Worcester FHA Loan Rates, Closing Costs & Stats

WORCESTER, MA-CT

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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.

    Worcester's 135 lenders originated 2,563 FHA loans during 2022. The total origination value was $812,445,000, with an average FHA loan value of $316,990.

    Worcester FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Worcester averaged -0.32% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    Worcester's average FHA mortgage closing costs are $8,556.

    The average rate for the prior week (2023-11-17) was 6.77% and one month ago for the week of 2023-10-20, the average rate was 7.18%.

    The average rate one year ago was 6.2%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.54%.

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

    Worcester 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 Worcester level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 201 4.88% $11,907
    QUICKEN LOANS, LLC 185 4.53% $11,632
    TOTAL MORTGAGE SERVICES, LLC 161 5.18% $12,846
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 134 5.22% $11,005
    GUARANTEED RATE, INC. 91 5.30% $11,168
    GUILD MORTGAGE COMPANY 86 5.20% $12,376
    ENVOY MORTGAGE, LTD 85 5.09% $13,500
    LOANDEPOT.COM, LLC 80 4.72% $12,168
    CROSSCOUNTRY MORTGAGE, LLC 75 5.06% $14,061
    HOME POINT FINANCIAL CORPORATION 71 4.32% $12,573
    FREEDOM MORTGAGE CORPORATION 67 4.61% $9,913
    CALIBER HOME LOANS, INC. 59 4.53% $11,434
    HOMEBRIDGE FINANCIAL SERVICES, INC. 56 5.16% $12,511
    LAKEVIEW LOAN SERVICING, LLC 51 3.93% $7,329
    PENNYMAC LOAN SERVICES, LLC 43 4.40% $11,387
    MOVEMENT MORTGAGE, LLC 43 5.04% $14,203
    Equity Prime Mortgage LLC 36 5.47% $13,497
    Paramount Residential Mortgage Group, Inc. 35 5.10% $11,925
    OCMBC, INC. 35 4.84% $12,972
    Mr. Cooper ( Nationstar Mortgage ) 33 4.61% $15,408
    RADIUS FINANCIAL GROUP INC. 33 4.70% $13,311
    Nations Lending Corporation 29 5.40% $11,084
    NORWICH COMMERCIAL GROUP, INC. 29 5.35% $11,900
    Evolve Bank & Trust 28 4.67% $13,130
    AMERISAVE MORTGAGE CORPORATION 25 4.70% $12,662
    DREW MORTGAGE ASSOCIATES, INC. 24 5.09% $12,938
    EMM LOANS LLC 22 5.24% $13,643
    Citizens Bank 21 4.16% $10,452
    BROKER SOLUTIONS, INC. 20 5.51% $12,011
    EVERETT FINANCIAL, INC. 19 5.34% $7,889
    CMG MORTGAGE, INC. 18 5.51% $10,369
    NEWREZ LLC 18 4.59% $12,212
    MUTUAL OF OMAHA MORTGAGE, INC. 17 5.49% $13,757
    Semper Home Loans, Inc. 17 5.32% $12,216
    NORTHPOINT MORTGAGE, INC. 17 5.15% $12,109
    CARDINAL FINANCIAL 16 4.78% $14,127
    Shamrock Home Loans, Inc. 15 5.22% $13,916
    BAY EQUITY LLC 14 4.99% $11,030
    Ross Mortgage Company, Inc. 13 4.98% $10,920
    Northpointe Bank 13 5.04% $11,092
    NFM, INC. 12 4.88% $13,517
    Sierra Pacific Mortgage Company, Inc. 12 4.91% $11,748
    Envision Bank 11 4.27% $9,386
    Plains Commerce Bank 11 5.61% $12,053
    MORTGAGE EQUITY PARTNERS LLC 10 4.82% $14,061
    NEW FED MORTGAGE, CORP. 10 4.50% $14,092
    INLAND BANK & TRUST 9 4.49% $11,087
    Mortgage Network, Inc. 9 5.25% $11,514
    Flagstar Bank, FSB 9 4.87% $12,232
    Ixonia Bank 9 5.17% $12,370
    FIRST HOME MORTGAGE CORPORATION 9 4.79% $14,857
    GUARANTEED RATE AFFINITY, LLC 9 5.04% $11,779
    ALLIED MORTGAGE GROUP, INC. 9 4.74% $10,744
    SALEM FIVE MORTGAGE COMPANY, LLC 9 4.47% $11,156
    PRIMARY RESIDENTIAL MORTGAGE, INC. 7 5.43% $15,216
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 7 5.12% $13,398
