Enter the Federal Housing Administration, or FHA, loan program, which has helped Americans buy homes since the Great Depression and remains a popular choice because of its affordability. FHA loans allow for smaller down payments while resolving some of the underwriting challenges borrowers face. The FHA insures these mortgages, which are issued by FHA-approved lenders. With a government guarantee, a lender can offer more flexibility with underwriting requirements, including credit guidelines and down payments. Best Bank for FHA Loan of 2020. Best FHA loan lenders.
Bank of America
Highlights:
- Mortgage types offered: Conventional, VA, FHA, refinance, home equity
- Minimum FICO score: 620
- Maximum loan-to-value ratio: 100%
- Maximum debt-to-income ratio: 55%
- Loan amounts: Up to $5,000,000
- Total closing costs: Varies
- J.D. Power overall satisfaction rating: Four out of five
Chase – Best Bank for FHA Loan of 2020
Highlights:
- Mortgage types offered: Conventional, jumbo, ARM, VA, FHA
- Minimum FICO credit score: 620
- Maximum debt-to-income ratio: 50%
- J.D. Power satisfaction rating: Three out of five
Guild Mortgage Co. – Best Bank for FHA Loan of 2020
Highlights:
- Mortgage types offered: Conventional, FHA, VA, USDA, ARM, Home equity loans, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), Refinancing (USDA), First-time homebuyer program, Jumbo, renovation, expanded (non-qm)
- Minimum FICO credit score: 620
- Maximum debt-to-income ratio: 50%
- J.D. Power satisfaction rating: Four out of five
Highlights:
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