Five years ago, if your application for a mortgage included a 20 percent down payment, your bank would have approved your loan by sundown and sponsored a parade in your honor.

But in this new era of tight credit, having a big down payment no longer guarantees you’ll qualify for a mortgage. Starting this week, mortgage finance giant Fannie Mae will require borrowers with a 20 percent down payment to have a credit score of at least 620. Previously, the cutoff was 580.

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