Been turned down because of your credit score but you have a co-borrower? Make sure to take another look at this new Fannie Mae credit feature! 

Fannie Mae's previous credit score requirement of 620 is no longer set in stone. In the past, buyers with a credit score below 620 would be ineligible to purchase a home according to Fannie Mae's guidelines. However, with the recent change, if you have a co-borrower, your credit scores can now be averaged. This shift opens up homeownership to a broader range of potential buyers!

BEFORE:

If your credit score is 785 and your spouse has a credit score of 619, your spouse would have had to been disqualified, thereby using only one income and credit score for qualification. This would likely result in a lower qualification amount.

WITH THE NEW POLICY:

The credit scores of both borrowers can now be blended. In this case, the average credit score would be 702, enabling you to qualify for a higher purchase price due to the combined incomes of both borrowers.

Click below to watch the video or Call Linda for more info at 954-464-5434 to be directed to a preferred lender that can answer your questions and get you preapproved.