLIAMSBURG CI 2022 $488,750 $625,700 $756,300 $939,900
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC CAMDEN 2023 $507,150 $649,250 $784,800 $975,300
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC CURRITUCK 2023 $507,150 $649,250 $784,800 $975,300
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC GATES 2023 $507,150 $649,250 $784,800 $975,300
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC GLOUCESTER 2023 $507,150 $649,250 $784,800 $975,300
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC ISLE OF WIGHT 2023 $507,150 $649,250 $784,800 $975,300
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC JAMES CITY 2023 $507,150 $649,250 $784,800 $975,300
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC MATHEWS 2023 $507,150 $649,250 $784,800 $975,300
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC SOUTHAMPTON 2023 $507,150 $649,250 $784,800 $975,300
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC YORK 2023 $507,150 $649,250 $784,800 $975,300
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC CHESAPEAKE CITY 2023 $507,150 $649,250 $784,800 $975,300
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC FRANKLIN CITY 2023 $507,150 $649,250 $784,800 $975,300
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC HAMPTON CITY 2023 $507,150 $649,250 $784,800 $975,300
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC NEWPORT NEWS CI 2023 $507,150 $649,250 $784,800 $975,300
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC NORFOLK CITY 2023 $507,150 $649,250 $784,800 $975,300
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC POQUOSON CITY 2023 $507,150 $649,250 $784,800 $975,300
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC PORTSMOUTH CITY 2023 $507,150 $649,250 $784,800 $975,300
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC SUFFOLK CITY 2023 $507,150 $649,250 $784,800 $975,300
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC VIRGINIA BEACH 2023 $507,150 $649,250 $784,800 $975,300
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC WILLIAMSBURG CI 2023 $507,150 $649,250 $784,800 $975,300

    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).