FICOs and FHA: 2 big lenders loosen up

This is great news for anyone looking to buy or sell a home. We have had a number of buyers contact us over the last few months that were just on the cusp of qualifying for an FHA mortgage, but because of the tighter mortgage regulations, were unable to qualify.

According to this article from Inman, it looks like the regulations are loosening up:

From Inman News: FICOs and FHA: 2 big lenders loosen up

Here’s some unexpected good news for anybody working to get buyers into houses, especially first-timers who don’t have much down payment cash on hand: The door to an FHA-insured mortgage just opened a little wider.

With no fanfare or public announcements, two of the largest FHA-approved lenders have backed off their controversial “overlay” requirements on FICO scores (lender overlays are qualification requirements that can be more stringent than FHA’s own requirements).

Both Wells Fargo and Quicken Loans confirmed to me last week that they will now lend to applicants with 580 FICOs and 3.5 percent down payments.

Read it all at the link.

If you’re looking to take advantage of the fantastic mortgage rates, give our team a call at 303-726-1874 and we’ll help you get started and get a great deal on a home.

 

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