Matt's Mortgage Minute, Matt Hennessy NMLS# 209346

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Matt's Mortgage Minute, Matt Hennessy NMLS# 209346

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Delivering an Honest, Transparent, Knowledge Based Lending Experience. Hennessy Team powered by Benchmark Mortgage. ArkLaTex Financial Services. NMLS #2143.

NV Mortgage Company License #3820
Licensed by the DBO under the CRMLA
Equal Housing Opportunity

11/02/2026

Credit Scoring Is Changing: 3 Things Homebuyers Should Know

Quick, what credit score do you need to buy a home? If a number pops into your head, there's a pretty good chance it's wrong. And the right answer is getting harder to pin down, because the way credit scores are determined and delivered is changing - for the better.

Here's what you need to know in today's changing credit climate.

#1 Most People Are Guessing
Fannie Mae has been tracking consumer perceptions about mortgage requirements since 2015 and found that consumers consistently overestimated the minimum credit score lenders required to qualify for a mortgage. As recently as 2023, the average guess was 652.

In reality, the long-standing benchmark for loans backed by Fannie Mae and Freddie Mac is lower, at 620, and today even that isn't a hard rule for every mortgage they back.

Like the Fannie Mae research, a recent survey from Veterans United found consumers continue to overestimate what it takes to qualify for a home loan:

The takeaway? Guessing wrong can cost you.

A renter who assumes their score is too low and they can't qualify for a mortgage may never take steps to find out for sure.

#2 Credit Rules Are Changing
For decades, the mortgage industry relied on one set of scores - Classic FICO. Thanks to a push to promote competition, make credit scoring more inclusive, and help more Americans become homeowners, the Federal Housing Finance Agency (FHFA) has approved the use of new credit score models such as FICO 10T and VantageScore 4.0.

A different model can mean a different number for the same person. VantageScore says its model can score about 33 million adults that the Classic FICO's model can't. So the score you saw on an app last month may not be the one your lender pulls.

Remember: the models may be new, but the basics haven't changed.

#3 Do Your Part And Partner With A Pro
Your credit score is important - no matter how it's measured. Following the same basic rules will benefit your profile in the old and new score models:

Because while credit models may change, the general advice for you to improve your score doesn’t. Financial awareness and consistency mixed with a little willpower can go a long way.

Bottom Line
Don't make credit or homebuying decisions from a chart, an app, or a friend's advice. With the rules shifting and so many misconceptions out there, it's never too early to talk to a professional loan officer for advice on credit, budgeting, and what it would take to qualify for a mortgage.

You may be closer to owning a home than you think.

11/02/2026

Two Big Headwinds That May Impact Mortgage Rates This Week.

1) Midterm Election Results

and

2) The always important Jobs Report

10/30/2026

Mortgage rates eased a bit this week, as softer inflation details and a stock market sell-off sent investors into bonds. Oil above $100 is limiting how far rates can fall, and the Fed held steady Wednesday with two members voting to hike, keeping a December increase
possible. The next big date to watch is Friday, November 6, when the jobs report could move rates in either direction.

Buyers should get pre-approved now so they’re ready to lock in if rates keep easing.

Sellers should price their homes right, because buyer demand is still cool. Offering a seller paid interest rate buydown for buyers can help solve home affordability concerns.

10/30/2026

Mindset is EVERYTHING!

10/29/2026

Don't Let the Fear of a Buyer Backing Out Scare You Away from Selling

There's nothing quite like the excitement of getting an offer on your house. You're one step closer to moving on to what's next. But what happens if that buyer backs out or ghosts you before closing?

If you've been seeing headlines about more home sales falling through lately, that possibility may be keeping you up at night. And it's true. According to Redfin and Cotality, canceled contracts have been on the rise.

But here's what those headlines don't always tell you…

Most sales still go through. Only 10-15% hit this snag. And even so, there are things you can do to help keep your sale from becoming one of them.

The key is knowing what tends to scare buyers away and getting ahead of those issues before they have a chance to derail your move.

What's Behind the Rise in Canceled Contracts?
Today's buyers are being more cautious. Mortgage rates are stretching budgets, and with more homes to choose from, buyers have more freedom to walk away if something doesn't feel right. As Redfin explains:

"That gives house hunters more options and makes them more likely to walk away if an inspection uncovers problems, an appraisal comes in low or the seller doesn't agree to concessions."

That's why an accepted offer isn't always a guaranteed sale. But it doesn't mean you should be afraid to put your house on the market, either.

It just means getting ahead of potential problems matters more than ever.

3 Things That Can Scare Off a Buyer (and How To Get Ahead of Them)

A Redfin survey asked real estate agents why some buyers are backing out. And their answers give you a short of cheatsheet into what could go sideways and how you can get ahead of those headaches (see graph):

1. Inspection or repair issues (70.4%)
This is the big one. And the good news? It's also one of the areas where you can be the most proactive.

One simple way to head this off is by getting a pre-listing inspection before your house goes on the market. That way, if something needs attention, you can decide whether to fix it upfront (before you sell), adjust your price, or disclose it and come in already prepared for what’s likely to pop up in negotiations. It’s a lot better to find the skeletons in the closet before a buyer does.

2. Buyer financing falls through (27.8%)
Even buyers who are pre-approved can run into financing issues before closing. And with mortgage rates putting extra pressure on affordability, some buyers are finding it harder to make the numbers work.

