Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

Homebuyers rushing to beat new FHA credit score and downpayment requirements may have helped push demand for purchase loans last week to their highest level since the expiration of the federal homebuyer tax credits, the Mortgage Bankers Association said in releasing its Weekly Mortgage Applications Survey.Applications for purchase loans jumped a seasonally adjusted 9.3 percent during the week ending Oct. 1, thanks largely to a 17.2 percent increase in applications for FHA-backed loans, the MBA said. Applications for conventional loans were also up 3.6 percent from the previous week.Under changes announced in July, FHA borrowers assigned case numbers after Oct. 4 will need a 580 FICO score in order to purchase a home with the minimum 3.5 percent downpayment.Borrowers with scores between 500...