Lenders toughen standards for FHA-insured mortgages

11/17/2010 | Bloomberg

Banks are increasing their standards for which loans insured by the Federal Housing Administration they will purchase, making it more difficult for some consumers to buy a home. Bank of America and Wells Fargo, for example, now require a minimum credit score of 640 on the FHA-insured mortgages they buy. FICO says that the change could affect millions of consumers. The lenders are tightening standards to minimize mortgage delinquencies.

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