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Credit Score Changes Could Help More Renters Get Mortgages
Credit Score Changes Could Help More Renters Get Mortgages
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BTCCSquare news:
Government-backed mortgage giants Fannie Mae and Freddie Mac are now permitted to accept VantageScore 4.0, a credit scoring model that incorporates rent and utility payments. This shift aims to broaden mortgage access for renters with thin credit histories, though lenders caution that implementation delays are likely as new rules and processes are established.
The FHFA's approval of VantageScore 4.0 marks a departure from the traditional FICO model, potentially enabling millions to qualify for home loans. However, the industry anticipates a transitional period marked by operational adjustments and risk assessments—some lenders warn of possible upticks in delinquencies as underwriting criteria evolve.
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