U.S. Bancorp Mortgage Complaint

U.S. Bancorp Mortgage department,

FHA mortgage Application, originator, mortgage broker Ohio

I am in the process of trying to purchase a house. As an individual who is -, securing a mortgage is difficult. So, - of my goals in this process was to secure down payment assistance through the Ohio - - - who uses US Bank as the loan servicer. Long story short US Bank changed the eligibility criteria by raising the credit score - points. So, many are no longer eligible or will have to delay becoming a homeowner. Naturally this action hurts the consumer client base that down payment assistance is suppose to help. The justification US Bank offered by the action is an increase in delinquencies on FHA loans when credit scores fall below -. So the new consumer is being penalized. From my perspective the solution should be proactive not punitive. And certainly not by punishing the innocent. Raising a credit score by - points can take months, even years since the reporting credit bureaus seem to have this conspiracy to raise scores painfully slow - - points/month ) while simultaneously allowing a score to plunge by - points in one month because of - single action like seeking pre-approval for a home mortgage loan. ( I believe that is known as an inquiry. )