According to an article I read by Ken Harney with Inman News, Wells Fargo and Quicken Loans, two of the largest FHA-approved lenders, have revised their lending standards. Purchasers with 3.5% down and a credit score of 580 can now qualify for a FHA loan. Previously, Wells Fargo and Quicken Loans had "overlay" requirements on FICO Scores which were more stringent than FHA requirements. The revised guidelines are now similar to typical FHA loan guidelines.
This is good news for purchasers with credit scores that suffered due to current economic conditions and opens the door to qualifying for a home purchase.
If you'd like to learn more about FHA Loans, take a moment and read: "FHA Loans: Gaining Popularity", or contact a mortgage lender to see if you qualify.
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