Loan providers imposed “stealth” credit score conditions with the individuals. The lowest scores were much higher than the stated guidelines regarding the fresh agencies you to definitely backed the new financing: Fannie mae, Freddie Mac, the latest Government Construction Administration (FHA), while others.

Like, FHA mortgage direction claims a candidate demands a good 580 get. Fannie mae stated a minimum of 620. Yet within the 2012, the true FICO getting recognized mortgage loans is 746, therefore the rating for refused money are 701. [Read more…]