Credit Score to Rise to 640 for a Mortgage Loan

October 13, 2009

Daily Real Estate Updates

sudler-sothebys-logo13 October 2009 ? If you thought it was tough getting a loan before? well? it just got tougher.

For those in the market to purchase a property the job of doing so just got more difficult. Due to the financial meltdown and poor loans given out in the past, Fannie Mae and Freddie Mac have tightened their purse strings yet again.

Starting Nov. 1 or Dec. 12, depending on the type of loan, anybody with a credit score of less than 620 will have a more difficult time getting a mortgage. Fannie Mae is tightening lending standards to the 620 benchmark, even for loans backed by a federal agency such as the Federal Housing Administration or Veterans Affairs. Currently the lowest credit score is 620 for a loan, but rumor has it that Fannie and Freddie will be increasing that number to 640. Stay tuned for more on what is to come.

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About Katie Anderson

Katie Anderson is a respected and successful broker at Sudler Sotheby's Realty as well as a certified appraiser. She specializes in representing clients who purchase and sell condominiums, town homes, single-family homes and income property in the Chicago land area. In her small amount time in the real estate game (she became an agent in 2003) she has assisted in excess of 400 deals and over $200 million in sales and continues to use her skills as a certified appraiser. Katie resides in Chicago's Bucktown neighborhood with her loving husband and 4-year-old-daughter, where she spends much of her spare time with her family and friends. You can contact her at katie@thechicago77.com or at andersonbraack.com

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