VantageScore 4.0 Now Used for Mortgage Eligibility
Mortgage lenders can now use VantageScore 4.0 to determine eligibility for FHA-insured loans and loans from Freddie Mac and Fannie Mae. This change, part of the Credit Score Competition Act signed in 2018, aims to make it easier for individuals with limited credit history or certain types of debt to qualify for mortgages. The new scoring models include rent and utility payments in credit history.
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Topics: credit scores FICO mortgage regulation VantageScore