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Although the Fair Credit Reporting Act currently specifies that credit information is not considered obsolete until after seven years, and bankruptcy information after ten years, Fannie Mae requires only a seven-year history to be reviewed for all credit and public record information.
Because Fannie Mae has a minimum qualifying credit score of 620, this should help more clients qualify together on the loan, allowing for the use of all incomes to determine what they can afford.
The Mortgage must have a minimum Indicator Score of 620. If no Borrower has a usable Credit Score, then the Mortgage does not have an Indicator Score and is not eligible for delivery to Freddie Mac.
Most conventional loans are backed by mortgage companies Fannie Mae and Freddie Mac. Fannie Mae says that conventional loans typically require a minimum credit score of 620.
What is the lowest credit score possible? Generally, credit scores range from 300 to 850, making 300 the lowest possible credit score. But its important to note that you typically have more than one credit score. And they may differ depending on the credit-scoring company and when they were calculated.
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period for most derogatory credit events. to extenuating circumstances. Extenuating circumstances are nonrecurring events that are beyond the borrowers control that result in a sudden, docHub, and prolonged reduction in income or a catastrophic increase in financial obligations.
Fannie Mae purchases and securitizes mortgages to non-citizens who are lawful permanent or non-permanent residents of the United States under the same terms available to U.S. citizens.