In recent weeks, mortgages quietly became harder to get.- advertisement -
Mortgage insurers require higher credit scores and bigger down payments than they did a month or two ago. Underwriting software used by brokers and loan officers is issuing fewer approvals than at the end of May.
Most buyers can still get home loans, but some find themselves pushed out of the private mortgage insurance, or PMI, market. Instead, they have to get mortgage insurance through the Federal Housing Administration. That often entails having to switch mortgage brokers, because many don’t have FHA certification.