You’ll Need Better Credit for a FHA Mortgage

Posted by & filed under Buying.

FHA mortgage loans are extremely important to the real estate industry.  The FHA insures, on average, 30% of all mortgages in the US.  Something like 70% of all first time home buyers use FHA loans.  As a result any change, no matter how slight, in FHA policy is big news. The FHA announced new credit requirements for mortgages on October 4th.  The bar has been raised for home buyers.  Buyers must have at…