Warren FHA Loans

WARREN-TROY-FARMINGTON HILLS, MI

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.

Warren's 193 lenders originated 10,406 FHA loans during 2021. The total origination value was $2,048,060,000, with an average FHA loan value of $196,815.

Warren FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Warren averaged 4.79% for the week of 2022-03-25, compared to the national average (all FHA variants) of 4.648% for the same period.

The average rate for the prior week (2022-03-18) was 4.21% and one month ago for the week of 2022-02-18, the average rate was 4.24%.

The average rate one year ago was 3.47%.

For refis of the same type during the week of 2022-03-25, the average rate was 4.41%.

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

Warren FHA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Warren level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 2,386 2.76% $5,517
UNITED WHOLESALE MORTGAGE, LLC 913 2.84% $7,142
MORTGAGE 1 INCORPORATED 499 3.38% $7,920
CALIBER HOME LOANS, INC. 397 3.03% $6,270
FREEDOM MORTGAGE CORPORATION 306 2.92% $4,495
LAKEVIEW LOAN SERVICING, LLC 242 3.09% $4,537
Mr. Cooper ( Nationstar Mortgage ) 221 3.24% $4,431
MICHIGAN MUTUAL, INC. 209 3.33% $6,652
CROSSCOUNTRY MORTGAGE, LLC 201 3.31% $7,534
Flagstar Bank, FSB 181 3.08% $6,022
PENNYMAC LOAN SERVICES, LLC 170 3.14% $4,309
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 135 3.29% $6,763
HOME POINT FINANCIAL CORPORATION 124 3.04% $6,250
The Huntington National Bank 114 3.10% $6,364
VILLAGE CAPITAL & INVESTMENT LLC 111 2.88% $2,951
LOANDEPOT.COM, LLC 110 3.21% $7,262
AMERIFIRST FINANCIAL CORPORATION 102 3.79% $6,827
Carrington Mortgage Services, LLC 99 3.57% $7,685
UNION HOME MORTGAGE CORP. 98 3.39% $7,079
Platinum Home Mortgage Corporation 92 3.20% $7,314
STAUNTON FINANCIAL, INC. 88 3.10% $6,755
J. VIRGIL, INC. 83 3.19% $8,813
NEWREZ LLC 73 3.00% $5,495
BROKER SOLUTIONS, INC. 69 3.17% $7,372
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 68 3.09% $7,145
MICHIGAN FIRST CREDIT UNION 68 3.42% $6,235
ROSS MORTGAGE CORPORATION 60 3.40% $7,594
HOMEBRIDGE FINANCIAL SERVICES, INC. 55 2.82% $5,819
AmeriHome Mortgage Company, LLC 54 2.98% $4,466
First State Bank 53 3.24% $5,876
LAKE MICHIGAN CREDIT UNION 51 2.95% $7,087
SUMMIT FUNDING, INC. 50 3.26% $7,397
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 49 3.33% $6,334
AMERISAVE MORTGAGE CORPORATION 49 2.96% $7,951
RUOFF MORTGAGE COMPANY, INC. 47 3.41% $5,597
SUCCESS MORTGAGE PARTNERS, INC. 46 3.28% $8,595
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 43 3.21% $7,613
BLG HOLDINGS, INC. 41 3.34% $6,701
TOWNE MORTGAGE COMPANY 41 3.32% $7,560
EVERETT FINANCIAL, INC. 40 3.94% $5,648
MICHIGAN SCHOOLS AND GOVERNMENT 40 3.11% $5,813
MEMBER FIRST MORTGAGE, LLC 38 3.24% $6,066
Preston Home Loans Inc 38 3.05% $7,484
ACADEMY MORTGAGE CORPORATION 37 3.25% $7,401
PLAZA HOME MORTGAGE, INC. 37 3.13% $6,816
Lakeview Community Capital, LLC 37 3.05% $4,122
