Federal Housing Administration will be tightening underwriting process!
The Federal Housing Administration has announced tighter lending standards and loans will go now through a rigorous manual underwriting process. In 2016, the FHA loosened up its underwriting standards and there are now concerns that they've gone too far. About 40,000 to 50,000 loans a year will likely be affected by the tighter underwriting standards,according to The Wall Street Journal. In the previous fiscal year, the average credit score for borrowers of FHA-insured mortga