Oklahoma Mortgage Group - Mike David

The mortgage industry is entering a new credit scoring era. FHFA announced that Fannie Mae, Freddie Mac, and FHA are moving forward with newer credit score models, including VantageScore 4.0 and FICO 10T. VantageScore 4.0 is available immediately for approved lenders, while FICO 10T is expected to follow. Why This Matters For years, mortgage lending has relied heavily on Classic FICO. That model is still approved, but newer models create more competition and may give lenders a better way to evaluate creditworthiness. FHFA says these newer models can consider additional data, including rent payment history. That could be especially important for renters who pay consistently but have limited traditional credit depth. What Could Change Over time, this may help expand the borrower pool. Some buyers who did not score well under older models may be viewed differently under newer credit frameworks. It may also create more competition among credit score providers, which could help reduce credi...

  Many Oklahoma Veterans Are Missing This Opportunity VA home loans are one of the most powerful tools available for homebuyers—but many veterans in Tulsa and across Oklahoma don’t fully understand how they work or if they qualify. A recent survey revealed a major gap in awareness: Over 50% of veterans have at least one misconception about VA loans 30% aren’t even sure if they’re eligible Many still believe VA loans require a down payment or private mortgage insurance (PMI)—which they don’t This lack of clarity is causing many qualified buyers to miss out on homeownership opportunities. What Makes VA Loans So Powerful? VA loans were designed to help military members, veterans, and eligible spouses purchase homes with more favorable terms than traditional financing. Here’s what sets them apart: 100% Financing – No down payment required No PMI – Lower monthly payments compared to conventional loans Competitive Interest Rates – Often better than traditional loa...