As of October 1, 2026, the confirmed change concerns the scoring model. The two-bureau proposal remains a reported plan, not final policy. That distinction comes from comparing FHFA’s current guidance, Fannie Mae’s September 30 lender-letter update, and Bloomberg’s October 1 report.
If you are buying in North Carolina this fall, the useful question is not whether a headline makes you eligible for a mortgage. It is which rules and credit information your lender will use for your particular application. This article is consumer education, not a loan recommendation or a prediction about approval, rates, or future policy.
What is confirmed, and what is only reported?
On September 3, 2026, Eastern time, FHFA Director Bill Pulte announced his instruction to Fannie Mae and Freddie Mac to approve all lenders to use VantageScore. That was the direction to expand availability, not the date of the subsequent lender guidance (director’s original announcement).
FHFA’s official credit-score page dates the expansion of VantageScore 4.0 to all approved Fannie Mae and Freddie Mac lenders to September 9, 2026, removing the requirement for prior written approval. Lenders may continue using Classic FICO under the applicable selling requirements (FHFA).
Fannie Mae’s Lender Letter LL-2026-06 is dated September 9 and was updated September 30; Freddie Mac’s own announcement and joint initiative playbook also identify the September 9 broad rollout (Fannie Mae lender letter, Freddie Mac announcement, initiative playbook).
| Development | Status checked October 1 | What it means for a buyer |
|---|---|---|
| VantageScore 4.0 for eligible loans sold to Fannie Mae or Freddie Mac | Available to approved lenders under their selling requirements (FHFA) | Ask whether your lender offers it for your loan; availability is not a promise of approval. |
| Classic FICO | Still accepted; Fannie’s manually underwritten loans must continue using it (Fannie Mae) | Do not assume a lender using Classic FICO is using a prohibited model. |
| A change from three bureaus to two | Reported plan, not an implemented change verified here (Bloomberg) | Keep checking all three reports; do not assume one bureau no longer matters. |
| FICO Score 10T for delivery to the Enterprises | Approved for future use, but not currently eligible for delivery under the cited guidance (FHFA) | Approval of a model and operational availability are different things. |
There is an important limit to the VantageScore news. Fannie’s current letter permits it for eligible loans through Desktop Underwriter, its automated underwriting system, but requires Classic FICO for manually underwritten loans; the joint playbook also keeps manually underwritten loans on Classic FICO (Fannie Mae lender letter, joint playbook).
These are rules for eligible loans sold to Fannie Mae and Freddie Mac. They should not be treated as a blanket description of every FHA, VA, USDA, jumbo, or other mortgage product; ask the lender which program and underwriting route apply to you (scope of FHFA’s guidance).
What is a three-bureau credit report?
A three-bureau, or tri-merge, report brings together credit information from Equifax, Experian, and TransUnion. A two-bureau, or bi-merge, report uses information from two of those companies instead of all three (FHFA’s credit-reporting explanation).
The report and the score are not the same thing. The report contains information about your credit history; a scoring model uses credit-report information to produce a score, and different models can produce different results (CFPB credit-score explainer).
Your scores can differ because a bureau has different information, because an account was updated at a different time, or because a different model was used. A score you see in a consumer app therefore may not be the score a mortgage lender uses (CFPB).
That is why a higher number on one screen does not, by itself, explain what a lender will decide. Ask which model, report date, and bureau information produced the score being discussed.
VantageScore versus FICO, in plain language
Think of the credit report as the information and the scoring model as the method used to evaluate it. FICO and VantageScore are different model families, and each has versions; a familiar brand name alone does not identify the particular score used on a mortgage application (CFPB).
The confirmed change gives approved lenders a choice between Classic FICO and VantageScore 4.0 for eligible loans. It does not mean buyers can substitute a consumer-app score for the lender’s required credit report, and the lender must use the same model for all borrowers on a single loan (Fannie Mae lender letter).
The latest Fannie letter also aligns its loan-level pricing adjustments for the two models, with the stated October 1 delivery and purchase effective dates. Those are Fannie’s loan-delivery pricing rules, not a promise that two lenders will offer you the same interest rate or that your payment will fall (September 30 update).
For your application, ask the lender to explain the model it uses and the resulting written offer. Do not pick a mortgage solely because one scoring-model name sounds newer.
Two-bureau reports: a reported plan, not final policy
On October 1, 2026, Bloomberg reporter Katy O’Donnell reported that FHFA plans to direct Fannie Mae and Freddie Mac to move from three-bureau to two-bureau credit data, citing a person familiar with the plans. That is reporting about a planned change, not an official implementation notice (Bloomberg report).
The current official materials checked for this article do not establish that the reported change is now in force. In fact, Fannie’s September 30 lender letter still requires VantageScore 4.0 to be requested from each of the three credit repositories, and its Selling Guide still requires a three-in-file merged report (Fannie Mae lender letter, Selling Guide credit-report requirements).
Two-bureau reporting is not a brand-new idea: FHFA describes earlier plans for optional bi-merge reporting and a later shift to an implementation date still to be determined. That history does not turn the October 1 news report into an effective requirement (FHFA).
For now, this guide gives no implementation date and promises no savings. We will distinguish any later official announcement from its effective date and update this page only after reviewing the published requirements.
Has Fannie Mae changed its minimum credit score?
