York FHA Loan Rates, Closing Costs & Stats

YORK-HANOVER, PA

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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.

    York's 150 lenders originated 1,667 FHA loans during 2022. The total origination value was $370,555,000, with an average FHA loan value of $222,289.

    York FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in York averaged 6.54% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    York's average FHA mortgage closing costs are $7,581.

    The average rate for the prior week (2023-05-19) was 6.01% and one month ago for the week of 2023-04-21, the average rate was 5.95%.

    The average rate one year ago was 5.07%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.36%.

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

    York 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 York level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 127 4.55% $10,395
    CROSSCOUNTRY MORTGAGE, LLC 86 4.90% $9,668
    MOVEMENT MORTGAGE, LLC 85 4.99% $8,980
    York Traditions Bank 75 4.93% $9,032
    NFM, INC. 73 5.00% $10,024
    MCLEAN MORTGAGE CORPORATION 71 4.70% $8,982
    GUILD MORTGAGE COMPANY 49 5.50% $9,945
    LOANDEPOT.COM, LLC 40 4.92% $10,559
    CALIBER HOME LOANS, INC. 38 4.95% $9,217
    FIRST ALLIANCE HOME MORTGAGE, LLC 36 5.18% $10,620
    UNITED WHOLESALE MORTGAGE, LLC 35 4.70% $11,349
    M&T Bank 34 4.72% $7,116
    DHI MORTGAGE COMPANY, LTD. 32 3.89% $9,540
    Mortgage Network, Inc. 29 5.43% $9,402
    PRIMARY RESIDENTIAL MORTGAGE, INC. 28 5.48% $13,227
    Mr. Cooper ( Nationstar Mortgage ) 24 4.70% $12,313
    AMERISAVE MORTGAGE CORPORATION 23 4.63% $11,429
    PENNYMAC LOAN SERVICES, LLC 22 4.04% $7,622
    UNION HOME MORTGAGE CORP. 21 4.99% $10,376
    BROKER SOLUTIONS, INC. 21 5.20% $11,745
    EMM LOANS LLC 20 5.13% $10,727
    MEMBERS 1ST FEDERAL CREDIT UNION 20 4.29% $8,138
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 20 4.72% $8,805
    LAKEVIEW LOAN SERVICING, LLC 19 4.23% $7,740
    Fulton Bank 18 4.54% $7,664
    Meridian Bank Corporation 18 5.37% $10,205
    FREEDOM MORTGAGE CORPORATION 16 4.37% $8,921
    Towne Bank 15 4.58% $8,479
    FIRST HOME MORTGAGE CORPORATION 15 5.32% $12,777
    HOMEBRIDGE FINANCIAL SERVICES, INC. 14 4.95% $10,978
    Sierra Pacific Mortgage Company, Inc. 14 4.76% $9,910
    CARDINAL FINANCIAL 14 5.18% $10,928
    Northpointe Bank 13 5.01% $9,568
    CMG MORTGAGE, INC. 13 6.31% $10,961
    PRIMELENDING, A PLAINSCAPITAL COMPANY 13 5.01% $8,470
    SOUTHERN TRUST MORTGAGE, LLC 12 4.05% $13,840
    Carrington Mortgage Services, LLC 12 5.45% $12,404
    SUCCESS MORTGAGE PARTNERS, INC. 11 5.67% $8,753
    NEWREZ LLC 11 4.72% $8,129
    TIDEWATER MORTGAGE SERVICES, INC. 11 5.26% $12,171
    Citizens Bank 10 4.60% $10,044
    GUARANTEED RATE AFFINITY, LLC 10 5.39% $9,905
    HOME POINT FINANCIAL CORPORATION 9 4.33% $10,139
    Flagstar Bank, FSB 9 4.03% $7,700
    GUARANTEED RATE, INC. 9 4.88% $11,640
    Homesale Mortgage, LLC 8 4.92% $7,853
    Integrity Home Mortgage Corp 7 4.75% $12,622
    NVR Mortgage Finance, Inc. 7 4.89% $15,968
    AMERICAN FINANCING CORPORATION 7 4.34% $11,640
    1ST PREFERENCE MORTGAGE CORP. 6 4.90% $10,913
    FINANCE OF AMERICA MORTGAGE LLC 6 4.42% $13,787
    HOWARD HANNA FINANCIAL SERVICES, INC. 6 6.15% $7,450
    Lakeview Community Capital, LLC 6 4.96% $7,991
    Mortgage Research Center, LLC 6 5.87% $5,686
    Nations Lending Corporation 6 5.33% $11,699
    Paramount Residential Mortgage Group, Inc. 6 5.02% $14,405
    MUTUAL OF OMAHA MORTGAGE, INC. 5 4.73% $10,237
    EVERETT FINANCIAL, INC. 5 5.33% $7,418
    Plains Commerce Bank 5 5.47% $16,788
    Equity Prime Mortgage LLC 5 4.43% $13,001
    HOMESPIRE MORTGAGE CORPORATION 5 4.33% $12,404
    Mortgage America, Inc. 5 5.12% $6,628
    ENVOY MORTGAGE, LTD 4 5.72% $14,501
    EAGLE HOME MORTGAGE, LLC 4 5.47% $14,273
    TOP FLITE FINANCIAL, INC. 4 5.09% $17,173
    ARC HOME LLC 4 5.53% $14,299
