More Lenders Reaching Out To Lower Credit Scores (Misc News: March 14, 2012)
Many credit unions have loosened their rules for lending to borrowers with lower credit scores, according to a story in CU Journal that prominently features a Michigan credit union.
The trade publication’s lead story in its Feb. 27 print issue says that several credit union executives are going after sub-prime borrowers, many of whom are reliable borrowers who have been hit by a job loss or other hardship, but now find themselves in a better financial position because of the improving economy.
Michigan First’s new Turning Point Home Loan, which allows a lower FICO score than its traditional first mortgage and a smaller down payment, is highlighted as an example.
"We believe it is a good move to give these borrowers a chance a little bit ahead of schedule," said Chris Maynard, Michigan First’s vice president of lending.
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