Credit Score Below 500? No FHA Home Loan
Monday, July 26, 2010
FHA Breaking News
The once wide-open doorway to homeownership closed a teensy bit more this week when a key government agency announced a proposal to no longer allow mortgages for borrowers with very low credit scores. The Department of Housing and Urban Development said that it intends to require borrowers to have scores of at least 500 to qualify for FHA-insured loans. The agency has not required a minimum score before.
To read the entire article, please visit : http://money.cnn.com/2010/07/16/real_estate/tighter_FHA_requirements/