13 Best FHA Mortgage Lenders of 2022: Rates & Terms

What We Like:

Rocket Mortgage, run by Quicken Loans, is licensed to originate FHA loans in all 50 states. The lender offers perks such as ten-minute preapprovals, an asset retrieval system, and 90-day interest rate locks.

And when you’re ready to move forward, you can e-sign your closing documents from the comfort of your living room.

Quicken Loans offers more flexible DTI requirements than most lenders for its FHA loans, with maximums up to 57%. You’ll also need a credit score of at least 580 with a 3.5% down payment.

Full Rocket Mortgage Review

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AmeriSave is an online mortgage lender primarily dedicated to refinance loans. They offer FHA mortgages in every state except New York.

Requirements include a credit score as low as 580 for most FHA loans or 640 for loans larger than $700,000.

Although the lender charges a $500 application fee, they also promise to match their competitors’ interest rates or pay you $500 if you close with another lender. You can get started by filling out a rate quote request online.

Full AmeriSave Mortgage Review

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Quicken Loans – which changed its name in July 2021 to Rocket Mortgage (online version) – is a leading U.S. lender by volume. They emphasize their FHA loan offerings and accept borrowers with credit scores of 580 and a DTI as high as 50% with 3.5% down. They also consider alternative credit data, such as rent and utility payments.

But the company’s name-brand service comes at a price: particularly, its higher-than-average rates and fees. That said, Quicken’s online mortgage process is second to none, with digital rate locks, loan tracking, and e-closing.

Full Quicken Loans Review

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LoanDepot is licensed in all 50 states and specializes in refinance, purchase, and renovation loans.

This online lender also operates over 200 physical branches. Between its mello smartloan software and top-notch customer service, you can close in as few as 20 days.

LoanDepot offers FHA loans in a variety of terms, including 10, 15, 20, and 30-year fixed-rate mortgages. You can qualify with a credit score as low as 500 with a 10% down payment.

Full LoanDepot Mortgage Review

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Guaranteed Rate is a hybrid lender that offers digital and in-person loans in all 50 states.

This originator boasts competitive interest rates, an excellent customer service record, and a streamlined mortgage process. Plus, you can get prequalified in just 15 minutes and receive your preapproval letter within 48 hours.

For FHA borrowers, Guaranteed Rate requires a FICO score of at least 600 to 620. You can also choose either a 3.5% or 10% down payment option. To get started, simply apply online or contact a loan officer.

Full Guaranteed Rate Mortgage Review

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Guild Mortgage dedicates a substantial portion of its mortgage origination business toward FHA loans.

This lender requires a lower-than-average credit score of 540 with 3.5% down on your loan. And unlike some of its competitors, it processes, underwriters, and funds its loans in-house.

Guild Mortgage also partners with 500 down payment aid programs to make homebuying more affordable for lower-income families. Plus, with its in-house first-time homebuyer and affordable lending programs, you can find a loan program that works for you.

Full Guild Mortgage Review

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PennyMac is a nationally available direct lender that services the mortgages it originates. You can apply online or over the phone and get preapproved in just minutes.

The lender also pairs you with an experienced loan officer during underwriting to make the process as painless as possible.

For FHA loans, PennyMac notes that borrowers “generally need to have good credit,” though it will excuse “blemishes” if borrowers can demonstrate recent fiscal responsibility. Additionally, PennyMac allows a higher-than-average DTI of 50-55% and may accept alternative tax histories.

Full PennyMac Mortgage Review

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Mr. Cooper Mortgages is one of the largest non-bank lenders in the U.S. It offers online loan tracking, financial wellness apps, and a plethora of loan programs. But to get started, you’ll need to apply online and wait for a loan officer to contact you.

FHA borrowers who wish to use Mr. Cooper need a credit score of at least 580 with a 3.5% down payment.

The lender may combine nontraditional credit data with manual underwriting to increase your chances of approval and a smooth loan process.

Full Mr. Cooper Mortgage Review

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Freedom Mortgage is another hybrid FHA lender that provides a full range of mortgage services. It specializes in government-backed loans, including FHA and VA mortgages, and works well with borrowers with financial issues. To get started, you can call a loan officer or apply online.

Because it focuses on borrowers who may otherwise be denied, Freedom Mortgage offers flexible requirements.

FHA borrowers can qualify with a 540 minimum credit score and alternative creditor history. The lender also works with a range of DTI ratios.

Full Freedom Mortgage Review

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Chase is a well-established bank with over 4,700 branch locations and a seamless online lending experience.

The bank offers a variety of perks, such as $2,500 back if you don’t close on time, up to $5,000 in closing cost grants, and hefty discounts if you’re a Chase bank customer. Plus, you can enjoy 24/7 customer service.

While this lender doesn’t publish its credit score requirements, borrowers can likely expect a minimum credit score of 580 with a 3.5% down payment.

And fortunately for borrowers who need a little boost, your entire down payment can be gifted funds.

Full Chase Mortgage Review

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Alterra is a Hispanic-owned lender focused on serving the underserved. Alterra works with borrowers who have nontraditional credit and income sources, those with no Social Security Number, and undocumented immigrants.

But because it tends to serve “high-risk” populations, its requirements, interest rates, and fees may be higher than many competitors.

It also doesn’t post the bulk of its mortgage requirements online, though it notes that FHA borrowers will need a credit score of at least 600.

Full Alterra Home Loans Review

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Caliber Home Loans relies on technology to “take eligible borrowers from application to closing in record time.”

The lender services a full range of credit scores and offers 12-month rate locks, though its interest rates trend toward the higher end of the spectrum. While Caliber doesn’t post mortgage rates, you can use the QuickQuote tool to get a quote with no impact on your credit score.

Typically, borrowers will need a score of at least 580 at 3.5% down; the lender currently doesn’t list its DTI requirements.

Full Caliber Home Loans Review

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PrimeLending is renowned for its customer service and robust product menu of over 400 loan options. It provides a seamless online application and closing experience, though it doesn’t allow you to shop rates online.

PrimeLending is also known for its closing cost assistance programs for low-income borrowers who want to get into a good home. PrimeLending doesn’t post its FHA loan requirements online, but it’s fair to assume you can expect a 580-credit score at 3.5% down. The lender also offers an unusual float-down rate lock option, which lets you snag a lower interest rate in the 21 days before closing.

Full PrimeLending Mortgage Review