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Federal Housing Administration
Mortgage lenders may be easing credit score requirements slightly

Are mortgage lenders finally loosening up a little on their credit score requirements — opening the door to larger numbers of home buyers this summer and fall? It depends on what type of loan you're seeking. If it's a Federal Housing Administration-insured mortgage, the answer is a resounding yes. The average FICO credit scores for approved applicants for FHA home purchase loans have been dropping steadily this year, according to new data from Ellie Mae, a Pleasanton, Calif., company whose mortgage origination software is used by most large lenders. But if you're shopping for financing in the much broader conventional market — where most mortgages are bought or...

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