Derek McGowan announces VantageScore 4.0 is now approved for mortgages by Fannie Mae, Freddie Mac, the VA, and FHA. It favors borrowers with thin credit histories, renters with rent-payment reporting, and those with medical collections. Gallant Mortgages is already accepting VantageScore-based applications.
If you've had issues getting qualified because of your credit score for a new home, there's new updates that are pretty favorable. You wanna tune in. So traditionally it's always been the FICO credit score is what mortgage lending has to go off of. Well, now the VantageScore is being approved by Fannie Mae, Freddie Mac, the VA, and most recently FHA now will recognize and approve a VantageCreditScore. So it just gives another option. Options are always good. The Gallant Mortgages is built around all the options. And what this does is the VantageScore is a bit more Favorable for thinner credit profiles, so younger homebuyers or not as established credit profiles. Renters who, they get credit for the rent they paid. Medical collections are not as big of a deal on the VantageScore. And honestly, the Credit Karma uses Vantage 3.0. We are using Vantage 4.0, very similar algorithm. So, you know, all the time you hear, hey, my Credit Karma score is this, why is my mortgage credit score that? Those days are in the past. So we have both options, not missing, you know, still have the normal FICO score. We can add an Advantage Score. This could help some younger homebuyers, could help some underserved communities. Anyway, options are beautiful. Reach out to the Gallo Mortgages because not only does this exist, we're actually implementing it and we can accept these loans today.
