FICOs and FHA: 2 big lenders loosen up
Note that this information is outdated.
By Ken Harney, Monday, January 31, 2011. Inman News™ 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.
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