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Wells Fargo. Good luck.
any other lenders then Wells Fargo, I have heard nothing but bad things with them
Even a good mortgage broker would be helpful
FHA Loan has a 620 FICO program, however it is restrictive and considerably less lender credit.
lender credit - in the Low Fico program 620-639 - there was 0.57% available at 4.0% last week, in the 640-679 there was about 2%. A recent collection to my wife brought us down and had a pretty significant impact on what we are bringing to the table. We were too far down the road to move it to me only
UW is more restrictive because they are normally sold to investors from the start. Lots of new guidelines from the Govt on the program itself.
The lender credit refers to just that..credit you can get on our financed amount of the loan, ie. towards closing etc. Here in Denver, many homes are going off the market in a matter of days. Ours was no exception. Full offer, no % towards closing and went under contract 3 days after it was on the market (Easter Sunday).
If we were talking a 200k loan 0.57 would give back about $1140 and 2% would give back $4k. If you don't need lender credit you can take a lower rate as well. Most 620-639 rates are capped at 4%, usually between 3.75 and 4.
As stated above, to keep the wife on the loan we used the 620 program. She had a collection pop up about 20 days ago that dropped her from about 650 and even if it was PFD there was no certainty that she would get back above the 640 mid mark.
We were both around 640 when we applied, +/- a couple of points depending on the lender.