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If you pay your rent and utilities on time, your credit score should reflect it.
FHA is moving forward with two modern credit scores that give homebuyers credit for paying their rent and utilities — increasing accuracy for lenders and opportunity for first-time buyers.
.@pulte: "People look at their FICO score often times and they think, 'This isn't reflective of what I've actually been paying on time.' So this will hopefully allow more people to access a home, who can frankly afford to do so."
.@SecretaryTurner on Fannie Mae and Freddie Mac now accepting credit scores that account for rent and utility payments:
"We are taking bold steps to open up the credit market for credit-worthy people—for Gen Z, millennial first-time homebuyers."
Today, I chaired the United States Federal Housing Finance Oversight Board and was joined by Securities & Exchange Commission Chairman, Paul Atkins, and HUD Secretary, Scott Turner, and representatives from Treasury. We had a productive meeting covering, amongst other things, the
From the head of The United States Mortgage Bankers Association:
Thanks for the insurance changes! As we talked about a while ago, this makes tens of thousands of units eligible for Fan/Fred financing that were not before, which we highlighted in our statement.