Credit Scoring Is Changing: What Tampa Bay Buyers Should Know

The Credit Score You Need Is Probably Lower Than You Think

I talk with a lot of renters in Pinellas and Hillsborough who want to buy. Plenty of them haven't even checked their credit. They figure the number's too low, so they wait.

That guess is often wrong. And the way mortgage credit gets scored is changing too. Here are three things I want every Tampa Bay buyer to know.

1. Most Buyers Overestimate the Score They Need

Fannie Mae has asked consumers about mortgage requirements in surveys going back to 2015. In its 2023 study, the median guess for the minimum score lenders require was 652. The minimum Fannie Mae cited was 620.

A March 2026 online survey of 400 people planning to buy in the next three years, conducted by research firm Sparketing for a national mortgage lender, found the same pattern:

• 66% said you need near-perfect credit to get the best mortgage rates.
• 34% thought you need 700 or higher.

Here's the reality. 620 has long been the benchmark for many loans backed by Fannie Mae and Freddie Mac. You can see it in the Fannie Mae Selling Guide and the Freddie Mac product requirements.

But it isn't one hard line for every loan. Fannie Mae's Selling Guide doesn't set a minimum score for loans run through its automated underwriting system, Desktop Underwriter. That system weighs your whole credit picture instead. Some loan types ask for more, other programs work differently, and individual lenders can set their own higher minimums. Your score is just one piece. Income, debts, savings, and the loan type all matter. Not everyone will qualify.

So if you're renting in St. Pete, Clearwater, or Brandon and you've been assuming you're too far off, check first. You may be closer than you think. If you want to see what's out there in the meantime, you can browse homes for sale.

2. The Credit Scores Lenders Use Are Changing

For decades, loans sold to Fannie Mae and Freddie Mac used one score family: Classic FICO. In 2022, the Federal Housing Finance Agency (FHFA) validated and approved two newer models, FICO 10T and VantageScore 4.0.

Here's where things stand as of FHFA's Credit Scores page (updated October 2, 2026):

• Lenders can now choose Classic FICO or VantageScore 4.0 for loans sold to Fannie Mae and Freddie Mac. VantageScore 4.0 opened to all approved lenders on September 9, 2026.
• FICO 10T is approved, but it can't be used for loan deliveries yet. FHFA says guidance will come later.
• Classic FICO is still approved. No retirement date has been announced.

Why should you care? These newer models can look at more data, including rent payment history. VantageScore says its 4.0 model makes about 33 million more U.S. adults scoreable than Classic FICO or FICO 10T. That's the company's own figure.

One more thing. The score in your app may come from a different model or bureau than the one a lender uses. Don't panic over a gap. The app is a guide, not the final word.

If your credit file is thin because rent never showed up, read my post on how renters build credit history.

3. Your Credit Checklist

The models are changing. The basics aren't. Here's what I tell buyers.

1. Know it. Check your score and watch how it moves over time.
2. Grow it. Pay every bill on time. Keep card balances low.
3. Protect it. Before a new car loan or credit card, ask how it could affect your mortgage plans.
4. Talk to a mortgage pro. Get advice based on your whole picture, not a chart or a friend's story. You can book a time with me.

Let's Look at Your Numbers

Don't guess from an app. If you're buying in Tampa Bay, book a consultation or start an application. I'll walk you through where you stand.

I'm a Realtor with Realty of America and a Mortgage Loan Originator with PMF, Inc. They are separate companies, and you don't have to use both.

Jonathan Loescher, Realtor (SL3546365), Realty of America. Jonathan Loescher, Mortgage Loan Originator, NMLS# 2621894.