I understand that under FHA guidelines that people with credit scores above 580 can be approved for a mortgage with a 3.5% down payment and those with credit scores between 500 and 580 would need a 10% down payment. However, most lenders actually use 620 as their minimum. Are there any lenders that are closer to the actual FHA guidelines? I know there are other factors but I'm just curious about the score requirements. I don't want to approach a lender if I know they won't consider me. I've heard some names mentioned but I can't be certain which ones I should be looking at.