    PRIMELENDING, A PLAINSCAPITAL COMPANY 7 4.86% $12,554
    RELIANCE FIRST CAPITAL, LLC 7 4.07% $11,988
    U.S. Bank 6 4.50% $10,039
    PROVINCE MORTGAGE ASSOCIATES, INC. 6 5.31% $10,447
    DRAPER AND KRAMER MORTGAGE CORP. 6 5.06% $10,233
    FINANCE OF AMERICA MORTGAGE LLC 6 4.89% $14,334
    Carrington Mortgage Services, LLC 6 4.75% $12,618
    TOP FLITE FINANCIAL, INC. 6 5.38% $19,772
    HOMESTEAD FUNDING CORP. 6 4.17% $7,273
    ARC HOME LLC 6 3.44% $13,588
    HOMESIDE FINANCIAL, LLC 5 6.40% $9,417
    The Federal Savings Bank 5 3.60% $16,019
    Mortgage Research Center, LLC 5 5.15% $11,719
    FIRST WORLD MORTGAGE CORPORATION 5 5.45% $10,115
    Leader Bank 5 4.50% $11,804
    First Guaranty Mortgage Corporation 5 4.10% $10,442
    VILLAGE CAPITAL MORTGAGE 5 4.15% $8,970
    PLAZA HOME MORTGAGE, INC. 4 4.44% $18,017
    AMERICAN BANCSHARES MORTGAGE 4 4.63% $12,136
    Bank of England 4 4.34% $12,831
    EMBRACE HOME LOANS, INC. 4 5.37% $11,300
    Fall River Five Cents Savings Bank 4 5.38% $11,345
    LEADERONE FINANCIAL CORPORATION 4 4.72% $13,500
    Rockland Trust Company 4 5.66% $10,829
    LADERA LENDING, INC. 3 3.88% $11,353
    BAYCOAST MORTGAGE COMPANY, LLC 3 5.46% $9,981
    Bank of America 3 3.79% $13,785
    NATIONWIDE MORTGAGE BANKERS, INC. 3 4.67% $12,163
    PLANET HOME LENDING, LLC 3 4.71% $10,572
    EQUITY RESOURCES, INC. 3 5.70% $16,563
    FIRST MORTGAGE COMPANY, INC. 3 5.88% $10,005
    TD Bank 3 4.71% $7,618
    Residential Mortgage Solutions, Inc. 3 3.88% $10,248
    Eastern Bank 3 4.00% $9,689
    NATIONS RELIABLE LENDING, LLC 2 5.81% $14,917
    AMERICAN FINANCING CORPORATION 2 4.88% $13,432
    Hometown Lenders, Inc. 2 5.69% $14,836
    Wells Fargo Bank 2 4.38% $8,789
    HOMESPIRE MORTGAGE CORPORATION 2 4.88% $16,746
    Home Loan Investment Bank, F.S.B. 2 5.62% $17,156
    First Home Bank 2 4.25% $14,624
    HARBORONE MORTGAGE, LLC 2 4.25% $14,408
    MYCUMORTGAGE, LLC 2 4.31% $7,231
    Network Funding, L.P. 2 5.25% $11,516
    Easthampton Savings Bank 2 6.44% $9,087
    INTELLILOAN, INC. 2 4.81% $12,273
    ACADEMY MORTGAGE CORPORATION 2 4.75% $10,026
    HUNT MORTGAGE CORPORATION 2 4.13% $21,430
    Berkshire Bank 2 2.81% $8,043
    The Washington Trust Company, of Westerly 2 5.12% $12,695
    AMERICAN FINANCIAL RESOURCES, INC. 1 4.25% $7,375
    WILLIAM RAVEIS MORTGAGE, LLC 1 5.75% $8,638
    M&T Bank 1 3.25% $9,393
    METRO 1 4.63% $7,600
    LOANPAL, LLC 1 3.13% $12,719
    NBKC BANK 1 4.63% $6,872
    KELLER MORTGAGE, LLC 1 3.75% $10,887
    NORTHERN MORTGAGE SERVICES, LLC 1 4.63% $5,036
    OCEANSIDE MORTGAGE COMPANY 1 3.99% $3,613
    GUARANTY HOME MORTGAGE CORPORATION 1 2.38% $12,724
    GENEVA FINANCIAL, LLC 1 6.63% $10,652
    PHH Mortgage Corporation 1 5.25% $12,273
    First Savings Bank 1 6.13% $8,232
    PNC Bank 1 5.50% $9,637
    POLARIS HOME FUNDING CORP. 1 5.63% $14,488
    First Option Mortgage, LLC 1 5.63% $10,861
    Prosperity Home Mortgage, LLC 1 5.50% $6,833
    First Federal Bank 1 5.25% $11,759
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.13% $14,903
    FBC MORTGAGE, LLC 1 6.75% $9,683
    Republic State Mortgage Co. 1 5.25% $11,005
    ZILLOW HOME LOANS, LLC 1 4.50% $9,788
    CONTOUR MORTGAGE CORPORATION 1 4.75% $17,197
    Centreville Bank 1 5.13% $8,110
    SUN WEST MORTGAGE COMPANY, INC. 1 5.25% $15,846
    T2 FINANCIAL LLC 1 6.63% $17,867
    The Camden National Bank 1 4.38% $9,807
    Bangor Savings Bank 1 4.63% $11,127
    VAN DYK MORTGAGE CORPORATION 1 5.88% $12,038

