Fannie Mae says no to credit scores below 580
Fannie Mae is setting new rules about what mortgages it will buy, including a credit score threshold for the first time. The District-based mortgage giant has told lenders it will no longer buy most loans made to borrowers with credit scores below 580, nor will it buy loans that have been more than 60 days past due within the last year.
http://dallas.bizjournals.com/washington/stories/2008/03/31/daily33.html
More and more FICO requirements. Pay your bills on time and keep those credit card balances low, low, low.
Clients will need to be wary of their credit scores and those who do not use a lot of credit will be forced to keep some open credit going on at all times to maintain scores.
Stay tuned as the Mortgage World Turns!!!
http://www.dallasloanguy.com/docs/about_credit.pdf <= A little book about credit that I put together. Some of my writing and some data from other places like the Fair Credit Reporting Act.
Tom Burris
DallasLoanGuy.com
Dallas, TX
“A Home Loan for Every Texan”
http://www.dallasloanguy.com/
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