If you're interested in buying a house but have a lower credit score, mortgages have been hard to come by for the last several years.
But the Federal Housing Administration (FHA) took a step last month that will relax its underwriting standard and give lenders more freedom to approve borrowers. Some estimates suggest it could add up to 100,000 new buyers to the housing market.
Up to this point, lenders have shied away from borrowers with credit scores under 620. But with the new rules, the scores are judged, not just on the strict number, but also on the average score for a particular geographic area.
Read more at the Chicago Tribune here.