Home Sales Would Rise 15-20 Percent With 720 FICO - NAR

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Posted To: MND NewsWire

Lawrence Yun, chief economist for the National Association of Realtors® (NAR) said Thursday it might be time to " dial down the credit stringency ." If the credit scores required for a mortgage returned to the more normal levels of about 720 for conventional loans and 660 for FHA loans, he said, home sales could be 15 to 20 percent higher than they are. During the past four years the average scores for approved conventional loans have been in the 760 to 770 range. About 51 percent of renters could qualify financially to purchase a home compared to 24 percent in 2005 and 33 percent in 2000. While their credit scores are unknown, "there are about 8 million more renters with the income necessary to buy a home now than in 2000, but they are choosing not to or are unable to become a homeowner...(read more)

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Source: http://www.mortgagenewsdaily.com/05162013_economic_forecasts.asp

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