    The top Worcester FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 201 FHA loans originated. Their average total fees are $11,907, which is $275 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Worcester FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($7,329), EVERETT FINANCIAL, INC. ($7,889), Envision Bank ($9,386), FREEDOM MORTGAGE CORPORATION ($9,913) and CMG MORTGAGE, INC. ($10,369).

    The lowest rate Worcester FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.93%), Citizens Bank (4.16%), Envision Bank (4.27%), HOME POINT FINANCIAL CORPORATION (4.32%) and PENNYMAC LOAN SERVICES, LLC (4.40%).

    Worcester FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    WORCESTER, MA-CT WINDHAM 2022 $420,680 $538,650 $651,050 $809,150
    WORCESTER, MA-CT WORCESTER 2022 $420,680 $538,650 $651,050 $809,150
    WORCESTER, MA-CT WINDHAM 2023 $472,030 $604,400 $730,525 $907,900
    WORCESTER, MA-CT WORCESTER 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Worcester (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 $284,975 (6.5%) $345,132 (4.8%) 1.06 1,935
    2018-02-01 $289,900 (5.5%) $352,279 (6.3%) 1.05 1,825
    2018-03-01 $299,900 (7.2%) $367,340 (8.9%) 1.05 1,851
    2018-04-01 $318,375 (8.1%) $383,405 (9.8%) 1.08 2,007
    2018-05-01 $322,450 (7.8%) $387,331 (9.5%) 1.08 2,257
    2018-06-01 $324,900 (6.5%) $387,347 (7.4%) 1.08 2,596
    2018-07-01 $324,900 (8.3%) $388,514 (9.3%) 1.09 2,717
    2018-08-01 $319,900 (9.4%) $383,473 (8.9%) 1.07 2,825
    2018-09-01 $319,606 (10.3%) $382,196 (9.4%) 1.07 3,034
    2018-10-01 $312,125 (7.8%) $378,293 (8.3%) 1.06 3,048
    2018-11-01 $309,900 (7.2%) $371,989 (6.2%) 1.05 2,874
    2018-12-01 $304,000 (5.2%) $368,933 (6.4%) 1.05 2,403
    2019-01-01 $304,969 (7.0%) $370,772 (7.4%) 1.05 2,046
    2019-02-01 $321,200 (10.8%) $377,142 (7.1%) 1.09 1,900
    2019-03-01 $335,614 (11.9%) $390,579 (6.3%) 1.10 1,939
    2019-04-01 $351,550 (10.4%) $405,669 (5.8%) 1.12 2,039
    2019-05-01 $359,900 (11.6%) $413,455 (6.7%) 1.12 2,299
    2019-06-01 $359,900 (10.8%) $422,300 (9.0%) 1.12 2,534
    2019-07-01 $354,900 (9.2%) $416,878 (7.3%) 1.11 2,550
    2019-08-01 $350,809 (9.7%) $413,172 (7.7%) 1.11 2,561
    2019-09-01 $344,673 (7.8%) $406,760 (6.4%) 1.10 2,597
    2019-10-01 $343,132 (9.9%) $402,268 (6.3%) 1.11 2,602
    2019-11-01 $344,900 (11.3%) $399,047 (7.3%) 1.13 2,359
    2019-12-01 $344,950 (13.5%) $397,762 (7.8%) 1.15 1,906
    2020-01-01 $344,900 (13.1%) $402,054 (8.4%) 1.15 1,626
    2020-02-01 $349,900 (8.9%) $416,385 (10.4%) 1.15 1,459
    2020-03-01 $364,950 (8.7%) $434,253 (11.2%) 1.14 1,532
