How Paying Down Credit Cards Faster Will Get You in a New Home

MarketWatch, May 20, 2016–Goldstein, Daniel

Starting in June, Fannie Mae says when it comes to buying home loans it will now favor borrowers who are making efforts to pay down their credit cards, rather than just pay the monthly minimums. Mike Fratantoni, chief economist for the Mortgage Bankers Association, said that the changes by Fannie Mae “could help consumers as it has the potential to provide a more comprehensive summary of a credit history.”