First Guaranty Mortgage Corporation 36 2.94% $5,534
HOMESITE MORTGAGE, LLC 36 3.08% $7,724
UNIVERSITY LENDING GROUP, LLC 36 3.15% $6,883
Citizens Bank 33 2.88% $6,033
CMG MORTGAGE, INC. 32 3.43% $8,836
MORTGAGE CENTER L.C 32 3.23% $5,957
MID AMERICA MORTGAGE, INC. 30 3.30% $3,955
JPMorgan Chase Bank 29 2.98% $4,071
Paramount Residential Mortgage Group, Inc. 28 3.50% $8,413
PRIMELENDING, A PLAINSCAPITAL COMPANY 28 3.71% $7,788
PLANET HOME LENDING, LLC 27 2.80% $4,489
ENVOY MORTGAGE, LTD 26 3.41% $7,038
Independent Bank 25 3.21% $6,882
GUARANTEED RATE, INC. 23 2.96% $6,633
First Savings Bank 22 3.21% $9,131
NATIONS DIRECT MORTGAGE, LLC 20 3.19% $9,062
Bank of England 20 3.31% $7,864
TOP FLITE FINANCIAL, INC. 19 3.47% $7,552
AMERICAN FINANCIAL NETWORK, INC. 18 3.13% $11,374
SUN WEST MORTGAGE COMPANY, INC. 17 2.92% $6,183
GENEVA FINANCIAL, LLC 16 3.21% $7,633
Fifth Third Bank 16 3.13% $5,614
STOCKTON MORTGAGE CORPORATION 16 3.16% $9,078
UNITED SECURITY FINANCIAL CORP 16 2.79% $5,298
SOUTHWEST FUNDING, LP 16 3.49% $10,582
Level One Bank 14 3.15% $7,254
TCF National Bank 14 2.71% $6,120
PNC Bank 14 2.82% $5,073
MUTUAL OF OMAHA MORTGAGE, INC. 13 3.09% $7,668
Equity Prime Mortgage LLC 13 3.36% $7,334
Luxury Mortgage Corp. 13 3.42% $8,360
OCEANSIDE MORTGAGE COMPANY 13 2.84% $2,602
Prosperity Home Mortgage, LLC 12 3.73% $6,857
Nations Lending Corporation 12 3.18% $10,057
InterContinental Capital Group, Inc 11 2.90% $6,746
Bank of America 11 2.69% $4,948
Mortgage Research Center, LLC 10 2.94% $6,428
ADVISORS CAPITAL, INC. 10 3.10% $7,181
U.S. Bank 10 3.44% $6,657
KELLER MORTGAGE, LLC 10 3.09% $5,475
HANCOCK MORTGAGE PARTNERS, LLC 9 3.18% $7,884
THE ANDERSON FINANCIAL GROUP, INC. 9 2.65% $6,472
HOMESIDE FINANCIAL, LLC 9 2.97% $8,672
DAS Acquisition Company, LLC 8 3.23% $7,678
FINANCE OF AMERICA MORTGAGE LLC 8 3.28% $6,647
MOVEMENT MORTGAGE, LLC 7 3.57% $7,356
Manufacturers and Traders Trust Company 6 3.21% $7,359
Hometown Equity Mortgage, LLC 6 3.81% $9,085
PRIMARY RESIDENTIAL MORTGAGE, INC. 5 3.18% $5,346
ChoiceOne Bank 5 3.33% $5,696
AMERICAN PACIFIC MORTGAGE CORPORATION 5 3.60% $5,957
RELIANCE FIRST CAPITAL, LLC 5 3.13% $8,253
EMBRACE HOME LOANS, INC. 5 3.05% $5,860
INSPIRE HOME LOANS INC. 5 3.48% $7,104
PREMIA MORTGAGE, LLC 5 2.80% $7,161
AMERICAN FINANCING CORPORATION 5 3.08% $6,531
HARTFORD FUNDING, LTD. 5 3.08% $7,784
FIRST HERITAGE FINANCIAL, LLC 4 3.41% $7,018
GVC MORTGAGE, INC. 4 3.66% $6,333
TJC Mortgage, Inc. 4 2.91% $7,404
Goldwater Bank, N.A. 4 3.31% $7,121
The Federal Savings Bank 4 2.63% $9,473
ARC HOME LLC 4 3.00% $7,908
SOVEREIGN LENDING GROUP INCORPORATED 4 2.97% $7,285
LIBERTY HOME MORTGAGE CORPORATION 4 3.12% $10,209
Dort Financial Credit Union 4 3.50% $6,823
PULTE MORTGAGE LLC 4 3.09% $11,357
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 4 3.22% $8,303
EMM LOANS LLC 4 2.63% $11,161
Century Mortgage Company DBA Century Lending Company 4 3.00% $6,798
Northpointe Bank 4 3.78% $6,119
NATIONS RELIABLE LENDING, LLC 4 3.25% $7,093