    2020-04-01 $370,950 (5.5%) $431,412 (6.4%) 1.16 1,548
    2020-05-01 $379,900 (5.6%) $440,037 (6.4%) 1.15 1,593
    2020-06-01 $395,973 (10.0%) $463,955 (9.9%) 1.17 1,446
    2020-07-01 $398,225 (12.2%) $465,943 (11.8%) 1.15 1,302
    2020-08-01 $389,900 (11.1%) $468,391 (13.4%) 1.12 1,185
    2020-09-01 $389,900 (13.1%) $472,856 (16.3%) 1.12 1,188
    2020-10-01 $385,000 (12.2%) $477,986 (18.8%) 1.10 1,206
    2020-11-01 $381,150 (10.5%) $472,186 (18.3%) 1.11 1,078
    2020-12-01 $390,700 (13.3%) $474,179 (19.2%) 1.16 922
    2021-01-01 $399,900 (16.0%) $489,761 (21.8%) 1.19 697
    2021-02-01 $399,900 (14.3%) $488,560 (17.3%) 1.16 583
    2021-03-01 $394,950 (8.2%) $483,688 (11.4%) 1.12 639
    2021-04-01 $396,500 (6.9%) $476,231 (10.4%) 1.07 707
    2021-05-01 $399,000 (5.0%) $487,098 (10.7%) 1.06 767
    2021-06-01 $421,725 (6.5%) $494,021 (6.5%) 1.11 900
    2021-07-01 $415,755 (4.4%) $486,360 (4.4%) 1.10 1,029
    2021-08-01 $406,125 (4.2%) $481,067 (2.7%) 1.08 1,090
    2021-09-01 $406,050 (4.1%) $482,468 (2.0%) 1.08 1,097
    2021-10-01 $395,400 (2.7%) $470,695 (-1.5%) 1.05 1,102
    2021-11-01 $394,364 (3.5%) $498,260 (5.5%) 1.05 926
    2021-12-01 $387,725 (-0.8%) $506,216 (6.8%) 1.05 720
    2022-01-01 $399,000 (-0.2%) $528,389 (7.9%) 1.08 544
    2022-02-01 $423,250 (5.8%) $622,995 (27.5%) 1.10 489
    2022-03-01 $439,700 (11.3%) $628,278 (29.9%) 1.10 509
    2022-04-01 $449,900 (13.5%) $622,260 (30.7%) 1.07 618
    2022-05-01 $469,675 (17.7%) $614,055 (26.1%) 1.07 793
    2022-06-01 $449,950 (6.7%) $592,647 (20.0%) 1.00 966
    2022-07-01 $449,900 (8.2%) $574,686 (18.2%) 1.01 1,164
    2022-08-01 $449,900 (10.8%) $577,824 (20.1%) 1.04 1,129
    2022-09-01 $439,950 (8.4%) $524,417 (8.7%) 1.03 1,066
    2022-10-01 $449,900 (13.8%) $561,654 (19.3%) 1.06 1,094
    2022-11-01 $449,450 (14.0%) $573,206 (15.0%) 1.08 1,056
    2022-12-01 $445,000 (14.8%) $589,809 (16.5%) 1.10 820
    2023-01-01 $464,905 (16.5%) $605,979 (14.7%) 1.15 728
    2023-02-01 $493,950 (16.7%) $638,117 (2.4%) 1.19 609
    2023-03-01 $492,500 (12.0%) $634,789 (1.0%) 1.16 581
    2023-04-01 $504,900 (12.2%) $634,396 (2.0%) 1.17 674
    2023-05-01 $517,450 (10.2%) $638,832 (4.0%) 1.17 715
    2023-06-01 $509,950 (13.3%) $606,152 (2.3%) 1.15 774
    2023-07-01 $518,900 (15.3%) $602,938 (4.9%) 1.18 731
    2023-08-01 $499,450 (11.0%) $615,996 (6.6%) 1.15 811
    2023-09-01 $490,000 (11.4%) $615,970 (17.5%) 1.14 893
    2023-10-01 $487,400 (8.3%) $580,248 (3.3%) 1.15 927
    Worcester's median listing price for 2023-10-01 was $487,400, a difference of $37,500 (8.3%) versus the prior year and $-2,600 versus the prior month.

