Winston FHA Loans

WINSTON-SALEM, NC

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.

Winston's 180 lenders originated 2,947 FHA loans during 2021. The total origination value was $562,105,000, with an average FHA loan value of $190,738.

Winston FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Winston averaged 5.35% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.18% and one month ago for the week of 2022-04-08, the average rate was 5.14%.

The average rate one year ago was 3.05%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.31%.

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

Winston 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 Winston level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 438 2.72% $5,927
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 289 3.23% $6,745
MOVEMENT MORTGAGE, LLC 183 3.10% $6,862
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 118 3.38% $8,157
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 93 3.38% $8,770
LAKEVIEW LOAN SERVICING, LLC 85 3.02% $4,025
PENNYMAC LOAN SERVICES, LLC 68 2.99% $4,318
FREEDOM MORTGAGE CORPORATION 65 2.87% $4,597
Mr. Cooper ( Nationstar Mortgage ) 61 3.32% $3,311
CALIBER HOME LOANS, INC. 51 3.11% $6,561
LOANDEPOT.COM, LLC 48 3.55% $7,155
Carrington Mortgage Services, LLC 36 3.49% $7,263
VILLAGE CAPITAL & INVESTMENT LLC 34 2.93% $2,406
DHI MORTGAGE COMPANY, LTD. 34 2.76% $7,014
GUARANTEED RATE, INC. 33 2.93% $6,944
Ameris Bank 30 3.09% $7,214
CERTAINTY HOME LOANS, LLC 26 3.10% $7,262
HAMILTON HOME LOANS, INC. 25 3.05% $8,355
HOMESIDE FINANCIAL, LLC 24 3.24% $7,322
INSPIRE HOME LOANS INC. 23 3.22% $6,573
CROSSCOUNTRY MORTGAGE, LLC 21 3.14% $7,866
NEWREZ LLC 21 3.05% $4,152
AMERISAVE MORTGAGE CORPORATION 21 3.10% $7,894
HOMEBRIDGE FINANCIAL SERVICES, INC. 21 2.83% $5,452
UNITED WHOLESALE MORTGAGE, LLC 20 2.76% $6,372
Lakeview Community Capital, LLC 20 2.99% $4,060
Blue Ridge Bank 20 3.34% $7,215
BROKER SOLUTIONS, INC. 19 3.20% $7,443
UNION HOME MORTGAGE CORP. 18 3.06% $7,924
Prosperity Home Mortgage, LLC 17 3.54% $6,855
HOME POINT FINANCIAL CORPORATION 17 2.83% $5,746
Allen Tate Mortgage Partners, LLC 16 3.20% $7,588
NFM, INC. 15 3.53% $7,284
AmeriHome Mortgage Company, LLC 15 3.00% $4,238
Nations Lending Corporation 14 3.60% $8,928
PLAZA HOME MORTGAGE, INC. 13 2.68% $6,945
VANDERBILT MORTGAGE AND FINANCE, INC. 13 3.55% $8,833
TOWNE MORTGAGE COMPANY 12 3.51% $6,847
PRIMARY RESIDENTIAL MORTGAGE, INC. 12 3.70% $8,107
Alcova Mortgage LLC 12 3.26% $6,446
RESIDENTIAL MORTGAGE SERVICES, INC. 11 2.93% $6,603
Truist Bank 11 3.14% $6,510
InterContinental Capital Group, Inc 11 2.77% $7,172
EQUITY RESOURCES, INC. 10 3.14% $6,632
Wolfe Financial, Inc 10 3.38% $7,558
Mortgage Research Center, LLC 9 3.22% $7,023
