Tight Lending Requirements and Credit Scores
Tuesday, September 18, 2012
Now that housing is starting to stand on its wobbly legs after years of uncertainty, Lawrence Yun, chief economist of NAR, the National Association of Realtors, is asking for some loosing up on lending standards to keep this housing recovery on its way. Here is an except from an article from NAR on credit scores and lending practices. You can see that most recent loans only go to buyers with the most stellar credit. In 2011, around 75% of loans purchased by Fannie Mae and Freddie Mac, had credit scores of 740 or above!