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 2.67% $6,705
GUARANTY HOME MORTGAGE CORPORATION 3 3.08% $6,278
Ixonia Bank 3 4.21% $7,824
Mercantile Bank of Michigan 3 2.75% $5,952
ZILLOW HOME LOANS, LLC 3 2.92% $6,952
Peoples Bank 3 3.21% $10,645
CHURCHILL MORTGAGE CORPORATION 3 3.21% $6,788
RESIDENTIAL BANCORP. 3 2.79% $6,225
Barrington Bank & Trust Company, N.A. 3 3.33% $4,679
Bank of Ann Arbor 3 2.88% $5,569
STEARNS LENDING, LLC 3 2.58% $14,584
Christensen Financial, Inc. 2 3.44% $7,807
Willamette Valley Bank 2 3.19% $8,165
VANDERBILT MORTGAGE AND FINANCE, INC. 2 3.06% $9,165
PHH Mortgage Corporation 2 3.25% $3,673
First Federal Bank 2 2.94% $10,416
Plains Commerce Bank 2 3.13% $11,166
BETTER MORTGAGE CORPORATION 2 2.88% $5,525
INLANTA MORTGAGE, INC. 2 3.13% $9,028
First Home Bank 2 3.38% $11,012
PANORAMA MORTGAGE GROUP, LLC 2 2.50% $5,608
Residential Mortgage Solutions, Inc. 2 2.75% $8,199
AMERICAN FINANCIAL RESOURCES, INC. 2 3.13% $6,887
MMS MORTGAGE SERVICES, LTD. 2 3.00% $8,297
AmRes Corporation 2 4.00% $7,779
BECKAM FUNDING CORP. 2 3.31% $11,165
MORIA DEVELOPMENT, INC. 2 3.75% $7,183
NATIONWIDE MORTGAGE BANKERS, INC. 2 3.00% $7,038
ROYAL UNITED MORTGAGE LLC 2 3.25% $6,894
BAYSHORE MORTGAGE FUNDING, LLC 2 3.50% $5,507
Servion, Inc. 2 3.06% $8,178
North American Savings Bank, F.S.B. 2 2.81% $7,410
HALLMARK HOME MORTGAGE, LLC 1 3.63% $8,336
First Merchants Bank 1 3.25% $4,690
Sunflower Bank 1 2.49% $6,676
SWBC MORTGAGE CORPORATION 1 3.63% $6,392
T2 FINANCIAL LLC 1 3.25% $6,468
Ameris Bank 1 2.63% $5,601
Texana Bank 1 3.13% $6,825
First Western Trust Bank 1 3.25% $8,629
The Dart Bank 1 3.50% $5,591
Florida Capital Bank 1 2.50% $7,586
Amerifirst Financial, Inc. 1 2.75% $12,148
TIAA, FSB 1 2.88% $4,744
GSF Mortgage Corporation 1 4.25% $10,323
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 2.50% $9,564
AMERICAN MORTGAGE SERVICE COMPANY 1 3.50% $8,630
UNITED MORTGAGE CORP. 1 4.00% $7,964
INLAND BANK & TRUST 1 2.38% $6,730
GUARANTEED RATE AFFINITY, LLC 1 2.75% $4,873
DEVELOPER'S MORTGAGE COMPANY 1 2.88% $4,493
COMPASS MORTGAGE, INC. 1 2.75% $4,062
NEXERA HOLDING LLC 1 3.63% $9,308
NFM, INC. 1 3.38% $3,385
Allied First Bank,sb 1 3.00% $7,836
US MORTGAGE CORPORATION 1 4.25% $7,118
OCMBC, INC. 1 2.25% $8,955
COMMUNITYAMERICA 1 3.13% $7,471
CIBC Bank USA 1 2.38% $9,174
HOWARD HANNA FINANCIAL SERVICES, INC. 1 2.88% $10,531
M/I FINANCIAL, LLC 1 2.75% $8,566
Midwest Community Bank 1 3.63% $8,894
POLARIS HOME FUNDING CORP. 1 4.00% $5,750
EVANSVILLE TEACHERS 1 2.63% $7,846
CELEBRITY HOME LOANS, LLC 1 3.00% $8,047
Extra 1 2.88% $6,012
CALCON MUTUAL MORTGAGE LLC 1 2.75% $8,738
Wyndham Capital Mortgage, Inc. 1 2.50% $4,614
Wells Fargo Bank 1 2.88% $5,995
Sierra Pacific Mortgage Company, Inc. 1 2.25% $7,951
LEADERONE FINANCIAL CORPORATION 1 2.88% $12,692
Hometown Lenders, Inc. 1 3.25% $11,092
GUILD MORTGAGE COMPANY 1 3.13% $4,703
LAND HOME FINANCIAL SERVICES, INC. 1 3.75% $7,895
Strong Home Mortgage, LLC 1 2.50% $6,924

