Monday, November 29, 2010

Home ownership getting harder

Home ownership may be falling out of reach for more Americans as lenders toughen their standards for Federal Housing Administration-insured loans beyond what agency itself requires. Mortgage lenders including Wells Fargo & Co. and Bank America Corp., the two largest, have raised the minimum credit score on FHA-i loans that they will buy to 640 from 620. About 6.3 million people fall within th range, according to FICO, which created the formula for the ratings. To read the entire article, please visit :

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