FICOs and FHA: 2 big lenders loosen up
Here's some unexpected good news for anybody working to get buyers into houses, especially first-timers who don't have much down payment cash on hand: The door to an FHA-insured mortgage just opened a little wider.
With no fanfare or public announcements, two of the largest FHA-approved lenders have backed off their controversial "overlay" requirements on FICO scores (lender overlays are qualification requirements that can be more stringent than FHA's own requirements).
See the entire story from Inman News >>
Posted on Tue, February 1, 2011