Julie Johnson

Better Homes & Gardens Real Estate | David Winans & Associates

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Loosening of Lending Belts

February 15th, 2011 · No Comments · Finance

For the past couple of years, getting a home loan has been getting harder and harder. Finally, there is some good news. Both Wells Fargo and Quicken Loans have decided to lower the accepted FICO score for an FHA loan to 580. Previously, all FICO scores had to be over 620.
This is great news as an estimated 1/3 of Americans have credit scores below 620. Now, more buyers will qualify for a mortgage to help them buy a home, and the housing market will continue to recover with even more vigor.

Tags: credit score·FHA·FICO·home buying.homes·houses·housing market·loans·mortgages

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