In order to get VA Loans Guaranteed, FHA Loans Insured, and Conventional loans purchased on the secondary market, the VA, Ginnie Mae, and Fannie/Freddie respectively put forth guidelines for lenders to follow. Assuming they follow the guidelines, these entities will do their part and back the loan. Lenders cannot make these guidline "less strict" and still get the backing, howver they can make them more strict. That is called a lender over lay.
So, that being said we do not have a lot of lender overlays on our FHA EEM loans, we also offer the FHA Powersaver loan as well as the FHA 203K loan. All of which can accomplish what you sound like you are trying to accomplish.
Can you send me an email with some more detailed questions or call me and I will be happy to go over your scenario?
Your mortgage partner for life,
Rey Gallegos (NMLS ID 557038)
Loan Officer | Retail Sales Branch Manager
W.J. Bradley Mortgage Capital LLC (NV License # 504)
2200 Paseo Verde Pkwy. Ste. 100
Henderson, NV 89052