Wells and Quicken reduce Loan Requirements
just a short FYI..
They are among the largest FHA approved lenders. Both lenders announced that they would overlay more stringent requirements than the FHA demanded. They have recently announced that they would once again lend to applicants with 580 FICOs and 3.5 percent down payments.
Their revised standards are back in line with the FHA's own minimums. Hopeful home buyers will once again be open to so many that have lost top credit ratings in this economic decline.
Wells Fargo is the largest originator of FHA-insured mortgages with Quicken coming in third. If you have been having trouble getting a loan recently you may want to revisit...
Thanks for Reading
Howard
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