Credit Score Requirements Stifling Borrowers
Despite record-low interest rates, an increasing number of Americans can’t afford to buy a house.
The nation’s two largest mortgage lenders, Wells Fargo & Co. and Bank of America Corp., have raised the minimum required credit score on FHA-insured loans to 640 from 620.
Requiring a 640 credit score excludes about 15 percent of FHA borrowers, FHA commissioner David Stevens said.
Such a high limit will further delay a recovery in the real estate market, says Ron Phipps, president of the National Association of REALTORS®.
This post was last modified on December 2, 2010 6:18 am
Just back out of hospital in early March for home recovery. Therapist coming today.
Sales fell 5.9% from September and 28.4% from one year ago.
Housing starts decreased 4.2% to a seasonally adjusted annual rate of 1.43 million units in…
OneKey MLS reported a regional closed median sale price of $585,000, representing a 2.50% decrease…
The prices of building materials decreased 0.2% in October
Mortgage rates went from 7.37% yesterday to 6.67% as of this writing.
This website uses cookies.