FHA targets high-default lenders
The Federal Housing Administration, which now covers about one-third of all new mortgages with its guarantee protection, is targeting lenders with high default rates. Some lenders are taking advantage of the FHA's services to offer lower down payments and somewhat lower underwriting requirements. FHA loans only require 3.5% down, and credit-score requirements are more flexible than those of lenders that do not make use of the agency's protection.
National Public Radio | 11/04
This story published in CPA Letter Daily on 11/04/2009
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