More banks are lowering minimum FICO score requirements in
an attempt to shore up lending for underserved borrowers.
Carrington Mortgage Services is the latest company to
announce that it has lowered its minimum FICO score to 550. It also has
expanded guidelines on several FHA, VA, and USDA loan programs to aid those
with FICO scores below 640.
Wells Fargo, the nation’s largest mortgage lender, said in
February that it was lowering its minimum FICO score requirements on FHA-backed
mortgages from 640 to… (read full article here)
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