    CONTOUR MORTGAGE CORPORATION 4 5.41% $9,142
    PNC Bank 4 4.06% $8,214
    ZILLOW HOME LOANS, LLC 4 5.22% $11,427
    Prosperity Home Mortgage, LLC 4 4.75% $12,529
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 3 5.04% $7,963
    FIRST HERITAGE FINANCIAL, LLC 3 4.79% $7,883
    TJC Mortgage, Inc. 3 4.88% $9,806
    AmeriHome Mortgage Company, LLC 3 4.25% $7,177
    BAY CAPITAL MORTGAGE CORPORATION 3 4.54% $11,089
    Sandy Spring Bank 3 5.04% $9,766
    First National Bank of Pennsylvania 3 5.00% $6,592
    RELIANCE FIRST CAPITAL, LLC 3 4.71% $11,838
    VILLAGE CAPITAL MORTGAGE 3 4.79% $8,187
    MDE Home Loans, LLC 3 4.79% $18,745
    MEMBER FIRST MORTGAGE, LLC 3 3.88% $7,059
    Mid Penn Bank 3 4.67% $17,337
    EMBRACE HOME LOANS, INC. 3 4.50% $10,701
    First Guaranty Mortgage Corporation 2 3.44% $12,875
    First Option Mortgage, LLC 2 4.88% $14,152
    HOMESIDE FINANCIAL, LLC 2 4.38% $6,808
    Wells Fargo Bank 2 4.94% $6,011
    FIDELITY DIRECT MORTGAGE, LLC 2 5.00% $16,199
    MICHIGAN MUTUAL, INC. 2 6.38% $9,266
    DIRECT MORTGAGE LOANS, LLC 2 3.63% $9,706
    Mutual Federal Bank 2 6.75% $11,302
    ACADEMY MORTGAGE CORPORATION 2 5.25% $10,249
    NATIONWIDE MORTGAGE BANKERS, INC. 2 6.44% $9,437
    CHERRY CREEK MORTGAGE, LLC 2 4.44% $3,746
    Century Mortgage Company DBA Century Lending Company 2 5.19% $13,418
    NP, Inc. 2 4.06% $8,142
    OCMBC, INC. 2 5.88% $8,685
    Orrstown Bank 2 4.81% $8,402
    PLANET HOME LENDING, LLC 2 5.88% $13,672
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 4.63% $11,991
    STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED 2 3.94% $4,203
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 4.75% $12,144
    SWBC MORTGAGE CORPORATION 2 4.50% $6,814
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.44% $12,249
    Alcova Mortgage LLC 2 5.31% $4,617
    Univest Bank and Trust Co. 2 5.56% $9,741
    George Mason Mortgage, LLC 2 3.56% $7,207
    NATIONS DIRECT MORTGAGE, LLC 1 3.50% $10,840
    POLARIS HOME FUNDING CORP. 1 6.25% $13,965
    Atlantic Coast Mortgage, LLC 1 4.00% $10,162
    Prime Choice Funding Inc. 1 4.00% $4,285
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 5.99% $10,848
    Wilmington Savings Fund Society, FSB 1 4.75% $7,841
    GENEVA FINANCIAL, LLC 1 5.00% $13,397
    LIBERTY HOME MORTGAGE CORPORATION 1 4.25% $7,604
    RESIDENTIAL HOME FUNDING CORP. 1 5.63% $12,239
    LEADERONE FINANCIAL CORPORATION 1 3.75% $14,625
    RUOFF MORTGAGE COMPANY, INC. 1 3.38% $5,256
    LAND HOME FINANCIAL SERVICES, INC. 1 3.75% $11,195
    SECURITYNATIONAL MORTGAGE COMPANY 1 4.75% $12,423
    Shore United Bank 1 7.13% $8,453
    HOMEAMERICAN MORTGAGE CORPORATION 1 3.75% $10,331
    West Town Bank & Trust 1 5.00% $9,612
    US MORTGAGE CORPORATION 1 5.75% $15,772
    Strong Home Mortgage, LLC 1 3.38% $5,870
    Foote Capital Mortgage Company 1 5.50% $11,238
    Summit Mortgage Corporation 1 6.25% $8,147
    SUN WEST MORTGAGE COMPANY, INC. 1 5.13% $7,889
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 5.50% $11,708
    T2 FINANCIAL LLC 1 6.75% $20,304
    The Federal Savings Bank 1 5.75% $10,742
    The Huntington National Bank 1 5.00% $9,882
    THE MORTGAGE LINK, INC. 1 5.25% $8,760
    THRIVE MORTGAGE, LLC 1 4.25% $7,879
    GREENTREE MORTGAGE COMPANY, L.P. 1 3.63% $10,769
    KELLER MORTGAGE, LLC 1 4.38% $11,382
    JPMorgan Chase Bank 1 5.63% $6,505
    ALLIED MORTGAGE GROUP, INC. 1 5.00% $8,698
    TOWNE MORTGAGE COMPANY 1 5.49% $11,203
    OCEANSIDE MORTGAGE COMPANY 1 4.75% $5,533
    Gateway First Bank 1 4.75% $5,229
    United Fidelity Funding Corp. 1 7.25% $8,730
    PANORAMA MORTGAGE GROUP, LLC 1 5.25% $9,049
    Austin Capital Bank SSB 1 5.25% $11,502
    Atlantic Union Bank 1 6.13% $11,004
    PENTAGON FEDERAL CREDIT UNION 1 5.50% $9,699
    PIKE CREEK MORTGAGE SERVICES, INC. 1 5.75% $10,940
    Northwest Bank 1 4.25% $6,152
    Acre Mortgage and Financial Inc 1 5.25% $11,368
    PLAZA HOME MORTGAGE, INC. 1 5.63% $14,695

