New FHFA Credit Score Rules Could Broaden Homeownership Access

In October 2022, the Federal Housing Finance Agency announced new guidelines for the credit score models Freddie Mac and Fannie Mae can accept from mortgage lenders. While the changes may take time to be widely implemented, they could eventually have a substantial impact on groups that have historically been excluded from homeownership. These updated credit scoring models may allow more borrowers to qualify for mortgages. Here’s what happened and how it could potentially benefit homebuying hopefuls. (Nerdwallet,Kate Wood, 1/2023)

Learn more here – https://www.nerdwallet.com/article/mortgages/new-fhfa-credit-score-rules-could-broaden-homeownership-access