Here are the easiest cities to get a mortgage
Saturday, September 03rd, 2016 | Author:

Despite strong demand for mortgages, lenders arent in the mood to ease credit, according to the latest quarterly survey from Fannie Mae, the government- backed lender.

The trend toward easing of credit standards appears to be tapering off, as the vast majority of lenders, around 90 percent, reported plans to keep their credit standards about the same, said Fannie Mae chief economist Doug Duncan.

While lending standards nationwide may remain steady this year, theres a wide range from one metro area to another, according to an analysis of mortgage data by the Urban Institute.

Borrowers in Detroit, for example, can qualify for a home mortgage with an average FICO credit score of 728. Thats still well above the lending requirements during the housing boom, but its lower than the 770 score for the average borrower in San Francisco.

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