The top Warren FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 2,386 FHA loans originated. Their average total fees are $5,517, which is $1,625 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Warren FHA lenders (with over 10 loans originated) are OCEANSIDE MORTGAGE COMPANY ($2,602), VILLAGE CAPITAL & INVESTMENT LLC ($2,951), MID AMERICA MORTGAGE, INC. ($3,955), JPMorgan Chase Bank ($4,071) and Lakeview Community Capital, LLC ($4,122).

The lowest rate Warren FHA lenders (with over 10 loans originated) are Bank of America (2.69%), TCF National Bank (2.71%), QUICKEN LOANS, LLC (2.76%), UNITED SECURITY FINANCIAL CORP (2.79%) and PLANET HOME LENDING, LLC (2.80%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Warren (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 $199,450 (7.2%) $307,748 (4.8%) 0.73 10,243
2018-02-01 $202,400 (5.3%) $316,034 (4.9%) 0.73 9,588
2018-03-01 $223,000 (5.0%) $337,028 (7.2%) 0.77 9,395
2018-04-01 $242,450 (7.8%) $342,600 (4.1%) 0.81 9,811
2018-05-01 $249,900 (6.4%) $348,144 (2.6%) 0.83 10,802
2018-06-01 $252,000 (5.7%) $353,204 (3.4%) 0.84 12,035
2018-07-01 $249,950 (6.4%) $347,899 (3.9%) 0.83 13,283
2018-08-01 $244,900 (8.8%) $335,598 (2.8%) 0.82 14,600
2018-09-01 $239,900 (6.7%) $334,488 (2.9%) 0.80 15,246
2018-10-01 $231,700 (5.4%) $325,656 (1.7%) 0.77 15,179
2018-11-01 $225,000 (4.7%) $318,611 (0.7%) 0.75 14,782
2018-12-01 $219,900 (7.3%) $313,544 (0.2%) 0.75 13,506
2019-01-01 $219,700 (10.2%) $312,979 (1.7%) 0.76 12,424
2019-02-01 $219,952 (8.7%) $316,633 (0.2%) 0.74 11,742
2019-03-01 $234,971 (5.4%) $329,887 (-2.1%) 0.77 11,477
2019-04-01 $252,450 (4.1%) $345,866 (1.0%) 0.79 11,469
2019-05-01 $259,900 (4.0%) $353,689 (1.6%) 0.80 12,508
2019-06-01 $264,900 (5.1%) $352,225 (-0.3%) 0.82 13,857
2019-07-01 $259,950 (4.0%) $347,048 (-0.2%) 0.81 15,141
2019-08-01 $251,329 (2.6%) $336,777 (0.4%) 0.79 15,754
2019-09-01 $239,900 (0.0%) $324,126 (-3.1%) 0.76 16,121
2019-10-01 $239,150 (3.2%) $323,824 (-0.6%) 0.76 15,975
2019-11-01 $232,900 (3.5%) $319,873 (0.4%) 0.75 14,923
2019-12-01 $225,000 (2.3%) $314,459 (0.3%) 0.75 13,067
2020-01-01 $224,400 (2.1%) $314,583 (0.5%) 0.75 11,700
2020-02-01 $224,999 (2.3%) $319,395 (0.9%) 0.73 10,745
2020-03-01 $239,900 (2.1%) $334,475 (1.4%) 0.75 10,285
2020-04-01 $244,950 (-3.0%) $334,393 (-3.3%) 0.76 9,984
2020-05-01 $254,700 (-2.0%) $345,247 (-2.4%) 0.77 10,708
2020-06-01 $274,900 (3.8%) $368,856 (4.7%) 0.80 10,239
2020-07-01 $279,950 (7.7%) $380,207 (9.6%) 0.80 9,825
2020-08-01 $279,900 (11.4%) $381,969 (13.4%) 0.80 9,338
2020-09-01 $274,950 (14.6%) $381,087 (17.6%) 0.79 9,033
2020-10-01 $269,900 (12.9%) $381,166 (17.7%) 0.77 8,406
2020-11-01 $259,900 (11.6%) $380,076 (18.8%) 0.74 7,714
2020-12-01 $253,500 (12.7%) $378,211 (20.3%) 0.74 6,749
2021-01-01 $250,000 (11.4%) $379,714 (20.7%) 0.74 5,642
2021-02-01 $259,900 (15.5%) $395,378 (23.8%) 0.75 4,705
2021-03-01 $271,200 (13.1%) $404,090 (20.8%) 0.76 4,548
2021-04-01 $274,950 (12.3%) $411,182 (23.0%) 0.74 4,651
2021-05-01 $279,900 (9.9%) $414,150 (20.0%) 0.74 5,253
2021-06-01 $279,200 (1.6%) $401,220 (8.8%) 0.73 6,498
2021-07-01 $277,450 (-0.9%) $399,822 (5.2%) 0.72 7,033
2021-08-01 $267,500 (-4.4%) $387,080 (1.3%) 0.70 7,884
2021-09-01 $252,500 (-8.2%) $374,582 (-1.7%) 0.66 8,067
2021-10-01 $245,000 (-9.2%) $363,449 (-4.7%) 0.64 7,805
2021-11-01 $230,900 (-11.2%) $351,438 (-7.5%) 0.61 7,238
2021-12-01 $217,450 (-14.2%) $348,174 (-7.9%) 0.58 6,279
2022-01-01 $210,000 (-16.0%) $344,377 (-9.3%) 0.56 5,163
Warren's median listing price for 2022-01-01 was $210,000, a difference of $-40,000 (-16.0%) versus the prior year and $-7,450 versus the prior month.

