Real Estate & Home

This Change to Credit Scores Could Help 7.7 Million Americans Qualify for a Mortgage

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Government-run mortgage giants Fannie Mae and Freddie Mac have adopted a new credit scoring model that includes on-time rental payments, potentially qualifying 7.7 million Americans for mortgages who were previously credit-invisible or had thin files. This change improves risk prediction by identifying more potential defaults and opens up hundreds of billions in new mortgage opportunities, benefiting freelancers, gig workers, and young people with steady income but limited traditional credit history.

Read the full article at Realtor.com Blog

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