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What's In a Credit Score??

By
Real Estate Broker/Owner with Linda Lipscomb RE/MAX Lexington Henderson County TN 262480

Today an article appeared in the Wall Street Journal regarding Fannie Mae.  The article explains that Fannie Mae has tightened standards for the home mortgages it guarantees or buys. 

Fannie will require a miniumum credit score of 580 for most loans it buys on an individual basis.  In the past, Fannie had no minimum score.

Fannie has told lenders it will increase the period needed for borrowers to re-establish credit history after a foreclosure from four to five years.

In an already tightened market, it was a little disappointing to see these requirements.  It appeared in recent months there was a shift to FHA financing for various reasons.  However; not sure how this will affect the mortgage market. 

Would be nice to hear from some of our mortgage experts.

Linda Lipscomb, RE/MAX Unlimited, Lexington, TN.  www.lindalipscomb.com

 

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