Credit Score Requirements Stifling Borrowers

Daily Real Estate News
November 18, 2010

Despite record-low interest rates, an increasing number of Americans can't afford to buy a house.


The nation's two largest mortgage lenders, Wells Fargo & Co. and Bank of America Corp., have raised the minimum required credit score on FHA-insured loans to 640 from 620.


Requiring a 640 credit score excludes about 15 percent of FHA borrowers, FHA commissioner David Stevens said.  See the Article . . .