Fannie Mae tightens standards 

Sign Up for the undefined Newsletter

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. 

Recommended For You