The best lenders for FHA loans in June 2021
Mortgage lender
You may qualify with as low as a 500 credit score, but you ll need a 10% down payment.
FHA loans are mortgages backed by the Federal Housing Administration. FHA loans are less risky for lenders than conventional mortgages (what you may think of as normal mortgages ), so you can usually qualify with a lower credit score. FHA loans also come with lower interest rates than conventional mortgages.
The best FHA loan lenders have lower credit score requirements for FHA loans than for conventional mortgages. You can often qualify with a score as low as 580 with a 3.5% down payment, or as low as 500 with a 10% down payment. Although these are the rules of thumb, some lenders require scores as high as 640 for FHA loans.
Should you get a mortgage from Bank of America?
You might like Bank of America if you .
You might not like Bank of America if you .
Need a conforming, jumbo, FHA, or VA mortgage, or a HELOC
Are already a Bank of America Preferred Rewards customer, so you can get discounts
Qualify for the bank s down payment assistance programs
Have a fair credit score
Need a USDA or reverse mortgage, home equity loan, or construction loan
Have a low or no credit score
Want to refinance into an FHA or VA mortgage but aren t already a Bank of America customer
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