You May Now Be Able to Get a Mortgage Even if Your FICO Score Isn’t Great
Washington Post–Harney, Kenneth R.
If you’ve got a low FICO credit score but believe you can handle monthly mortgage payments instead of rent, the government is willing to give you a better shot at obtaining a low-down-payment home loan from the Federal Housing Administration. David Stevens, president and chief executive of the Mortgage Bankers Association and a former head of FHA, says the revised policy should help some borrowers whose FICO scores in the low 600s and upper 500s have barred them from obtaining any type of mortgage.
