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Fannie Mae's New Credit Score Model: A Game Changer for Homebuyers
Description
Fannie Maes new rules allow lenders to use VantageScore four point zero, which considers rent and utility payments, offering a more comprehensive credit assessment. This shift from traditional FICO models could benefit first-time buyers, many of whom are now forty years old. The rollout is initially limited, but FICO Score ten T is on the horizon. Despite this progress, sky-high home prices and mortgage rates remain significant challenges in the housing market.
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