    Worcester's median listing price comes in at 115% of the national average.

    Worcester's average listing price for 2023-10-01 was $580,248, a difference of $18,594 (3.3%) versus the prior year and $-35,722 versus the prior month.

    For the 2023-10-01 period, Worcester had 927 MLS listings, a difference of 34 listings (4%) versus the prior month and -167 listings (-15%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Worcester (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 80 days 1,792 sqft
    2018-02-01 75 days 1,800 sqft
    2018-03-01 47 days 1,803 sqft
    2018-04-01 39 days 1,840 sqft
    2018-05-01 33 days 1,836 sqft
    2018-06-01 37 days 1,858 sqft
    2018-07-01 44 days 1,876 sqft
    2018-08-01 51 days 1,880 sqft
    2018-09-01 51 days 1,876 sqft
    2018-10-01 54 days 1,869 sqft
    2018-11-01 60 days 1,851 sqft
    2018-12-01 70 days 1,820 sqft
    2019-01-01 79 days 1,802 sqft
    2019-02-01 78 days 1,827 sqft
    2019-03-01 60 days 1,879 sqft
    2019-04-01 39 days 1,971 sqft
    2019-05-01 38 days 2,019 sqft
    2019-06-01 39 days 2,030 sqft
    2019-07-01 48 days 2,000 sqft
    2019-08-01 52 days 1,981 sqft
    2019-09-01 53 days 1,952 sqft
    2019-10-01 52 days 1,943 sqft
    2019-11-01 58 days 1,920 sqft
    2019-12-01 75 days 1,891 sqft
    2020-01-01 79 days 1,877 sqft
    2020-02-01 58 days 1,904 sqft
    2020-03-01 35 days 1,991 sqft
    2020-04-01 44 days 2,000 sqft
    2020-05-01 52 days 2,000 sqft
    2020-06-01 41 days 2,000 sqft
    2020-07-01 37 days 2,000 sqft
    2020-08-01 36 days 2,000 sqft
    2020-09-01 26 days 1,960 sqft
    2020-10-01 26 days 1,953 sqft
    2020-11-01 43 days 1,922 sqft
    2020-12-01 54 days 1,883 sqft
    2021-01-01 54 days 1,900 sqft
    2021-02-01 47 days 1,810 sqft
    2021-03-01 16 days 1,801 sqft
    2021-04-01 15 days 1,791 sqft
    2021-05-01 15 days 1,815 sqft
    2021-06-01 16 days 1,849 sqft
    2021-07-01 22 days 1,832 sqft
    2021-08-01 24 days 1,809 sqft
    2021-09-01 27 days 1,812 sqft
    2021-10-01 26 days 1,778 sqft
    2021-11-01 35 days 1,768 sqft
    2021-12-01 39 days 1,721 sqft
    2022-01-01 47 days 1,706 sqft
    2022-02-01 28 days 1,768 sqft
    2022-03-01 16 days 1,800 sqft
    2022-04-01 10 days 1,848 sqft
    2022-05-01 14 days 1,901 sqft
    2022-06-01 16 days 1,875 sqft
    2022-07-01 23 days 1,876 sqft
    2022-08-01 30 days 1,887 sqft
    2022-09-01 32 days 1,871 sqft
    2022-10-01 33 days 1,879 sqft
    2022-11-01 37 days 1,878 sqft
    2022-12-01 52 days 1,849 sqft
    2023-01-01 52 days 1,872 sqft
    2023-02-01 42 days 1,889 sqft
    2023-03-01 31 days 1,873 sqft
    2023-04-01 19 days 1,921 sqft
    2023-05-01 19 days 1,976 sqft
    2023-06-01 18 days 1,956 sqft
    2023-07-01 25 days 1,939 sqft
    2023-08-01 23 days 1,877 sqft
    2023-09-01 27 days 1,879 sqft
    2023-10-01 27 days 1,871 sqft
    Worcester's median listing age (time on market) for 2023-10-01 was 27 days. This is -18% shorter than the same period one year ago.

    Worcester's median square footage for active listings during the 2023-10-01 period was 1,871 sqft. One year prior, the average listing was 1,879 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).