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The following article was published in our article directory on November 23, 2010.
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FHA Loans Tighten Up Containment United States People to Buy a House

Article Category: Business Management

Author Name: xia zihui

U.S. mortgage lenders announced a number of FHA loan standards tightening, there are about 630 million people lost their eligibility for FHA loans, FHA Commissioner Stevens that it would slow the recovery of the real estate market, thus affecting the overall economic recovery in the hope that lending institutions prudence should be given credit at the same time provide opportunities for families.

Tightening of lending institutions to apply the Federal Housing Administration insured loans standard to far more than the required level, resulting in more and more Americans to buy a house more difficult.

Including the two largest U.S. bank Wells Fargo And Bank of America Including a number of mortgage lenders have to apply for FHA loans from the 620 minimum credit score is raised to 640, according to The founders of the rules of rating mechanism FICO (ie Fair Isaac Corp) estimated that approximately 630 million people are losing their eligibility for FHA loans.

FHA mortgage loans in the United States to occupy one-fifth of the share and enhance their application threshold will increase the already record lows in response to soaring sales and foreclosures and struggling with the challenges facing the real estate market. National Association of Realtors President Ron Phipps said that despite earlier confusion induced by lax lending audit led the United States into recession, but the new standards will stifle real estate recovery, and this recovery is necessary for economic recovery .

Being Phipps Realty Inc. Principal partner Phipps said: "We go from confused stupid. Who should get credit is not available. To have a healthy real estate market, requires a certain activity, want to trade . "

FHA rules
Prior to application for FHA loans have no minimum FICO credit score requirements, in October 2008 began to require a minimum credit score of 500 points, while only 3.5% down payment if the credit score to be at 580 points or more, or 10% down payment required, to the early 09 Some lending institutions will be increased to 620 the minimum credit score points.

FICO credit scores range from 300-850 points, based on the borrower for deferment of loan repayment, compared to the balance of payments credit card borrowing limits, credit history and other data summary obtained. Based on the data FICO credit score of 630 in the 620-640 million credit card information in the United States accounted for 3.7% of consumers.

FHA Commissioner David Stevens said the credit score of 640 points requirement does not apply to about 15% of FHA borrowers, in accordance with the FICO score, the worst hit by the recession, the community most likely to borrowers when applying for loans failed.

FHA must find better solutions
Stevens said: "We are limiting the capacity to pay of people who lack the opportunities and channels, the lending institutions on the basis of our free to raise the standard requirements, we need to find better ways to provide opportunities for these are simply means to give up the family filter. "

If the borrower defaults, FHA insured lending institutions can make up for the loss or debt investors. FHA based on the report, in the fiscal year ending in July of every five home buyers in the United States there is a reliance on FHA loans. As of September 30 in the fiscal year, the proportion of one-third among first-time buyers.

According to Inside Mortgage Finance data, FHA, Department of Veteran Affairs and 2008 by the government to take over the Fannie Mae, Freddie Mac fall in house prices led banks and investors in mortgage bonds without guarantees have been available to the market after the retracement of about 95% of new mortgage financing.

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