Adjustments Ease FHA Home Loan Requirements

Here’s a piece of good news for a segment of the real estate market! Many potential buyers in this area, especially first-time buyers, will benefit from these relaxed requirements.

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, FHA lenders Wells Fargo and Quicken Loans have confirmed that they will now lend to applicants with 580 FICOs and 3.5% down payments.

FICOs and FHA: 2 big lenders loosen up

If you're looking to take advantage of the fantastic mortgage qualificatons, give Team Patereau a call at 408-981-2799 and we'll help you get started and get a great deal on a home.

FHA Changes Borrower Guidelines

There are new and more stringent qualifications for today's most popular lending program, FHA. The new guidelines require borrowers to have more money down, higher qualifying credit scores, and lower debt-to-income ratios. Intero's CEO, Gino, goes over the details.