Friday 18th of May 2012
| FHA Wants Lenders to Relax Credit Scores |
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Brian Collins writes January 10 at National Mortgage News Today, the average credit score on an FHA-insured mortgage is 700. The Department of Housing and Urban Development would like to see FHA lenders relax their credit score minimums allowing more borrowers to qualify for FHA loans. But lenders are telling HUD officials the agency must first change FHA's lender/monitoring system known as Neighborhood Watch so they aren't stigmatized for making loans to borrowers with lower credit scores. Read more: http://www.nationalmortgagenews.com/nmn_features/fha-relax-credit-scores-1028259-1.html
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