Rates went up. The rules loosened.

What changed

Newest first. Each one says whether it is in effect, optional for lenders, or only announced.

• FHFA · Sep 28, 2026Announced, no date yetOne price grid for both credit scoresFHFA says VantageScore 4.0 will be priced on the same grid as Classic FICO, without the 20-point step.Show the example and sources

  Announced Sept 28, 2026. No effective date, lender letter, bulletin or new grid yet.

  • Today a VantageScore is priced as if it were 20 points lower: 800 and up gets FICO's 780-and-up price.
  • On one grid, a VantageScore of 745 would get the FICO 740–759 price.
  • This page shows it as a separate "announced" line and never as today's price. It switches the day the agencies publish the grid.

  Purchase, $400,000 with $20,000 down (95%), 30-year. The credit-score part of the agency fee, same at Fannie and Freddie:

  VantageScore 745 today (its own grid)

  0.875% · $3,325

  On one grid, once published

  0.625% · $2,375

  Not in effect. No grid or date has been published.

  Ask your lender or account executive

  “When will you price VantageScore on the single grid, and will you pass it through to my buyers?”

  Copy the question

  Sources

  • HousingWire: FHFA says Fannie, Freddie will use one LLPA grid for FICO and VantageScore · Sept 29, 2026““Fannie and Freddie are hereby moving to ONE PRICING GRID with VantageScore joining the existing FICO Classic pricing grid” (Director Pulte on X).”
  • Bloomberg Law: Pulte Says Fannie, Freddie Are Moving to Single Pricing Grid · Sept 28, 2026“Pulte did not offer details on when the unified single-family pricing grid would go into effect.”
• Fannie Mae and Freddie Mac · Sep 9, 2026In effectAny lender can now use VantageScore 4.0Lenders choose Classic FICO or VantageScore 4.0 loan by loan. When one scores higher, the agency fee can be lower.Show the example and sources

  In effect since Sept 9, 2026 (Fannie Mae LL-2026-06, Freddie Mac Bulletin 2026-H). Before, only lenders in a limited rollout could.

  • The same model for every borrower on the loan, pulled from all three bureaus.
  • The lender picks per loan. Manually underwritten Fannie Mae loans still need Classic FICO.
  • Both agencies price VantageScore 4.0 on its own grid, 20 points above FICO (VantageScore 800+ = FICO 780+).

  What the file needs

  • ☐A three-bureau (tri-merge) credit report with VantageScore 4.0 for every borrower on the loan.
  • ☐An automated finding; a manually underwritten Fannie Mae loan needs Classic FICO.

  Purchase, $400,000 with $20,000 down (95%), 30-year. The credit-score part of the agency fee, same at Fannie and Freddie:

  Classic FICO 705

  1.125% · $4,275

  VantageScore 4.0 of 745

  0.875% · $3,325

  $950 less, from the same buyer.

  Ask your lender or account executive

  “Will you run my buyer on VantageScore 4.0 when it prices better than FICO?”

  Copy the question

  Sources

  • FHFA: Credit Scores · Sept 9, 2026“On September 9, 2026, the Enterprises expanded the availability of VantageScore 4.0 to all approved lenders, removing the requirement for prior written approval.”
  • Fannie Mae: Loan-Level Price Adjustment Matrix, 09.09.2026, page 2 · Sept 9, 2026“Purchase Money Loans – LLPA by VantageScore 4.0/LTV Ratio … ≥ 800 … 780-799 …”
  • Freddie Mac: Exhibit 19 – Credit Fees, Bulletin 2026-H, pages E19-4 and E19-5 · Sept 9, 2026“VANTAGESCORE 4.0 BASE GRID – PURCHASE MORTGAGES”
  • Fannie Mae: Credit Score Models and Reports Initiative · Sept 9, 2026“VantageScore 4.0 is not currently eligible for manually underwritten loans, which must continue to use Classic FICO.”
• Fannie Mae · Sep 2, 2026Lenders may use it nowRent from the home they keep, without a tenantA buyer who keeps their current home can use 75% of its market rent against its payment. No signed lease needed; a lease isn't accepted.Show the example and sources

  SEL-2026-08, Sept 2, 2026 (updated Sept 23). Lenders may use it now; required for applications dated Dec 1, 2026 or later.

  • Market rent from an appraisal with rents, Form 1007, or at least three comparable rentals (Zillow, Redfin, MLS).
  • 75% of the rent minus the home's payment. If that is positive it cancels the payment; if negative, the difference goes in DTI.
  • Six months of that payment in reserves when no borrower has 12 months as a landlord.
  • Before, the rent counted only with a signed lease. A positive amount no longer adds to income, even for experienced landlords. Freddie Mac still requires a signed lease.

  What the file needs

  • ☐Market rent: an appraisal with market rents, a Form 1007, or a market analysis (Zillow, Redfin, MLS) with at least three comparable rentals.
  • ☐Proof of the current housing payment.
  • ☐Six months of the home's payment in reserves when no borrower has 12 months as a landlord.
  • ☐A two- to four-unit home: last year's Form 1040 for the rented units.