Fannie’s current Selling Guide says a minimum credit score is not required for Desktop Underwriter loan casefiles; DU evaluates creditworthiness using its risk assessment. The same guide separately lists minimums of 620 for manually underwritten fixed-rate loans and 640 for manually underwritten ARMs, subject to the applicable eligibility rules and exceptions (Selling Guide B3-5.1-01).
That is not the same as saying credit no longer matters or every application will be approved. The distinction is between an automated assessment and separate manual-underwriting requirements, not between having credit standards and having none (Fannie Mae’s stated DU assessment).
An older blanket statement that every conventional mortgage requires 620 does not describe this distinction accurately. Ask your lender whether it is evaluating your file through DU, another system, or manual underwriting, and which program and lender requirements apply.
What NC buyers can do now
- Check all three reports. Use AnnualCreditReport.com to request your Equifax, Experian, and TransUnion reports; the FTC confirms free weekly access from all three through that site (FTC free-report guidance).
- Dispute errors early. If an account, balance, payment history, or other item is wrong, dispute it with each bureau showing the error and with the business that supplied the information. Keep copies of the dispute and supporting records (FTC dispute guidance).
- Ask each lender the same questions. Which score model are you using? Which bureaus are you requesting? Which loan program and underwriting system apply? If a report changes after a dispute, what will you need to review it again?
- Compare written Loan Estimates. Request them from more than one lender and check that the loan terms reflect what you discussed; the CFPB recommends comparing multiple estimates rather than relying on a verbal offer (CFPB Loan Estimate explainer).
- Keep the loan decision separate from the scoring headline. If you are comparing an adjustable-rate loan with a fixed-rate loan, use our NC ARM guide. If your question is whether to buy now or wait, see our buy-now-or-wait discussion.
Checking the reports now is useful whether the two-bureau plan moves forward, changes, or remains a proposal. Do not leave a known error untouched because you hope a lender will eventually stop using that bureau.
Would lower credit-report fees show up on the Loan Estimate?
A credit-report fee can appear in Section B, Services You Cannot Shop For, on page 2 of the Loan Estimate; the CFPB’s form guidance lists it among those services. “Cannot shop for” refers to that service within the lender’s process, not a prohibition on comparing mortgage lenders (CFPB Loan Estimate form guide, CFPB comparison guidance).
If a lender charges you less for the credit report, its estimate could show a lower fee. That is a possibility, not a promise that a scoring-model change or a future two-bureau rule will lower your bill; the reported plan does not establish a borrower-specific price (reported proposal).
Ask the lender to identify the credit-report charge and explain what it covers. Compare the complete written estimates, including the interest rate, points, lender credits, and other loan costs, rather than choosing on one fee alone (CFPB Loan Estimate explainer).
My professional judgment
This is my professional judgment from 30 years of North Carolina closings, not market data or lending advice: get the credit conversation out of the way before you fall in love with a house. A headline cannot tell you what your lender will approve, and a score on your phone is not a written loan offer.
I would rather you bring a lender a clean set of questions now than try to untangle a credit-report problem while coordinating inspections, a move, and a closing. Know which report and model the lender is using, address errors, and compare the written terms. Preparation gives you something useful to act on; waiting for a reported policy change does not.
Frequently asked questions
Is VantageScore 4.0 available for mortgages now?
Yes, approved lenders may use it for eligible loans sold to Fannie Mae and Freddie Mac under their current requirements. Broad availability was announced September 9, 2026; ask whether your lender has implemented it for your loan (FHFA).
Is Classic FICO still accepted?
Yes. Classic FICO remains accepted, and Fannie Mae requires it for manually underwritten loans under the current lender letter. The VantageScore expansion did not end Classic FICO overnight (Fannie Mae).
Have two-bureau mortgage credit reports become the new rule?
Not as an implemented change verified for this October 1 article. Bloomberg reported a plan, while the current Fannie guidance still requires three-bureau reporting; a reported plan is not final policy (Bloomberg, Fannie Mae).
Why are my credit scores different?
Scores can use different bureau information, different model versions, and different calculation dates. The score a mortgage lender uses may therefore differ from the number in a consumer app (CFPB).
Should I still check all three credit reports?
Yes. Review Equifax, Experian, and TransUnion through AnnualCreditReport.com; the FTC confirms free weekly access to all three there. Do not assume a reported two-bureau plan makes an error on one report unimportant (FTC).
What should I do if a report is wrong?
Dispute the error with each credit bureau that shows it and with the business that supplied it. Include supporting documents and keep copies of what you submit (FTC dispute instructions).
Does Fannie Mae still require a 620 score for every loan?
No. Its Selling Guide says DU loan casefiles do not have a minimum credit-score requirement, while manual underwriting has separate minimums and eligibility requirements. That is not a guarantee of approval and should not be generalized to every mortgage program (Fannie Mae Selling Guide).
Can two people on the same loan use different scoring models?
Not under the cited Fannie Mae lender letter: the same model must be used for all borrowers on a single loan. Ask the lender how it evaluates a joint application (Fannie Mae).
Will the changes lower my credit-report fee?
Possibly, but no borrower-specific savings are promised here. A lower charge could appear in the credit-report fee on the Loan Estimate; compare the actual written estimates rather than assuming the reported two-bureau plan guarantees a discount (CFPB form guide, Bloomberg report).
What should I ask before choosing a lender?
Ask which credit-score model, bureaus, loan program, and underwriting process apply to your file, then compare written Loan Estimates from more than one lender. Check the complete terms rather than one score or fee (CFPB comparison guidance).