Credit Score Requirement Still Stiffling Borrowers

Posted by The Cascade Team Real Estate on Friday, November 19th, 2010 at 7:30pm

 


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®.

Source: Bloomberg, Jody Shenn and John Gittelsohn (11/17/2010)
<p><a title="Real Estate News" href="/blog/">The Cascade Team Real Estate</a></p> <p><a href="/blog/" target="_blank"><img src="/uploads/agent-1/Small Logo.jpg" alt="" width="200" height="200" /></a></p> <p>Full Service Real Estate with 1% Listing Fees!!</p>

Leave A Comment

Format example: yourwebsitename.com