Insight
Within the first week, some top national lenders reported that roughly 6% of overall application volume had sub-620 FICOs, with some as low as 490.
Fannie Mae & Freddie Mac Boldly Remove Minimum FICO Requirements—Here’s Why That’s a Big Deal
Summary
Fannie Mae and Freddie Mac have removed minimum FICO score requirements for loan approvals, potentially opening up access to financing for investors. This change could create opportunities for those previously denied or on the credit score fence and influence the real estate market. Hosts should check in with their lenders regarding prequalification.
Key takeaway