Fannie Mae and Freddie Mac are the two mortgage giants in the nation in charge of buying mortgages on the secondary market. Without Fannie Mae and Freddie Mac, mortgage lenders would not be able to offer mortgage loans with low down payment at low rates.
Many borrowers are under the impression you need perfect credit to qualify for conventional loans. This is not the case. You need to have a minimum credit score of 620 FICO to be eligible for conventional loans.
Many borrowers are under the impression you need perfect credit to qualify for conventional loans. This is not the case. You need to have a minimum credit score of 620 FICO to be eligible for conventional loans.
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