Morning Minute: FHA rescinds tighter credit requirements

The Federal Housing Administration (FHA) has dropped a policy change that could have made it harder for some consumers to qualify for an FHA-backed mortgage. The policy, which would have gone into effect July 1, would have required borrowers to resolve some outstanding collections or disputed unpaid bills before they could be approved for a mortgage, the Daily Herald reports.

In other news:

Freddie Mac: Mortgage rates remain at all-time record lows. (Freddie Mac release)

Homebuilders more confident about the Chicago market. (Chicago Tribune)

 

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About Stephanie Sievers

Stephanie Sievers is Associate Editor for the Illinois Association of REALTORS®. She serves as Associate Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.