FHA Credit Score Update
This market has been difficult for buyers. Between tough lending guidelines and a competitive market. Some buyers have nearly given up hope in finding their first home. But there is hope, new lending guidelines have started today! This means a lot more purchasing power for FHA buyers.
FANNIE MAE NEW GUIDELINES
Starting next week, Fannie Mae is going to change the way they review credit. For example, you have a borrower with a 700 score and a 600 score, in that situation we can average them together for a 650 FICO.
This is great news for couples, or borrowers that need a co-signer and one of them has a score below 620! However, this does not apply if both borrowers are over 620. One has to be below!
The previous rule forced them to use the lowest middle score of the two borrowers. What does this mean? More people are able to qualify to purchace a home! Often home buyers are able to SAVE money and pay less than their current rent.
Ready to start the process? Call or text me 941.661.9880