Starting next month, Fannie Mae is raising minimum credit scores and limiting debt ratios for borrowers. The money graf:
“The changes are the latest in a series of crackdowns by the mortgage industry and could surprise some prospective home buyers. The industry is rolling back loose lending standards that led to the mortgage meltdown and the subsequent economic crisis. But the fear is that if the industry becomes too restrictive, it will freeze out too many borrowers and impede an economic recovery.”
File under: Guess my cousin won’t be buying a home soon.