    The top York FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 127 FHA loans originated. Their average total fees are $10,395, which is $726 higher than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee York FHA lenders (with over 10 loans originated) are M&T Bank ($7,116), PENNYMAC LOAN SERVICES, LLC ($7,622), Fulton Bank ($7,664), LAKEVIEW LOAN SERVICING, LLC ($7,740) and NEWREZ LLC ($8,129).

    The lowest rate York FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (3.89%), PENNYMAC LOAN SERVICES, LLC (4.04%), SOUTHERN TRUST MORTGAGE, LLC (4.05%), LAKEVIEW LOAN SERVICING, LLC (4.23%) and MEMBERS 1ST FEDERAL CREDIT UNION (4.29%).

    York FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - York (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 $211,450 (14.3%) $236,366 (10.1%) 0.78 1,523
    2018-02-01 $214,949 (16.2%) $242,458 (12.8%) 0.78 1,407
    2018-03-01 $213,921 (12.7%) $243,937 (9.3%) 0.75 1,392
    2018-04-01 $219,900 (10.0%) $246,994 (7.2%) 0.75 1,457
    2018-05-01 $226,950 (7.6%) $253,143 (7.2%) 0.76 1,494
    2018-06-01 $229,410 (9.3%) $255,854 (7.5%) 0.77 1,581
    2018-07-01 $228,114 (8.7%) $255,806 (6.4%) 0.76 1,594
    2018-08-01 $224,900 (7.1%) $253,985 (6.1%) 0.75 1,630
    2018-09-01 $219,900 (8.9%) $248,776 (5.4%) 0.74 1,586
    2018-10-01 $219,450 (4.6%) $246,206 (2.8%) 0.74 1,653
    2018-11-01 $219,900 (10.0%) $245,939 (5.5%) 0.75 1,660
    2018-12-01 $217,400 (8.8%) $243,146 (4.9%) 0.75 1,600
    2019-01-01 $218,343 (3.3%) $240,875 (1.9%) 0.75 1,415
    2019-02-01 $219,900 (2.3%) $243,238 (0.3%) 0.74 1,303
    2019-03-01 $219,900 (2.8%) $245,072 (0.5%) 0.73 1,309
    2019-04-01 $220,710 (0.4%) $253,382 (2.6%) 0.70 1,293
    2019-05-01 $229,025 (0.9%) $258,920 (2.3%) 0.72 1,333
    2019-06-01 $229,900 (0.2%) $263,665 (3.1%) 0.72 1,398
    2019-07-01 $238,925 (4.7%) $269,168 (5.2%) 0.75 1,415
    2019-08-01 $242,200 (7.7%) $275,507 (8.5%) 0.76 1,451
    2019-09-01 $247,208 (12.4%) $283,581 (14.0%) 0.78 1,236
    2019-10-01 $235,000 (7.1%) $273,547 (11.1%) 0.76 1,313
    2019-11-01 $231,995 (5.5%) $268,372 (9.1%) 0.76 1,204
    2019-12-01 $235,570 (8.4%) $267,769 (10.1%) 0.79 1,095
    2020-01-01 $237,659 (8.9%) $267,065 (10.9%) 0.79 994
    2020-02-01 $248,983 (13.2%) $274,477 (12.8%) 0.82 917
