FICO announced changes in the criteria used with consumer scores, which could result in homebuyers qualifying more easily for a mortgage. And if these changes resulted in a higher FICO score, the borrower could qualify for a mortgage with a lower monthly payment.
The changes affect how overdue medical bills impact credit scores, as well as removing other past penalties from consumers who have paid off debts that had been assigned to collection agencies.
Learn more in REALTOR® Magazine: FICO Scoring Changes May Help More Qualify for Mortgages.
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