Mortgage credit scores are evolving. What homebuyers need to know
When it comes to homebuyers’ credit scores, changes are under way — and there could be more to come.
After decades of allowing lenders to only factor a “classic” score from provider FICO into their decision to extend a loan, Fannie Mae and Freddie Mac — government-sponsored enterprises that purchase mortgages and then bundle and sell them to investors — are now also permitting them to use VantageScore 4.0, a score from credit bureaus Equifax, Experian and TransUnion. The change applies to all mortgages sold to Fannie and Freddie. LEARN MORE...
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