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Best Bank for FHA Loan of 2020

Best Bank for FHA Loan of 2020

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 logo

Bank of America

A major financial institution serving homeowners nationwide, Bank of America has good customer satisfaction ratings. The bank has an A+ Better Business Bureau rating and a J.D. Power rating of four, which is better than most.

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 logo

Chase – Best Bank for FHA Loan of 2020

Chase Bank is a major financial institution with several mortgage options, including adjustable-rate mortgages. Borrowers can choose from 5/1, 7/1 and 10/1 ARMs.

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.  logo

Guild Mortgage Co. – Best Bank for FHA Loan of 2020

Guild Mortgage serves homebuyers nationwide with multiple mortgage options. Mortgage shoppers can choose from conventional or agency loans with this lender, which has an A+ BBB rating and a four out of five J.D. Power satisfaction rating.

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

Quicken logo - Best Bank for FHA Loan of 2020

Quicken

Quicken Loans is a nationwide mortgage lender with several mortgage options. Known for customer service, the lender has an A+ Better Business Bureau rating and received a rating of five (among the best) in the 2018 U.S. Primary Mortgage Origination Satisfaction Study.

Highlights:

  • Mortgage types offered: ARM, FHA, VA, Refinancing (FHA), USDA, Conventional, Refinancing (conventional)
  • Minimum FICO credit score: 580 (FHA), other loans vary
  • Maximum debt-to-income ratio: 60%
  • J.D. Power satisfaction rating: Five out of five
Best Bank for FHA Loan of 2020
Read also:
Best FHA loan lenders