Will You Qualify for More with New Mortgage Scoring Models?

The Federal Housing Finance Agency recently announced some updates to how Fannie Mae and Freddie Mac calculate credit scores with the rollout of the FICO 10T and the VantageScore 4.0. These new alternative credit score calculators could potentially allow more Americans to qualify for a mortgage, and I’m all for it! In this video, I’ll cover how the FHFA is changing how a credit score is calculated by Fannie Mae and Freddie Mac, some of the nitty gritty details about how these calculations will now work, and some other up-front fee updates for cash out refinances and affordable mortgage products.

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Timestamps:
Intro (0:00)
How the FHFA is Changing how it Collects Credit Scores (1:39)
What You Need to Know about FICO 10 and FICO 10T Credit Scoring Models (4:25)
What Will the New Credit Score Guidelines Look Like? (7:10)
Fee Updates for Cash-Out Refi and Affordable Mortgage Products (9:30)
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[annetteringo]

It's using the same data and will be no better than these credit scoring bureas...beware of the wool pulled over you eyes.

[realestatemindset]

🤣🤣🤣 That's Dad joke got me. Probably because I only know Dad humor these days. Great video thank you sir.

[Lovepuppies]

Thank you for the video! Can you go over seller concessions and buy down points max allowed on conventional primary residence? Does it vary by % down, state, credit score how much a seller can buy down a buyer's rate? Thanks!

[timjacobs]

Why is the video quality so poor? Thanks for the info.