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FHA Lenders with lower overlays

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FHA Lenders with lower overlays

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.

Message 1 of 4
3 REPLIES 3
New Visitor

Re: FHA Lenders with lower overlays

I know there are lenders who will do FHA loans with 580 scores. If you Google "FHA 580 Program", you should get some hits. I believe Wells Fargo and Quicken are two of them.  Good luck!

Message 2 of 4
Super Contributor

Re: FHA Lenders with lower overlays

ask a realtor. they know lenders

 

Retired Lender
Message 3 of 4
Moderator Emerita

Re: FHA Lenders with lower overlays

IMO stay away from Wells Fargo and Quicken Loans.

 

There are lenders that will finance you FHA with a 580 score - look for a mortgage banker. They have their own underwriting and funding.

Message 4 of 4
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