Legislation uses FICO, not Fake-O, score as benchmark

H. R. 600, the FHA Seller-Financed Downpayment Reform Act of 2009, introduced by “Mr. AL GREEN of Texas (for himself, Ms. WATERS, and Mr. GARY G. MILLER of California)” uses the term “FICO score” 5 times.  It is a bill “To revise the requirements for seller-financed downpayments for mortgages for single-family housing insured by the Secretary of [...]

FHA adds 580 FICO credit score to guidelines

A press release (HUD No.10-016) from the U.S. Housing and Urban Development Department (HUD) Federal Housing Administration (FHA) dated January 20, 2010 is titled, “FHA Announces Policy Changes to Address Risk and Strengthen Finances.” The release states: “New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s [...]