Big Banks Set Higher FICO Minimums

Bloomberg reports higher hurdles are here for FHA loans. Mortgage lenders including Wells Fargo & Co. and Bank of America Corp have raised the minimum credit score on FHA-insured loans that they will buy from 620 from 640. About 6.3 million – some 15 percent of borrowers – fall within that range. Ron Phipps, president of the National Association of Realtors told the reporter the new requirements will stifle the real estate recovery needed to revive the economy.

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