Why New Credit Score Rules Will Allow More People to Qualify for Mortgages
Be Wealthy & Smart
Linda P. Jones
4.8 • 883 Ratings
🗓️ 26 October 2022
⏱️ 8 minutes
🧾️ Download transcript
Summary
Discover why new credit score rules will allow more people to qualify for mortgages. The new scoring models for FICO scores may allow 10 million more people to qualify.
Are you on track for financial freedom...or not?
Financial freedom is a combination of money, compounding and time (my McT Formula). How well you invest can make the biggest difference to your financial freedom and lifestyle.
If you invested well for the long-term, what a difference it would make because the difference between investing $100k and earning 5 percent or 10 percent on your money over 30 years, is the difference between it growing to $432,194 or $1,744,940, an increase of over $1.3 million dollars.
Your compounding rate, and how well you invest, matters!
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Be Wealthy & Smart,™ is a personal finance show with self-made millionaire Linda P. Jones, America's Wealth Mentor.™ Learn simple steps that make a big difference to your financial freedom.
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Transcript
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| 0:00.0 | Be wealthy and smart, episode 1,107. |
| 0:03.3 | I'm gonna live no rich life. |
| 0:07.3 | All the best life. |
| 0:09.3 | Yes, life. |
| 0:11.1 | So if y'all know what I mean, put your hands up and declare with me |
| 0:14.1 | Yeah, I'm full of time I'm gonna live a good life |
| 0:21.0 | I'm gonna live the good life, a beautiful and glorious life. |
| 0:25.0 | Step into a world of wealth and financial freedom without budgets, boredom or bosses, |
| 0:31.0 | on Be Wealthy and Smart. And now here's your host, Linda P. Jones. |
| 0:37.0 | Welcome to Be Wealthy and Smart. I'm Linda P. Jones, America's Wealth Mentor. |
| 0:42.0 | Empowering Women and Men worldwide to financial freedom. |
| 0:45.6 | On today's show, we're going to talk about the new credit score rules that will allow more people to |
| 0:50.9 | qualify for mortgages. This is big news because the FICO score or |
| 0:56.8 | Fair Isaac Corporation score known as FICO is changing its rules which governs the formulation of credit scores. |
| 1:05.0 | As you know your FICO score can affect any loan interest that you're paying such as on your mortgage or car loan. Fair Isaac said it's changing its rules to better serve |
| 1:17.0 | the demographics of borrowers and that their new criteria will make it easier and |
| 1:22.4 | cheaper for more people to borrow. |
| 1:25.0 | That will allow about 10.7 million additional people to qualify for mortgages. |
| 1:31.0 | On Monday, the Federal Housing Finance Agency, or FHFA, said that it's going to |
| 1:37.4 | require mortgage lenders to incorporate credit scores from vantage score when evaluating potential borrowers. |
| 1:45.0 | That means that the new FICO score is going to include things like a borrower's rent, |
| 1:51.0 | utility, and phone payment histories. |
... |
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