MCLEAN MORTGAGE CORPORATION 9 2.94% $6,565
Hometown Lenders, Inc. 9 3.47% $9,160
Bank of America 9 2.92% $4,750
AMERICAN FINANCIAL NETWORK, INC. 9 3.25% $9,618
LOANPAL, LLC 8 2.94% $9,042
CMG MORTGAGE, INC. 8 3.00% $7,343
RELIANCE FIRST CAPITAL, LLC 8 3.14% $6,327
HOMESTAR FINANCIAL CORPORATION 8 3.16% $6,845
American Security Mortgage Corp. 8 2.61% $8,135
AMERIFIRST FINANCIAL CORPORATION 8 3.56% $7,598
PLANET HOME LENDING, LLC 7 3.16% $4,492
Wells Fargo Bank 7 3.29% $5,056
SUN WEST MORTGAGE COMPANY, INC. 7 3.28% $5,314
Citizens Bank 7 2.45% $6,822
U.S. Bank 7 2.98% $5,613
First-Citizens Bank & Trust Company 6 3.08% $5,887
NATIONS DIRECT MORTGAGE, LLC 6 2.88% $6,997
ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 3.38% $8,401
MORTGAGE FINANCIAL GROUP, INC. 6 3.08% $8,472
MORTGAGE SOLUTIONS OF COLORADO, LLC 6 3.81% $6,768
Victorian Finance, LLC 5 2.93% $6,028
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 5 3.33% $5,872
Truliant Federal Credit Union 5 2.98% $5,208
First Guaranty Mortgage Corporation 5 3.23% $4,449
Gateway First Bank 5 3.90% $7,006
AMERICAN FINANCIAL RESOURCES, INC. 5 3.35% $8,325
KELLER MORTGAGE, LLC 5 2.83% $5,249
ALLIED MORTGAGE GROUP, INC. 5 2.93% $7,846
SIGNATURE MORTGAGE CORPORATION 4 3.13% $5,422
Equity Prime Mortgage LLC 4 3.56% $6,975
TOP FLITE FINANCIAL, INC. 4 3.22% $11,397
T2 FINANCIAL LLC 4 2.94% $7,657
Alpha Mortgage Corporation 4 3.22% $6,332
Flagstar Bank, FSB 4 2.89% $5,169
RAPID MORTGAGE COMPANY 4 3.09% $7,307
Bank of England 4 2.78% $9,595
INTERCOASTAL MORTGAGE COMPANY 4 2.97% $5,784
Paramount Residential Mortgage Group, Inc. 4 2.96% $7,592
MUTUAL OF OMAHA MORTGAGE, INC. 3 3.04% $6,769
PNC Bank 3 2.75% $5,834
ANGEL OAK HOME LOANS LLC 3 2.83% $7,182
HALLMARK HOME MORTGAGE, LLC 3 3.00% $7,096
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.58% $7,520
EMBRACE HOME LOANS, INC. 3 3.13% $5,432
AMERICAN FINANCING CORPORATION 3 3.04% $5,105
CAPITAL CENTER, L.L.C. 3 2.63% $4,572
GENEVA FINANCIAL, LLC 3 3.29% $6,684
SOUTHERN TRUST MORTGAGE, LLC 3 3.00% $8,212
CORNERSTONE HOME LENDING, INC. 3 3.25% $6,045
JPMorgan Chase Bank 3 3.29% $2,592
ZILLOW HOME LOANS, LLC 2 3.06% $7,454
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 3.44% $6,571
Austin Capital Bank SSB 2 3.06% $6,735
BETTER MORTGAGE CORPORATION 2 2.75% $6,782
CALCON MUTUAL MORTGAGE LLC 2 3.56% $9,524
CITY FIRST MORTGAGE SERVICES, L.L.C. 2 3.31% $5,961
Colten Mortgage, LLC 2 3.38% $5,289
JET HOMELOANS, LLC 2 3.63% $7,091
LIBERTY HOME MORTGAGE CORPORATION 2 2.88% $7,510
LOANLEADERS OF AMERICA, INC. 2 3.19% $10,733
Low VA Rates, LLC 2 2.94% $4,379
Magnolia Bank 2 3.63% $5,005
Manufacturers and Traders Trust Company 2 3.06% $6,480
MID AMERICA MORTGAGE, INC. 2 3.25% $6,505
