Best Lenders for FHA Loans
|Loan Provider||Credit Score||Top Pro||Visit Site|
|500||Single form, compare lenders in minutes||View Rates|
|500||Super easy online application||View Rates|
|620||No commission or origination fees|
|Not published||Strong financial institution||View Rates|
|Not specified||Connections with hundreds of lenders||View Rates|
What Kind of Credit Do You Need for an FHA Loan?
What Do You Need to Know About the FHA Loan Approval Process?
FHA Loan Limits
|Home Type||Standard FHA Loan Limits|
|Home Type||High-Cost FHA Loan Limits|
|3-unit property||$984, 525|
|Home Type||Special Exception FHA Loan Limits|
How to Apply for FHA Loans
What does FHA Pre-Approval Mean?
How Do You Get Pre-Approved for an FHA Loan?
Minimum credit score: 500
Minimum down payment: 3.5%
Check your credit score and how it affects your offers
One form and information is sent to multiple lenders
Get loan offers within minutes
LendingTree has become a major player in the mortgage industry through a straightforward recipe of helping users get matched with loan offers within a matter of minutes.
You don’t need to have a high credit rating to use LendingTree, though usually better credit and a higher down payment will mean better terms.
LendingTree won’t charge you a fee for connecting you with a lender, and can also provide you with free credit scoring. The process is streamlined and very easy, and within minutes you will be able to compare a wide range of options at your own leisure.
Minimum credit score: 500+ for 10% down payment, 580+ for 3.5% down payment
Minimum down payment: 3.5% based on qualifying credit
- Largest FHA lender
- Streamlined application process
- Extensive education resources
Quicken Loans is the largest FHA lender in the U.S., and one of the largest lenders in general. It offers lots of educational resources to prospective borrowers, as well as a streamlined application process. Prospective borrowers may open an application for an FHA loan by talking to one of Quicken’s home loan experts or by applying online through its Rocket Mortgage platform (more on that below).
As the name suggests, everything about Quicken is designed to save time: it offers borrowers the option of filing documents online, the support team is available outside of regular bank hours, and it will provide you constant real-time updates to keep your FHA loan application moving.
Minimum credit score: 620
Minimum down payment: 3%
No origination or lender fees
Many different fixed and variable rate loans
Fast approval process
Mortgages can be made easier with Better, which offers an entirely digital mortgage platform that is designed to help users find loans based on their own specific needs.
The entire online application process takes a matter of minutes, and users will receive a customized loan estimate, automatic discount finder, and personalize rate. They can also use the assistance of a dedicated non-commissioned loan office and an extensive online knowledge base.
With Better Mortgage you may find high closing costs however, and the service doesn’t facilitate the widest variety of loans.
Minimum Down Payment: 0% for VA loans, 3%-20% for conventional
Minimum Credit Score: Not published
- Lots of educational info available online
- Strong financial institution
As a pillar of the financial industry, Paramount Bank has been providing banking services for half a century. Today, the company is also an HUD-approved lender with Fannie Mae/Freddie Mac agency products aplenty. Paramount Bank is also delegated FHA/VA, FHA 203K, and USDA-approved. In short, this is a company that you can trust.
Paramount Bank offers a simple process: apply, upload documents, review loan details, and close. It’s simple, it’s fast, and it’s understandable.
Minimum Down Payment: None specified
Minimum Credit Score: None specified
- Connections with hundreds of lenders
- Detailed questionnaire for the best possible match
FHA Rate Guide isn’t a direct lender. Instead of laying out all the features and types of mortgages on offer, FHA Rate Guide asks you about your mortgage needs, then emails you eligible loans that fit your circumstances. FHA Rate Guide doesn’t help you to complete your loan application or negotiate better mortgage rates; it simply sends you information about potential mortgage products.
Can You Be Denied a Loan After Pre-Approval?
Pre-approval is a conditional commitment from the lender to provide you a loan to a certain amount, but the lender is not legally obligated to provide the loan. However, if you haven’t yet found a home or if you’re having trouble getting a seller to agree to sell you a home, then it’s worth going through the pre-approval process as this gives you an advantage over buyers who haven’t been pre-approved.