FHA Loans down to a 580

September 16, 2024

Great news! GMFS will now accept FHA Loans down to a 580 with the following overlays:

580-619 FICO FHA Loans

Manual underwriting is not allowed
No rent-free borrowers allowed
Verification of rental history is required. Must be verified with VOR and must be 0x30. VOR cannot be provided from an interested party or family member
3.5% minimum borrower’s own funds required for down payment
No gift funds allowed