Fannie Mae, the nation’s largest buyer of home mortgages is cutting its mortgage eligibility requirements to allow more perspective buyers to qualify for a home loan. The government sponsored enterprise will no longer require a minimum 620 FICO score from borrowers.
Loans that are processed through its desktop underwriter system will now use its own risk analysis to determine if a borrower qualifies for a mortgage. The move is a major change for the mortgage provider as the housing market undergoes a major transition with a drop in home sales in the majority of the nation’s local housing markets.
Read more here: Fannie Mae Cuts Mortgage Eligibility
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