NATIONWIDE MORTGAGE BANKERS, INC. 2 3.25% $6,120
OCEANSIDE MORTGAGE COMPANY 2 2.99% $2,045
Pinnacle Bank 2 3.31% $7,788
POLARIS HOME FUNDING CORP. 2 3.31% $8,833
Renasant Bank 2 2.81% $6,895
RUOFF MORTGAGE COMPANY, INC. 2 3.19% $4,375
SECURITYNATIONAL MORTGAGE COMPANY 2 3.44% $9,377
Southern First Bank 2 2.88% $6,987
SOUTHPOINT FINANCIAL SERVICES, INC. 2 2.63% $13,998
SOVEREIGN LENDING GROUP INCORPORATED 2 3.00% $8,990
SUCCESS MORTGAGE PARTNERS, INC. 2 3.69% $7,908
The Federal Savings Bank 2 2.63% $13,265
TOTAL MORTGAGE SERVICES, LLC 2 3.75% $9,877
UNITED SECURITY FINANCIAL CORP 2 2.75% $4,682
VAN DYK MORTGAGE CORPORATION 2 3.00% $5,154
Plains Commerce Bank 1 3.13% $7,078
LADERA LENDING, INC. 1 3.75% $6,295
Keystone Funding, Inc. 1 2.38% $5,263
HOMESPIRE MORTGAGE CORPORATION 1 2.88% $9,217
ACADEMY MORTGAGE CORPORATION 1 3.25% $6,101
Home Mortgage Alliance Corp 1 3.75% $6,048
GUILD MORTGAGE COMPANY 1 4.00% $6,925
GUARANTEED RATE AFFINITY, LLC 1 2.75% $5,687
GoPrime Mortgage, Inc. 1 3.63% $7,679
RADIUS FINANCIAL GROUP INC. 1 2.75% $10,843
Goldwater Bank, N.A. 1 3.63% $11,862
First Savings Bank 1 3.75% $10,943
CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 2.75% $5,213
First National Bank of Pennsylvania 1 2.63% $5,151
Residential Mortgage Solutions, Inc. 1 3.50% $8,090
RESOURCE FINANCIAL SERVICES, INC. 1 2.88% $5,279
ROYAL UNITED MORTGAGE LLC 1 3.25% $8,558
Credence Funding Corporation 1 3.13% $4,872
Uwharrie Bank 1 3.50% $5,804
Shamrock Home Loans, Inc. 1 3.38% $8,864
SHELTER HOME MORTGAGE, LLC 1 3.25% $7,461
First Home Bank 1 3.25% $7,233
Colonial Savings, F.A. 1 2.63% $5,994
First Heritage Mortgage, LLC 1 4.13% $8,544
1ST SIGNATURE LENDING, LLC 1 2.75% $6,588
Barrington Bank & Trust Company, N.A. 1 3.88% $6,018
Strong Home Mortgage, LLC 1 2.38% $6,518
Assurance Financial Group, L.L.C. 1 2.88% $6,204
First Federal Bank 1 2.50% $11,612
Fifth Third Bank 1 2.75% $8,418
The Central Trust Bank 1 3.50% $8,133
AmRes Corporation 1 3.63% $10,840
The Fidelity Bank 1 2.75% $5,553
FBC MORTGAGE, LLC 1 2.75% $4,618
Willamette Valley Bank 1 3.25% $10,593
Towne Bank 1 3.00% $5,837
FAY SERVICING, LLC 1 3.00% $5,803
Triumph Bank 1 2.63% $11,146
ENVOY MORTGAGE, LTD 1 2.75% $7,422
EMM LOANS LLC 1 2.88% $10,124
DAS Acquisition Company, LLC 1 3.75% $3,962
Mortgage Assurance Inc. 1 2.38% $8,148
MILEND, INC. 1 3.25% $6,966
Northpointe Bank 1 2.50% $14,193
NP, Inc. 1 2.63% $13,478
United Fidelity Funding Corp. 1 3.25% $6,386
OCMBC, INC. 1 2.88% $5,824
ON Q FINANCIAL, INC. 1 3.25% $9,437
OPEN MORTGAGE, LLC 1 3.25% $4,117
PANORAMA MORTGAGE GROUP, LLC 1 3.88% $8,132
MIDLAND MORTGAGE CORPORATION 1 3.25% $11,526
LENDUS, LLC 1 3.75% $7,498
Peoples Bank 1 3.63% $7,987
PHH Mortgage Corporation 1 4.13% $3,052
UNITED MORTGAGE CORP. 1 3.00% $7,605

