FHA Loans Get Better with Credit Counseling

SOURCE: Mortgage News Feed

Tight mortgage lending conditions have largely shut out the millions of borrowers with credit scores below 640. In response, the Federal Housing Administration, which insures low-down-payment loans, has taken on the tricky task of trying to expand access to credit without increasing the rate of default. This month the agency announced that it would lower mortgage insurance premiums for borrowers who commit to housing counseling.

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