How you know the article is bullshit is the lack of reference to the underlying rules the Biden Administration issued that are supposedly targeting people with credit scores higher than 680. It's the Washington Times, a conservative hyperventilation media generator. What's funny is no mention of the fact Biden just decreased FHA mortgage insurance premiums across the board by 0.30%, decreasing costs for those homeowners by $800 per month.Originally Posted by Shaps
https://www.whitehouse.gov/briefing-...-800-per-year/
But in an effort to track down what Conservatives are trying to get people to start panting about other than Trump stealing their money, FoxNews being caught perjurying itself and general Republican incompetence, I did a bit of digging.
FannieMae and FreddieMac have both announced plans to incentivize lenders to incorporate underwriting standards to include positive rent payment history into their rate determination with the goal of making better rates more obtainable for all. How that translates into targeting people with credit scores over 680 isn't spelled out in the hyperventilation article, or by Shaps who as usual didn't research his own article.
https://www.fanniemae.com/about-us/e...g-finance-plan
The details begin in page 19. These changes only apply to mortgages under a Freddie or Fannie program, but essentially positive credit history and 12 month bank statement analysis to determine actual cash flow is designed to help applicants achieve better rates. No where does it say the rich, or high FICO score individuals will be penalized, but the Hyperventilation Times I'm guessing inferred better rates for those who traditionally had worse rates with cause traditional lenders to increase their rates.
I'd welcome any of you with any intelligence whatsoever to cite anything on the Federal Housing Finance Agency website, HUD, or Whitehouse.gov citing penalizing higher credit scores.
https://www.fhfa.gov/mobile/
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