Sounds good on the surface but in reality, it's nothing more than just lowering their previous In-house standards put in place after the financial collapse, to conforming now with existing FHA loan requirements.
The bottom line is; You're still going to need a high FICO score and a bigger down payment to get a excellent mortgage interest rate. One of the things they fail to mention in this announcement!!
Amplify’d from www.inman.com
FICOs and FHA: 2 big lenders loosen up
With no fanfare or public announcements, two of the largest FHA-approved lenders have backed off their controversial "overlay" requirements on FICO scores (lender overlays are qualification requirements that can be more stringent than FHA's own requirements).
See this Amp at http://amplify.com/u/ao4x4
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