NAR Posts Information on FICO, FHA, Fannie Mae, and Freddie Mac Credit Policies

NAR has posted information about the credit-related policies of the FICO Corporation, the Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac on http://www.Realtor.org. The new documents give REALTORS® and consumers accurate information about various credit policies of these organizations.

The document titled “Frequently Asked Questions: FICO Scores” provides general information about how FICO scores are computed, the impact of shopping for credit on a FICO score, how long negative information remains on a credit report, and how various adverse credit events affect a FICO score. The chart on the “Impact of Adverse Credit Events on the Ability of Consumers to Purchase Another Home” sets forth the rules for requalifying for a mortgage after a short sale, a deed-in-lieu of foreclosure, a foreclosure, and a bankruptcy under FHA, Fannie, and Freddie rules.

Frequently Asked Questions: FICO Scores
Impact of Adverse Credit Events on the Ability of Consumers to Purchase Another Home

Jeff Lischer 202-383-1117, Tony Hutchinson 202-383-1120