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Regulator issues guidance for lenders
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The Federal Housing Administration (FHA) unveiled its “Blueprint for Access” May 13, which is guidance aimed at helping underserved portions of the population attain housing.
In an effort to shore up the residential market after the housing crash and prevent such a downturn in the future, banks were forced to tighten lending restrictions. These tighter lending practices have become too restrictive, however, according to the FHA.
“According to the Urban Institute, the average credit score for loans sold to the GSEs is 752,” the FHA noted in its guidance. “Currently, there are 13 million people with credit scores ranging from 580 to 680. Shutting these consumers out of the market hurts American families and undermines our efforts to build more stable communities, create pathways to the middle class and increase homeownership opportunities for minority and low-wealth borrowers.”
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