Homebuyers’ FICO scores rise
Bank claims of accepting lower scores don’t hold up
October 20, 2015 12:00PMBy Kenneth Harney
From the New York magazine’s October issue: Everybody knows how important credit scores are for obtaining a home mortgage. But are lenders lately playing a numbers game with consumers, claiming they’re willing to accept lower scores while actually approving applicants with higher scores on average than they did last year or even earlier this year?
That’s an important question for people who want to buy a home but don’t have stellar credit scores. They may have heard that there has been more flexibility on scores in recent months, but what are the facts? [more]
Source: The Real Deal