While you can't control whether a buyer's loan goes through, you can work with your agent to look closely at their financing before accepting an offer. And if affordability is the concern, your agent can help you explore whether incentives like closing cost credits or a mortgage-rate buydown could make a difference.

3. The buyer can't sell their current home (21%)
Sometimes, your buyer needs to sell their house before they can buy yours. And if their sale falls through, yours could be affected too.

That's why it's important to understand any home-sale contingencies before accepting an offer. Your agent can help you look at where the buyer is in their own selling process and what protections you may want in place.

The goal isn't to eliminate every possible risk. It's to avoid being caught off guard by the ones you can plan for.

Don't Let the What-Ifs Keep You Up at Night
Just remember when you read headlines about canceled deals, they don’t give you the full picture. Most home sales still make it to closing.

And if a sale does fall through, that doesn't automatically mean your house won't sell. Sometimes a buyer's circumstances change. Sometimes an issue comes up that can be addressed before the next offer.

What matters is having an agent who knows how to spot potential problems early, help you navigate negotiations, and keep your sale moving forward.

Because while you can't control every twist and turn, you can control how prepared you are.

Bottom Line
There's no need to let the fear of a buyer backing out hold you back. While no sale comes with guarantees, a little preparation upfront can go a long way toward making the whole process smoother.

10/29/2026

The Fed just met and they decided on no rate hike and no rate cut. So, what does that mean if you're watching and hoping for lower mortgage rates?

The short answer: don't expect this to dramatically change things.

For now, they’re holding steady. But a recent survey from Reuters asked 100 economists what to expect from here – and all 100 said the Fed will do a hike in December.

Now, the Fed doesn't directly set mortgage rates, but their actions do have an impact. Rates will also move based on inflation, economic data, and how financial markets react.

The takeaway? There’s a lot at play here – and we’ll probably see a hike the next time they meet.

Follow me for straightforward updates on what’s actually happening and why it matters for the housing market.

10/28/2026

The Federal Reserve left its key interest rate unchanged today. However a December increase is still likely. Markets currently put the chance at about 80%, roughly 4 out of 5, for the December 9th meeting. Prices are still rising faster than the Fed wants, so it is waiting for more information before deciding.

What could affect the December decision?

Here are the main reports to watch:

October 29th: Economic growth and consumer spending reports. These will show how fast the economy is growing and include an important inflation update.

November 6th and December 4th: Jobs reports. These show hiring, unemployment, and wage growth...key clues about whether the economy is staying strong or slowing down.

November 10th: Consumer Price Index, or CPI. This measures changes in prices for everyday items, such as food, housing, and gas.

November 25th: Another economic growth report and a fresh consumer spending and inflation update. These will give the Fed more information before its December meeting.

If prices keep rising too quickly and the economy stays strong, a rate hike becomes more likely. If inflation cools and hiring weakens, the Fed has more reason to wait. One important timing detail: December’s CPI report comes out December 10th...after the Fed’s decision.

10/28/2026

S--C--A--R--Y
Getting your offer accepted is a big milestone, but there are still important steps to take before closing. Changes to your credit, debt, employment, or finances could affect your mortgage approval, even late in the process. Before making major financial moves, check with me to understand how they could affect your loan. A little caution now can help keep your homebuying journey on track!

10/26/2026

What is a 529 Account?
How to Help Friends and Family pay for College and other Education Expenses...

1) A 529 ACCOUNT CAN BE USED TO PAY FOR COLLEGE AND OTHER QUALIFIED EDUCATION EXPENSES.

Section 529 of the Internal Revenue Code allows individuals to save money in a tax-free investment account if the funds are to be used for qualified education expenses. These savings accounts are called "529 Accounts." Currently, the funds can be used to pay up to a total of $20,000 of tuition and non-tuition expenses each year at an elementary or secondary (K-12) public, private, or religious school of the beneficiary's choosing. This includes books, online education materials, testing fees (such as SAT/ACT), tutoring by qualified professionals, and educational therapies for students with disabilities.

2) THE FUNDS GROW TAX-FREE, AND WITHDRAWALS AREN'T TAXED IF USED FOR QUALIFIED EDUCATION EXPENSES.

Although you don't get a tax deduction for investing in a 529 account, the funds invested in the account grow tax-free. Neither you nor the beneficiary needs to pay taxes when the funds are withdrawn, as long as the funds are used for qualified education expenses, including adult education, recognized credentialing programs, professional licenses, certifications, and continuing education courses.

3) ANYONE CAN CONTRIBUTE TO A 529 ACCOUNT.

As long as the contribution is less than $19,000 per year (in 2026), anyone can contribute to someone else's 529 account without being subject to the gift tax. This means you don't have to be directly related to an individual to contribute to their 529 account and help them fund their education.

PLEASE NOTE: THIS ARTICLE IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE LEGAL, TAX, OR FINANCIAL ADVICE. PLEASE CONSULT WITH A QUALIFIED TAX ADVISOR FOR SPECIFIC ADVICE ABOUT YOUR SITUATION.

10/26/2026

The Fed is highly unlikely to hike rates on Wednesday at their upcoming FOMC meeting. However, the comments made during the press conference can definitely impact the future direction of mortgage rates. Take a look!

Address

9275 W Russell Road Ste 210
Las Vegas, NV
89148

Telephone

+17028101522

Website

http://www.HennessyTeam.com/

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