The mortgage world is changing, and new rules from the Federal Housing Finance Agency (FHFA) could affect how you get a home loan. As your trusted mortgage expert, I’m here to explain these updates in simple terms and show how they impact you as a homebuyer or homeowner.

What’s Changing with Credit Scores?

FHFA Director Bill Pulte recently shared big news at a Mortgage Bankers Association event. Fannie Mae and Freddie Mac, which help make home loans more affordable, are switching from using three credit reports (called tri-merge) to two credit reports (called bi-merge). They’re also planning to use newer credit score systems, FICO 10T and VantageScore 4.0, instead of the older Classic FICO score. These changes were supposed to start late 2025, but they’ve been delayed for now.
Pulte also said credit report costs are too high, sometimes double what they were a few years ago. He’s pushing FICO to lower prices to keep loans affordable for you.

Why Should You Care?

• Saving Money: Using two credit reports instead of three could lower the cost of getting a mortgage. Even small savings help when you’re paying for a home. I’m here to find you the best deal on your loan.
• Better Credit Scores: The new FICO 10T and VantageScore 4.0 systems might look at things like your rent or utility payments. This could help if you’re new to credit or working to build it, especially for first-time homebuyers.
• Affordable Home Loans: Pulte wants to make homeownership easier by cutting costs and improving how Fannie Mae and Freddie Mac work. But these changes might take time, so having a mortgage pro like me by your side is key.

What Can You Do?

• Check Your Credit: Look at your credit reports to make sure they’re correct. I can help you understand your score and boost it for a better loan.
• Stay Updated: These changes are coming, and my blog will keep you in the loop on what they mean for your mortgage.
• Get Expert Help: With my experience, I’ll guide you through these updates to get the best loan for your needs.

Ready to Start?

These changes could make homeownership easier, but you need a plan. Take the first step toward your dream home by completing a mortgage application today. Apply now and let me help you navigate the process with confidence!