Many mortgage lenders are lowering requirements for home mortgages, we hear from loan expert Keith Gumbinger. A credit score of 620 and a 5% down payment now may be enough to qualify for a 30-year loan. Previously, a score of 660 and a down payment of at least 20% were standard. Reason for the change: Fannie Mae and Freddie Mac recently clarified previously vague guidelines for lenders. Despite the change, don’t take on more debt than you can handle.
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