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Some banks to set tight standards for FHA loans

Shared by Niicss on Tue Nov 23, 2010 3:31 am
The credit standards for FHA insured loans have been tightened by some banks like Wells Fargo and Bank of America. The minimum credit scores required to qualify for FHA loans has been raised to 640 by these banks. It is expected that this rule will have severe effect in the recovery of the housing market. With the coming of this new rule around 6.3 million people won't be able to buy homes as they may be having a lower score than the required one. Source: http://www.dailyfinance.com/story/credit/banks-tighten-mortgage-standards-for-fha-insured-loans-fico-score/19722792/

Community Members Opinion

jerry

Joined: 17 Oct 2005

Moderator
Posts: 2708
Location: MICHIGAN

429.63 Dollars($)

Posted: Tue Nov 23, 2010 3:48 am Post subject:

Thanks Niicss, for sharing the news. The new standards which will be implemented by the banks seem to be tighter than those required by the FHA itself. I agree with you that this new requirement will delay the recovery of the U.S. housing market.