Lending Guidelines Are Changing, What That Could Mean For You

Lending Guidelines Are Changing, What That Could Mean For You

Lending guidelines are constantly changing, and as of recently, most changes we have seen have been to the benefit of the borrower. Slowly, change by change, lending guidelines are becoming a little less strict. What this could mean for you, is if you were part of the population that applied for a loan in the past couple of years, but just barely didn’t qualify, that might not be the case anymore. For Example, just recently the minimum qualifying Fico score went from 600 to 580. That 20 point drop could be a game changer for some people. More recently, the Fannie Mae guideline for including credit card debt changed. All these little changes can be deal breakers or makers. So if you are part of that group that recently applied and was denied, and want to see if any of these guidelines have worked in your favor, shoot me an e-mail at Scott@GreenMeansGrow.com and we’ll take a look at your specific situation.