With Fannie Mae’s new credit score rule, co-borrowers will be able to get a loan even if one of them doesn’t have good credit. Heres what you need to know. Fannie Mae is putting in place new rules that will let co-borrowers with different credit scores buy or refinance a home together. In a big … Read more
A home is a big investment, but if you have a salary in the six-figure range you’re already off a pretty good start. As long as you have manageable debt, it’s a decent bet that you can find something that meets your needs. Income is just one factor that plays into your budget, but it’s … Read more
Hey there, fam! Ever checked your credit score on Credit Karma and felt like a rockstar, only to get slapped with a FICO score that’s a whopping 100 points lower when you apply for a loan? Man, that stings worse than stepping on a Lego! If you’re wondering, “Why is my FICO score so much … Read more
Foreclosure is a tough ordeal with major negative consequences for your credit. A foreclosure remains on your credit report and hurts your credit scores for seven years, but its impact fades over time. As if the pain of losing your home werent enough, a foreclosure does significant harm to your credit and remains on your … Read more
You may want to cancel a credit card to cut back on your spending or to stop paying the associated fees. Before you cancel, consider how ditching that credit card could impact your credit score and finances. Hey there, family! You’ve come to the right place if you want to know “how much does your … Read more
If youâre working to rebuild credit, youâre not alone. Lots of people really want to improve their credit score because it can make it easier to get credit cards, mortgages, and car loans. The good news is that with planning and good habits, itâs possible to improve your scores. Hey there, friend! If your credit … Read more
Mortgage lenders use classic FICO Scores if they plan to sell the loan to Fannie Mae or Freddie Mac, which happens with most mortgages. However, the types of scores are set to change in 2025, and lenders might use different scores for other mortgages. Mortgage lenders typically use FICO® ScoresÎ from each credit bureau to … Read more
Hey there, family! You just spent a lot of money on a new crib, which is great! Now you’re looking at a brand-new car to park in the driveway. But wait, is it really okay to buy a car after buying a house? I get it—you want to ride in style—but let’s talk about how … Read more
Can you borrow money to buy a house? Absolutely. Many mortgage lenders accept multiple forms of assistance to finance your purchase. For first-time buyers, this might include using gift funds for a down payment, which can reduce upfront costs. Some borrowers may also consider personal loans from family members to pay down debt or even … Read more
“Expert verified” means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Bankrate is always editorially independent. While we adhere to strict , this post may contain references to … Read more
