VantageScore 4.0 can now be used to determine your mortgage rate. Here's how to find yours.

This credit score model will help those with a thinner credit history access a mortgage Mortgage lenders have long used three key FICO scores -- 2, 4 and 5 -- to determine home loan eligibility. Now, there are a couple of new score models on the block that could make it easier for people with certain types of debt or limited credit history to get a mortgage. Lenders can now use VantageScore 4.0 to determine eligibility for any Federal Housing Administration (FHA)-insured loan and any Freddie Mac and Fannie Mae loan, according to a statement from the Trump administration last week. Soon, lenders will be able to use FICO 10T as well, which is calculated similarly. The move is part of a multi-year effort under the Credit Score Competition Act, signed by President Donald Trump in 2018. The adoption of these newer score models changes the mortgage application process by making it easier for some applicants with certain financial histories to get a mortgage. Unlike classic FICO scores, both Vantage 4.0 and FICO 10T include rent and utilities in the payment history -- making it easier for those who don't have loans or a credit card to build credit. The two new scores also weigh medical debt and paid collection accounts differently than classic FICO scores, which could make it easier for someone with an unpaid medical bill or a history of collections resolved years earlier to qualify for a loan.