Moving with mortgage may be out of many's reach

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Moving with mortgage may be out of many's reach

September 28, 2010 - Almost a third of Americans have credit scores so low that they would not likely qualify for a mortgage, according to a new report.

In an analysis of loan quotes and purchase requests, the website Zillow found that borrowers with credit scores of 620 or below found it difficult to qualify for even one quote from a mortgage lender. myFICO.com found that 29.3 percent of Americans possess a score at 620 or below, meaning that most of them would be unable to secure a mortgage if they were moving into a new home.

Furthermore, the lowest mortgage rates were only attainable for borrowers with credit scores of 720 or greater - about 47 percent of the population, said the report. Borrowers with scores lower than 719 qualified for increasingly larger average interest rates, as lenders considered them to be larger credit risks. The number of borrowers with scores of 620 or below that qualified for a mortgage was so low, that the website was unable to calculate an average interest rate for their mortgages.

Despite the difficulty of obtaining a mortgage, many Americans still consider moving into a home to be an important goal. A recent Fannie Mae report revealed that 70 percent of Americans feel that now is a very good time to buy a house.

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June, 2012

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