With the increased popularity in the FHA 203k loan, many people who are looking for a FHA lender who can help them with their loan are asking if there is such a thing as the Wells Fargo FHA 203k streamline mortgage program – and the answer is…
Yes and no.
Yes, there is a program called the FHA 203k loan program and yes, Wells Fargo helps people with the program because they are an approved FHA lender. When it comes to the FHA 203k loan programs, it is safe to say that Wells Fargo is one of the bigger lenders who offer the program due to their sheer size and volume of FHA loans in general.
But Wells Fargo is not the only lender who can help you with an FHA 203k loan. In fact, FHA has set up a network of approved FHA lenders who can help you with an FHA 203k or FHA 203k streamline loan – regardless of whether you currently bank with Wells Fargo or not.
Wells Fargo FHA 203k Streamline
The FHA 203k streamline loan at Wells Fargo has pretty much the exact same qualifying criteria at no matter what lender you choose to go with. There may be some “investor overlays” with Wells Fargo that other lenders don’t have but that will change from time to time and the only way to be sure of what the current investor overlays are is to speak with a Wells Fargo loan officer. While the FHA 203k streamline guidelines will vary slightly by lender – they will mostly be the same guidelines when it comes to late payments, debt ratios, or credit scores — but sometimes one lender will allow things that another lender wont.
Regardless of whether or not you have late payments or good or bad credit – when it comes to the FHA 203k streamline program, one thing is certain:
Shop multiple lenders.
When you shop multiple lenders for a quote on your FHA 203k loan needs, you will be able to get the best possible deal with a lender who can help you get your deal done and at the lowest possible cost.
Start now by speaking with multiple lenders regarding your FHA 203k loan and be sure that you are getting the best possible deal on your new home.