Credit Changes Affect Qualifying for Home Loans
Written by bmlengel on January 1st, 2010
Credit score formulas have recently changed affecting the qualification of some borrowers when financing a home purchase or refinacing a mortgage. Here are the main changes:
1. Ratio of Balance to Limit
The ratio of account balance to the amount of credit available appears to have more influence on the credit score formula. The less available credit [...]
Tags: credit score, credit score changes, mortgage, new home sales, refinance