Homebuyers’ FICO scores rise

Bank claims of accepting lower scores don’t hold up

Ken Harney
Kenneth Harney

From the October issue: Everybody knows how important credit scores are for obtaining a home mortgage. But are lenders lately playing a numbers game with consumers, claiming they’re willing to accept lower scores while actually approving applicants with higher scores on average than they did last year or even earlier this year?

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That’s an important question for people who want to buy a home but don’t have stellar credit scores. They may have heard that there has been more flexibility on scores in recent months, but what are the facts? [more]