Did Fannie Mae elimanate credit score requirments

Did Fannie Mae elimanate credit score requirments?

Its been rumored that Fannie Mae eliminated credit score requirements for refinancing

Other Answers:

The girl above is right that Fannie Mae has NOT eliminated credit score requirements for refinancing. That would be plain idiotic.

She is wrong however that the banks decide on if you are approved or not. Freddie and Fannie make the loan decision. The loan is their loan. The bank or credit union gets a percentage payment of any approved loan and once that it is taken by Freddie or Fannie, it is no longer a loan from that bank or credit union as they have to responsibility for that loan. That is why you don't send your mortgage payment to the bank, you send it to somewhere like Colonial Savings Bank in Texas or something like that.

No they have not. Obama would like that but the banking industry will refuse. It is actually the banks that lend the money and Fannie and Freddie just guarantee the loan. Congress will never increase their budget in these tight times. There is talk of setting Freddie and Fannie Free and making them self supporting. If that happens they too will want a 750 score