The top Winston FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 438 FHA loans originated. Their average total fees are $5,927, which is $818 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Winston FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,406), Mr. Cooper ( Nationstar Mortgage ) ($3,311), LAKEVIEW LOAN SERVICING, LLC ($4,025), Lakeview Community Capital, LLC ($4,060) and NEWREZ LLC ($4,152).

The lowest rate Winston FHA lenders (with over 10 loans originated) are PLAZA HOME MORTGAGE, INC. (2.68%), QUICKEN LOANS, LLC (2.72%), UNITED WHOLESALE MORTGAGE, LLC (2.76%), DHI MORTGAGE COMPANY, LTD. (2.76%) and InterContinental Capital Group, Inc (2.77%).

Winston FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
WINSTON-SALEM, NC DAVIDSON 2022 $420,680 $538,650 $651,050 $809,150
WINSTON-SALEM, NC DAVIE 2022 $420,680 $538,650 $651,050 $809,150
WINSTON-SALEM, NC FORSYTH 2022 $420,680 $538,650 $651,050 $809,150
WINSTON-SALEM, NC STOKES 2022 $420,680 $538,650 $651,050 $809,150
WINSTON-SALEM, NC YADKIN 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Winston (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 $207,250 (10.3%) $304,390 (12.4%) 0.76 2,124
2018-02-01 $222,400 (17.2%) $314,575 (13.9%) 0.80 2,085
2018-03-01 $229,900 (17.3%) $318,136 (12.5%) 0.80 2,147
2018-04-01 $234,450 (17.8%) $322,228 (12.6%) 0.79 2,206
2018-05-01 $239,950 (15.5%) $324,832 (11.8%) 0.80 2,279
2018-06-01 $242,500 (14.2%) $323,125 (10.5%) 0.81 2,323
2018-07-01 $244,900 (14.2%) $320,947 (7.6%) 0.82 2,401
2018-08-01 $241,448 (14.3%) $311,559 (3.7%) 0.81 2,209
2018-09-01 $239,900 (17.0%) $311,401 (4.5%) 0.80 2,229
2018-10-01 $239,250 (14.0%) $309,712 (2.2%) 0.80 2,227
2018-11-01 $230,603 (10.1%) $302,180 (-0.5%) 0.77 2,159
2018-12-01 $229,900 (15.0%) $301,697 (0.3%) 0.79 1,943
2019-01-01 $234,900 (13.3%) $306,210 (0.6%) 0.81 1,802
2019-02-01 $241,945 (8.8%) $316,058 (0.5%) 0.81 1,738
2019-03-01 $255,939 (11.3%) $329,787 (3.7%) 0.83 1,790
2019-04-01 $269,445 (14.9%) $343,080 (6.5%) 0.85 1,817
2019-05-01 $274,700 (14.5%) $346,400 (6.6%) 0.85 1,886
2019-06-01 $279,000 (15.1%) $352,538 (9.1%) 0.86 1,892
2019-07-01 $279,450 (14.1%) $354,031 (10.3%) 0.87 1,885
2019-08-01 $277,857 (15.1%) $352,204 (13.1%) 0.87 1,872
2019-09-01 $277,807 (15.8%) $349,969 (12.4%) 0.88 1,877
2019-10-01 $282,450 (18.1%) $356,454 (15.1%) 0.90 1,926
2019-11-01 $279,000 (21.0%) $356,840 (18.1%) 0.90 1,841
2019-12-01 $275,495 (19.8%) $354,979 (17.7%) 0.92 1,677
2020-01-01 $274,495 (16.9%) $356,852 (16.5%) 0.92 1,584
2020-02-01 $295,000 (21.9%) $378,755 (19.8%) 0.95 1,457
2020-03-01 $297,400 (16.2%) $379,112 (15.0%) 0.93 1,463
2020-04-01 $289,900 (7.6%) $376,137 (9.6%) 0.90 1,541
2020-05-01 $302,760 (10.2%) $395,667 (14.2%) 0.92 1,389
2020-06-01 $307,445 (10.2%) $402,987 (14.3%) 0.90 1,246
2020-07-01 $315,000 (12.7%) $412,790 (16.6%) 0.90 1,121
2020-08-01 $309,400 (11.4%) $396,670 (12.6%) 0.88 1,028
2020-09-01 $300,813 (8.3%) $378,915 (8.3%) 0.86 1,017
2020-10-01 $304,780 (7.9%) $383,675 (7.6%) 0.87 995
2020-11-01 $293,950 (5.4%) $377,912 (5.9%) 0.84 923
2020-12-01 $288,450 (4.7%) $384,499 (8.3%) 0.85 832
2021-01-01 $291,990 (6.4%) $379,671 (6.4%) 0.86 741
2021-02-01 $296,148 (0.4%) $390,451 (3.1%) 0.85 630
2021-03-01 $284,208 (-4.4%) $393,881 (3.9%) 0.80 586
2021-04-01 $281,973 (-2.7%) $398,060 (5.8%) 0.76 571
2021-05-01 $266,990 (-11.8%) $381,273 (-3.6%) 0.70 580
2021-06-01 $272,250 (-11.5%) $377,758 (-6.3%) 0.71 649
2021-07-01 $278,500 (-11.6%) $371,874 (-9.9%) 0.72 701
2021-08-01 $270,950 (-12.4%) $358,584 (-9.6%) 0.71 782
2021-09-01 $272,400 (-9.5%) $355,799 (-6.1%) 0.72 829
2021-10-01 $274,999 (-9.8%) $351,624 (-8.4%) 0.72 830
2021-11-01 $279,950 (-4.8%) $356,278 (-5.7%) 0.74 756
2021-12-01 $272,500 (-5.5%) $349,210 (-9.2%) 0.73 612
2022-01-01 $295,000 (1.0%) $379,103 (-0.2%) 0.79 486
2022-02-01 $294,115 (-0.7%) $372,976 (-4.5%) 0.75 433
2022-03-01 $291,700 (2.6%) $373,602 (-5.2%) 0.72 427
2022-04-01 $298,490 (5.9%) $375,388 (-5.7%) 0.70 439
Winston's median listing price for 2022-04-01 was $298,490, a difference of $16,517 (5.9%) versus the prior year and $6,790 versus the prior month.

