Beginning in June, Fannie Mae, which is one of the biggest government-sponsored buyers of mortgages, will now favor borrowers making efforts to pay down their credit cards when it comes to buying home loans. This means those just paying the monthly minimums may simply not be enough. The company’s counterpart, Freddie Mac, is expected to follow suit.
Homeownership is, for many, the culmination of the American Dream and a major rite of passage. We’ve written many times on this very blog that the fastest path to building financial wealth is — you guessed it — owning a home.