FHA Has a New Door Open Up

There hasn’t been much fanfare or public announcements but two big lenders, Wells Fargo and Quicken are allowing FHA loans to borrowers with 3.5% down a credit score of only 580. 

This opens FHA loans to be accessible to a larger number of buyers.

What’s the advantage of an FHA loan you ask?

Typically you need to put 20% down on a property, so unless you have at least $50,000.00+ for a median home here, FHA at 3.5% – 10% is a much better deal and gives you a few dollars left to do improvements to your home.

Many are realizing that their credit is lower nowadays as everyone has gone through the recession and suffered some damage such as short term loss of income.