    2020-03-01 $258,570 (17.6%) $284,984 (16.3%) 0.81 909
    2020-04-01 $267,900 (21.4%) $292,028 (15.3%) 0.84 838
    2020-05-01 $259,995 (13.5%) $292,167 (12.8%) 0.79 900
    2020-06-01 $255,423 (11.1%) $289,737 (9.9%) 0.75 849
    2020-07-01 $260,629 (9.1%) $304,904 (13.3%) 0.76 754
    2020-08-01 $271,400 (12.1%) $307,605 (11.7%) 0.78 680
    2020-09-01 $268,445 (8.6%) $309,658 (9.2%) 0.77 644
    2020-10-01 $259,995 (10.6%) $305,693 (11.8%) 0.75 636
    2020-11-01 $262,500 (13.2%) $310,743 (15.8%) 0.77 605
    2020-12-01 $263,945 (12.1%) $315,609 (17.9%) 0.79 540
    2021-01-01 $264,945 (11.5%) $316,802 (18.6%) 0.79 442
    2021-02-01 $274,482 (10.2%) $319,792 (16.5%) 0.80 405
    2021-03-01 $276,443 (6.9%) $309,138 (8.5%) 0.78 422
    2021-04-01 $280,693 (4.8%) $307,756 (5.4%) 0.76 427
    2021-05-01 $279,900 (7.7%) $303,759 (4.0%) 0.74 484
    2021-06-01 $262,450 (2.8%) $295,169 (1.9%) 0.69 599
    2021-07-01 $269,900 (3.6%) $300,820 (-1.3%) 0.71 638
    2021-08-01 $263,765 (-2.8%) $298,738 (-2.9%) 0.70 656
    2021-09-01 $264,875 (-1.3%) $303,450 (-2.0%) 0.71 641
    2021-10-01 $264,900 (1.9%) $305,327 (-0.1%) 0.71 589
    2021-11-01 $266,400 (1.5%) $304,822 (-1.9%) 0.71 563
    2021-12-01 $281,039 (6.5%) $322,087 (2.1%) 0.76 487
    2022-01-01 $308,050 (16.3%) $340,996 (7.6%) 0.83 420
    2022-02-01 $317,445 (15.7%) $342,297 (7.0%) 0.83 423
    2022-03-01 $324,198 (17.3%) $348,123 (12.6%) 0.81 448
    2022-04-01 $324,950 (15.8%) $347,779 (13.0%) 0.77 452
    2022-05-01 $327,400 (17.0%) $357,890 (17.8%) 0.75 522
    2022-06-01 $323,160 (23.1%) $357,847 (21.2%) 0.72 570
    2022-07-01 $319,000 (18.2%) $353,553 (17.5%) 0.72 619
    2022-08-01 $324,900 (23.2%) $356,746 (19.4%) 0.75 607
    2022-09-01 $329,200 (24.3%) $363,701 (19.9%) 0.77 597
    2022-10-01 $339,990 (28.4%) $365,136 (19.6%) 0.80 599
    2022-11-01 $338,945 (27.2%) $359,441 (17.9%) 0.81 586
    2022-12-01 $345,000 (22.8%) $361,239 (12.2%) 0.85 565
    2023-01-01 $348,625 (13.2%) $362,814 (6.4%) 0.86 525
    2023-02-01 $358,650 (13.0%) $373,575 (9.1%) 0.87 479
    2023-03-01 $356,468 (10.0%) $373,681 (7.3%) 0.84 468
    2023-04-01 $342,620 (5.4%) $368,469 (6.0%) 0.80 449
    York's median listing price for 2023-04-01 was $342,620, a difference of $17,670 (5.4%) versus the prior year and $-13,848 versus the prior month.

