Fannie Mae no longer requiring credit score to refinance

Q24. How should a borrower’s credit history be evaluated?
For DU Refi Plus, DU performs its standard credit risk assessment for DU Refi Plus loans, which
includes a comprehensive review of the borrower’s credit history. Fannie Mae’s standard minimum
credit score requirement is waived, however.
Lenders will receive the limited waiver of representations and warranties for eligible DU loan casefiles,
provided the lender has complied with all other requirements as documented in the Selling Guide.
For Refi Plus (manual underwriting), the assessment of the borrower’s credit history varies depending
on the increase in the monthly principal and interest payment:
 Payment Not Increasing More Than 20% – Lenders should rely primarily on the payment
history requirements of the existing mortgage, and the borrower benefit requirements. The
lender must determine that the borrower has not had any mortgage delinquencies on the
existing mortgage in the most recent six month period, and no more than one 30-day
delinquency in months 7 – 12. Aside from these requirements, the lender will not be required
to represent and warrant that the borrower has an acceptable credit history or be held
accountable for undisclosed liabilities in connection with a Refi Plus loan.
 Payment Increasing More Than 20% – In addition to relying on the payment history and
borrower benefit requirement, the lender must re-qualify the borrower for the mortgage,
including income and asset documentation, a maximum DTI ratio and a minimum credit © 2011 Fannie Mae. Trademarks of Fannie Mae. Page 10 of 29 December 20, 2011
The Making Home Affordable logo is a trademark of the United States Department of the Treasury and is used under license.
score. Refer to the Selling Guide for complete requirements. In these cases, the lender will
be held accountable for any undisclosed liabilities in connection with the Refi Plus transaction.

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2 thoughts on “Fannie Mae no longer requiring credit score to refinance

  1. Please have a fannie mae recruiter call me @xxz-xxx-xxcxi would like to know how if i could get refiance with no credit check from a ballon mortgage and also am in bankruptcy trying to save my home because of the ballon payment we were with wilshire mtg inwhich bank of america bought them out and refused our mod we had with them so we went thru naca for help only to be told no with bank of america

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