Game-Changer: Credit Scores Just Got Rewritten

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Thinking about buying a home? A major change in how credit scores are evaluated just shook up the mortgage world.

The FHFA recently approved a new scoring model—VantageScore 4.0—to be used alongside Classic FICO. Another model, FICO 10T, is also in the mix for future use.

What this means: how your credit is scored could now vary depending on the lender. This could impact your approval and your rate.

If you’re a first-time buyer or someone with limited credit history, this could be the moment you’ve been waiting for.

 

Want to know how this affects you? Let’s talk.

Source: National Mortgage News