    York's median listing price comes in at 80% of the national average.

    York's average listing price for 2023-04-01 was $368,469, a difference of $20,690 (6.0%) versus the prior year and $-5,212 versus the prior month.

    For the 2023-04-01 period, York had 449 MLS listings, a difference of -19 listings (-4%) versus the prior month and -3 listings (-1%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - York (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 88 days 1,836 sqft
    2018-02-01 86 days 1,842 sqft
    2018-03-01 68 days 1,846 sqft
    2018-04-01 57 days 1,860 sqft
    2018-05-01 51 days 1,873 sqft
    2018-06-01 53 days 2,063 sqft
    2018-07-01 59 days 2,020 sqft
    2018-08-01 61 days 2,013 sqft
    2018-09-01 64 days 2,000 sqft
    2018-10-01 66 days 1,987 sqft
    2018-11-01 65 days 1,948 sqft
    2018-12-01 71 days 1,910 sqft
    2019-01-01 81 days 1,877 sqft
    2019-02-01 87 days 1,877 sqft
    2019-03-01 64 days 1,900 sqft
    2019-04-01 53 days 1,922 sqft
    2019-05-01 49 days 1,962 sqft
    2019-06-01 51 days 1,984 sqft
    2019-07-01 51 days 2,026 sqft
    2019-08-01 65 days 2,072 sqft
    2019-09-01 75 days 2,096 sqft
    2019-10-01 60 days 2,029 sqft
    2019-11-01 65 days 1,995 sqft
    2019-12-01 73 days 1,971 sqft
    2020-01-01 75 days 1,959 sqft
    2020-02-01 66 days 1,977 sqft
    2020-03-01 50 days 2,030 sqft
    2020-04-01 68 days 2,070 sqft
    2020-05-01 71 days 2,072 sqft
    2020-06-01 47 days 2,012 sqft
    2020-07-01 46 days 2,053 sqft
    2020-08-01 47 days 2,064 sqft
    2020-09-01 44 days 1,996 sqft
    2020-10-01 53 days 1,976 sqft
    2020-11-01 53 days 1,948 sqft
    2020-12-01 64 days 1,937 sqft
    2021-01-01 71 days 1,920 sqft
    2021-02-01 71 days 1,893 sqft
    2021-03-01 45 days 1,905 sqft
    2021-04-01 42 days 1,909 sqft
    2021-05-01 42 days 1,909 sqft
    2021-06-01 38 days 1,864 sqft
    2021-07-01 41 days 1,870 sqft
    2021-08-01 40 days 1,861 sqft
    2021-09-01 47 days 1,850 sqft
    2021-10-01 54 days 1,880 sqft
    2021-11-01 49 days 1,847 sqft
    2021-12-01 53 days 1,862 sqft
    2022-01-01 52 days 1,900 sqft
    2022-02-01 43 days 1,900 sqft
    2022-03-01 42 days 1,919 sqft
    2022-04-01 43 days 1,950 sqft
    2022-05-01 39 days 1,950 sqft
    2022-06-01 37 days 1,960 sqft
    2022-07-01 39 days 1,991 sqft
    2022-08-01 39 days 1,952 sqft
    2022-09-01 47 days 2,000 sqft
    2022-10-01 51 days 2,026 sqft
    2022-11-01 54 days 2,009 sqft
    2022-12-01 58 days 2,000 sqft
    2023-01-01 67 days 2,002 sqft
    2023-02-01 64 days 2,068 sqft
    2023-03-01 51 days 2,028 sqft
    2023-04-01 45 days 1,976 sqft
    York's median listing age (time on market) for 2023-04-01 was 45 days. This is 5% longer than the same period one year ago.

    York's median square footage for active listings during the 2023-04-01 period was 1,976 sqft. One year prior, the average listing was 1,950 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).