14th
April
2008
Fannie Mae no longer aqcuiring loans with low scores.
posted in Financing, Foreclosure |
Gone are the days where lenders could get Fannie Mae to back mortgages that come with low credit scores. Although its not official reports are that the minimum score will be 580 for most loans with some possible exceptions. This is just another step in fixing this broken system and moving into the next phase. According to the Wall Street Journal Fannie Mae said it will increase the period needed for borrowers to re-establish their credit history after a foreclosure to five years from four years. They will also allow shorter recovery periods for those who have “legitimate circumstances” for being foreclosed.
This entry was posted
on Monday, April 14th, 2008 at 7:18 am and is filed under Financing, Foreclosure.
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