+1 vote
I am confused. Why does one lender require 620 credit scores and other lenders require 640 scores on FHA Home Loans. Are there any lenders who do not have all of these  mortgage guidelines.  I am a big fan of Gustan Cho and have been following blogs. But for some reason his website Gustan Cho Associates is down today due to maintenance.
asked Feb 17, 2018 in General Financing by Cody McNamara

1 Answer

0 votes
There are two types of mortgage guidelines. Minimum federal minimum mortgage guidelines by FHA, VA, USDA  or Fannie Mae and Freddie Mac. Second types of mortgage requirements are lender overlays. Mortgage Lender Overlays are mortgage guidelines above and beyond those of FHA. FHA requires 580 credit scores to qualify for FHA LOANS. However many lenders can require higher credit score requirements. The Gustan Cho Team at USA MORTGAGE a Division of DAS ACQUISITION COMPANY NMLS 227262 has zero lender overlays on government and conventional loans. Unfortunately I am not licensed in in the state of New York.  If you Google FHA LENDERS WITH NO OVERLAYS you can find a few FHA LENDERS with no overlays on credit scores.

Gustan Cho NMLS 873293
The Gustan Cho Team at USA MORTGAGE
Branch Manager
Direct Lender With No Overlays On Government Loans
answered Feb 17, 2018 by GustanCho (106,540 points)

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