The Real Deal Miami

Fannie Mae tightens standards 

April 02, 2008 10:31AM

Another lender has tightened standards for borrowers, but not just any
lender: the giant government-sponsored Fannie Mae, which provides
funding for home loans to other lenders. Fannie will now demand a
minimum credit score of 580 (out of 850) for most loans it buys. The
company said it will still acquire some low-credit loans in special
circumstances. Fannie also said it will require borrowers to take five
years instead of four to “re-establish” their credit history after a
foreclosure.