  A buyer keeps their current home: its payment is $2,000 a month and it would rent for $2,400. No tenant yet.

  Counted as debt, August rules

  $2,000 a month

  Counted as debt now (75% of $2,400 = $1,800)

  $200 a month

  Reserves needed (no landlord history)

  $12,000

  $1,800 a month off the debts, at Fannie Mae.

  Ask your lender or account executive

  “Are you using Fannie's new departing-residence rule (SEL-2026-08) yet, or still asking for a lease?”

  Copy the question

  Sources

  • Fannie Mae: Selling Guide Announcement SEL-2026-08, updated Sept 23, 2026 · Sept 23, 2026“Lenders are encouraged to implement these changes immediately but must do so for all loans with application dates on and after Dec. 1, 2026.”
  • Fannie Mae: Selling Guide B3-3.8-05, Rental Income from Non-Subject Property: Departing Residence · Sept 2, 2026“Note: Lease agreements are not permitted for any departing residence.”
  • Fannie Mae: Selling Guide B3-3.8-01, Rental Income (edition of Aug 5, 2026) · Aug 5, 2026“1-4 Unit Investment Property - new or newly placed in service (includes departing residence) … Rental income can only be used to offset the PITIA of the related property”
  • Freddie Mac: Single-Family Seller/Servicer Guide, Section 5306.1(d) · June 28, 2026“The lease must be current and fully executed”
• Freddie Mac · Aug 5, 2026Lenders may use it nowSavings can count as income, at any ageFreddie now divides savings, investments and penalty-free retirement money by 180 (it was 240), and drops the age-62 rule for savings.Show the example and sources

  Bulletin 2026-10, Aug 5, 2026. Lenders may use it now; required for settlements on or after Feb 3, 2027.

  • Needs an LPA Accept, a purchase or no-cash-out refinance, and at least $30,000 left after the money to close and reserves.
  • Accounts held 12 months. Savings that rose more than 20% in a year count up to 120% of last year's balance; savings that fell more than 20% do not count.
  • Retirement money counts only if it can be withdrawn without penalty. The old 80% LTV cap is gone.
  • Fannie Mae (B3-3.4-06, unchanged) counts retirement money only, divides by the loan term in months (360), and needs 70% LTV (80% at 62+).

  What the file needs

  • ☐Each savings and investment account: the current statement (one month on Streamlined Accept, two on Standard), or a VOD or third-party verification report.
  • ☐A statement or VOD showing each account's balance 12 months ago, and proof it has been theirs for 12 months.
  • ☐Retirement: the latest statement, and proof it is fully vested and can be withdrawn without penalty.
  • ☐Money from a retirement payout or the sale of a business or property: the distribution letter or 1099-R, or the closing documents, and 90 days in the account for a sale.

  A 45-year-old buyer with $400,000 in savings (held a year) who brings $100,000 to closing on a $500,000 home.

  Freddie, August rules

  $0.00 a month

  Freddie now ($300,000 ÷ 180)

  $1,666.67 a month

  Fannie (retirement money only)

  $0.00 a month

  In August savings counted only when a borrower was 62 or older.

  Ask your lender or account executive

  “Have you adopted Freddie's Bulletin 2026-10 accumulated-assets income yet?”

  Copy the question

  Sources

  • Freddie Mac: Bulletin 2026-10 · Aug 5, 2026“Reducing the division factor when calculating the qualifying amount to be used as income from 240 to 180”
  • Freddie Mac: Single-Family Seller/Servicer Guide, Section 5307.1 (future effective 02/03/27) · Sept 16, 2026““Net eligible assets” must be at least $30,000. … Divide the “net eligible assets” by 180.”
  • Fannie Mae: Selling Guide (Sept 2, 2026), B3-3.4-06, Employment Related Assets as Qualifying Income · Mar 4, 2026“The lender must divide "Net Documented Assets" by the amortization term of the loan (in months).”
• Fannie Mae · Nov 5, 2025In effectDU has no minimum credit scoreFor DU casefiles created since Nov 16, 2025, Fannie applies no 620 minimum; DU weighs the whole file. Many lenders still keep 620 as their own rule.Show the example and sources

  SEL-2025-09, Nov 5, 2025. In effect for new DU casefiles created on or after Nov 16, 2025.

  • Credit scores must still be pulled for every borrower.
  • Manually underwritten loans keep their minimums (620 fixed, 640 ARM).

  What the file needs

  • ☐Credit scores ordered for every borrower from the permitted models.

  Ask your lender or account executive

  “Do you still require 620 on DU loans, or do you follow DU?”

  Copy the question

  Sources

  • Fannie Mae: Selling Guide Announcement SEL-2025-09 · Nov 5, 2025“The minimum representative credit score requirement of 620 … will be removed for new loan casefiles created on or after Nov. 16, 2025.”
  • Fannie Mae: Selling Guide (Sept 2, 2026), B3-5.1-01, General Requirements for Credit Scores · Apr 22, 2026“A minimum credit score is not required for DU loan casefiles.”