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  2. Credit Score

Credit Score

Tight Credit Standards Halt Some Buyers

Lenders continue to reject borrowers with otherwise good credit when they diverge from the standard approval checklist. Would-be borrowers facing the most problems include the self-employed. One reason bankers are so nervous are the standards held out by Fannie Mae and Freddie Mac. Not only are Fannie and Freddie demanding credit scores above 720, they […]

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How Will Foreclosure Effect Credit Scores?

The amount of damage to a credit score caused by foreclosure, deed in lieu or a short sale during 2008 and 2009 may be mitigated by the slower economic times, say some credit and legal experts. FICO may have to adjust its credit scores to lessen the impact of a foreclosure in the last two […]

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What You Can Do to Improve Your Credit

Credit scores, along with your overall income and debt, are big factors in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following: 1. Check for and correct any errors in your credit report. Mistakes happen, and you could be paying […]

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Fannie Mae Raises Credit Standards

Fannie Mae has tightened standards for the home mortgages it guarantees or buys. The government-sponsored provider of home loan funding told lenders Monday it will require a minimum credit score of 580 for most loans it buys on an individual basis. Credit scores range from 300 to 850. In the past, Fannie had no minimum […]

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Opteum Mortgage: Mortgage News

Ringing in the new year will be a present from Fannie Mae and Freddie Mac to borrowers with credit scores under 680. Here is what these borrowers on conventional loans with Loan-to-values over 70% will receive on either purchases or refinances: Credit score less than 620: Either a 2 discount point sur-charge or a higher […]

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