Winston's median listing price comes in at 70% of the national average.

Winston's average listing price for 2022-04-01 was $375,388, a difference of $-22,672 (-5.7%) versus the prior year and $1,786 versus the prior month.

For the 2022-04-01 period, Winston had 439 MLS listings, a difference of 12 listings (3%) versus the prior month and -132 listings (-23%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Winston (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 101 days 2,158 sqft
2018-02-01 99 days 2,125 sqft
2018-03-01 72 days 2,140 sqft
2018-04-01 68 days 2,168 sqft
2018-05-01 66 days 2,191 sqft
2018-06-01 65 days 2,208 sqft
2018-07-01 70 days 2,231 sqft
2018-08-01 68 days 2,201 sqft
2018-09-01 69 days 2,200 sqft
2018-10-01 74 days 2,156 sqft
2018-11-01 80 days 2,097 sqft
2018-12-01 93 days 2,081 sqft
2019-01-01 99 days 2,091 sqft
2019-02-01 96 days 2,140 sqft
2019-03-01 63 days 2,124 sqft
2019-04-01 57 days 2,135 sqft
2019-05-01 58 days 2,030 sqft
2019-06-01 64 days 2,426 sqft
2019-07-01 66 days 2,287 sqft
2019-08-01 69 days 2,416 sqft
2019-09-01 66 days 2,457 sqft
2019-10-01 65 days 2,195 sqft
2019-11-01 68 days 2,360 sqft
2019-12-01 78 days 2,341 sqft
2020-01-01 85 days 2,180 sqft
2020-02-01 84 days 2,140 sqft
2020-03-01 59 days 2,042 sqft
2020-04-01 54 days 2,231 sqft
2020-05-01 67 days 2,570 sqft
2020-06-01 74 days 2,671 sqft
2020-07-01 63 days 2,758 sqft
2020-08-01 58 days 2,596 sqft
2020-09-01 51 days 2,882 sqft
2020-10-01 49 days 2,904 sqft
2020-11-01 52 days 2,492 sqft
2020-12-01 61 days 2,154 sqft
2021-01-01 61 days 2,332 sqft
2021-02-01 59 days 2,618 sqft
2021-03-01 51 days 2,683 sqft
2021-04-01 41 days 2,088 sqft
2021-05-01 39 days 2,134 sqft
2021-06-01 38 days 2,346 sqft
2021-07-01 35 days 1,925 sqft
2021-08-01 37 days 2,000 sqft
2021-09-01 39 days 1,910 sqft
2021-10-01 41 days 1,811 sqft
2021-11-01 44 days 1,870 sqft
2021-12-01 50 days 1,876 sqft
2022-01-01 52 days 1,794 sqft
2022-02-01 43 days 1,853 sqft
2022-03-01 36 days 1,988 sqft
2022-04-01 34 days 1,885 sqft
Winston's median listing age (time on market) for 2022-04-01 was 34 days. This is -17% shorter than the same period one year ago.

Winston's median square footage for active listings during the 2022-04-01 period was 1,885 sqft. One year prior, the average listing was 2,088 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).