Federal Housing Administration (FHA) has become a dominant player in home mortgage market as its market share of all mortgages issues in USA has increased to 25% from just a couple of percentage points few years ago.
FHA along with other government backed mortgage giants Fannie Mae and Freddie Mac are now almost providing all mortgage loans now.
FHA did not require a minimum credit score to qualify for a FHA insured loan. There has been some concern about reducing the risk to default of FHA insured loans.
So FHA announced that its loans require the borrower to have credit scores of more than 500. If you are in the market for a mortgage loan it is important to improve your credit score.
Read to find more about the impact of this announcement by CLICKING HERE.
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