Warren's median listing price comes in at 56% of the national average.

Warren's average listing price for 2022-01-01 was $344,377, a difference of $-35,337 (-9.3%) versus the prior year and $-3,797 versus the prior month.

For the 2022-01-01 period, Warren had 5,163 MLS listings, a difference of -1,116 listings (-18%) versus the prior month and -479 listings (-8%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Warren (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 67 days 1,571 sqft
2018-02-01 64 days 1,575 sqft
2018-03-01 50 days 1,635 sqft
2018-04-01 39 days 1,686 sqft
2018-05-01 36 days 1,713 sqft
2018-06-01 36 days 1,740 sqft
2018-07-01 37 days 1,728 sqft
2018-08-01 37 days 1,700 sqft
2018-09-01 40 days 1,686 sqft
2018-10-01 45 days 1,648 sqft
2018-11-01 47 days 1,616 sqft
2018-12-01 58 days 1,585 sqft
2019-01-01 65 days 1,585 sqft
2019-02-01 63 days 1,596 sqft
2019-03-01 51 days 1,634 sqft
2019-04-01 38 days 1,685 sqft
2019-05-01 36 days 1,721 sqft
2019-06-01 36 days 1,732 sqft
2019-07-01 37 days 1,730 sqft
2019-08-01 39 days 1,705 sqft
2019-09-01 46 days 1,668 sqft
2019-10-01 46 days 1,658 sqft
2019-11-01 50 days 1,635 sqft
2019-12-01 62 days 1,600 sqft
2020-01-01 68 days 1,592 sqft
2020-02-01 59 days 1,592 sqft
2020-03-01 48 days 1,615 sqft
2020-04-01 60 days 1,624 sqft
2020-05-01 67 days 1,650 sqft
2020-06-01 39 days 1,730 sqft
2020-07-01 38 days 1,753 sqft
2020-08-01 36 days 1,722 sqft
2020-09-01 37 days 1,684 sqft
2020-10-01 37 days 1,655 sqft
2020-11-01 42 days 1,606 sqft
2020-12-01 51 days 1,587 sqft
2021-01-01 56 days 1,570 sqft
2021-02-01 45 days 1,580 sqft
2021-03-01 34 days 1,594 sqft
2021-04-01 25 days 1,598 sqft
2021-05-01 22 days 1,609 sqft
2021-06-01 21 days 1,601 sqft
2021-07-01 23 days 1,598 sqft
2021-08-01 25 days 1,564 sqft
2021-09-01 30 days 1,520 sqft
2021-10-01 32 days 1,499 sqft
2021-11-01 36 days 1,456 sqft
2021-12-01 44 days 1,426 sqft
2022-01-01 55 days 1,413 sqft
Warren's median listing age (time on market) for 2022-01-01 was 55 days. This is -2% shorter than the same period one year ago.

Warren's median square footage for active listings during the 2022-01-01 period was 1,413 sqft. One year prior, the average listing was 1,570 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).