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HUD Secretary: FHA is exploring alternative credit scoring for mortgage borrowers

Posted by   /  April 3, 2015  /  No Comments

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restrictive lendingBy Samantha Guzman | MReport

HUD secretary Julian Castro said the Federal Housing Administration (FHA) is exploring alternative credit scoring models, in a discussion with a diverse group of housing industry stakeholders.

The event sought to discuss how alternative credit scoring models could expand access to mortgage credit for responsible borrowers who may have thin credit histories or extenuating circumstance like medical debt.

Co-hosted by the National Association of Realtors (NAR), The Asian Real Estate Association of America, and the National Association of Hispanic Real Estate Professionals, the event included two roundtable discussions and a keynote address from Castro.

Realtors within these organizations believe in safe access to mortgage credit for borrower who can show they are able to own a home and keep up with payments.

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