Tough Lending Standards Mean Nearly One-Third of Americans Don’t Qualify For A Home Loan

Best City To Buy Fixer-Upper Bargain

Three of every 10 Americans don’t qualify for a home loan, according to the Zillow Mortgage Market Place Analysis.  The analysis also showed that only borrowers with a credit score of at least 740 should expect to get the best mortgage rates offered due to tougher mortgage lending standards.

In doing their analysis, Zillow analyzed a total of 13 million loan quotes and over 225,000 purchase loan requests from September 2013.  What was revealed  was that borrowers with a credit score under 620 who requested a home mortgage for a 30-year fixed-rate loan, were unlikely to receive a loan. According to recent data from myFico.com, almost 3 of every 10 Americans (28.4 percent) have a credit score of 620 or lower, thereby putting a home mortgage out of reach for nearly one-third of Americans.

If you are thinking you are going to get the best mortgage rate that is available, you better think twice unless you have a credit score of 740 or more according to the Zillow report.  Three years prior, a similar study showed that a credit score 20 points lower (720) would get you the best rate.  Fortunately, according to myFico.com, 40.3 percent of Americans currently have a score of 740 or better.

How much difference does you credit score make in the mortgage interest rate?

To give you an idea of how much impact your credit score has on the mortgage rate you will be offered today, the study reveals a difference of around one-half of 1 percent (1/2%) between the best rates for a 740 plus credit score borrower and someone with a score of 620 to 739.

 

Print Friendly, PDF & Email

16 comments to Tough Lending Standards Mean Nearly One-Third of Americans Don’t Qualify For A Home Loan

  • … [Trackback]

    […] Here you will find 20244 additional Info on that Topic: stlouisrealestatenews.com/st-louis-real-estate-market/tough-lending-standards-mean-nearly-one-third-americans-dont-qualify-home-loan/ […]

  • … [Trackback]

    […] Info to that Topic: stlouisrealestatenews.com/st-louis-real-estate-market/tough-lending-standards-mean-nearly-one-third-americans-dont-qualify-home-loan/ […]

  • … [Trackback]

    […] There you can find 45988 more Information on that Topic: stlouisrealestatenews.com/st-louis-real-estate-market/tough-lending-standards-mean-nearly-one-third-americans-dont-qualify-home-loan/ […]

  • cbd

    … [Trackback]

    […] Find More on that Topic: stlouisrealestatenews.com/st-louis-real-estate-market/tough-lending-standards-mean-nearly-one-third-americans-dont-qualify-home-loan/ […]

  • … [Trackback]

    […] Read More here on that Topic: stlouisrealestatenews.com/st-louis-real-estate-market/tough-lending-standards-mean-nearly-one-third-americans-dont-qualify-home-loan/ […]

  • … [Trackback]

    […] Read More here to that Topic: stlouisrealestatenews.com/st-louis-real-estate-market/tough-lending-standards-mean-nearly-one-third-americans-dont-qualify-home-loan/ […]

  • … [Trackback]

    […] Find More Info here on that Topic: stlouisrealestatenews.com/st-louis-real-estate-market/tough-lending-standards-mean-nearly-one-third-americans-dont-qualify-home-loan/ […]

  • Good post. I be taught one thing tougher on different blogs everyday. It would at all times be stimulating to learn content from different writers and follow somewhat one thing from their store. I抎 choose to make use of some with the content on my weblog whether or not you don抰 mind. Natually I抣l give you a link in your internet blog. Thanks for sharing.

  • … [Trackback]

    […] There you can find 137 additional Info on that Topic: stlouisrealestatenews.com/st-louis-real-estate-market/tough-lending-standards-mean-nearly-one-third-americans-dont-qualify-home-loan/ […]

  • … [Trackback]

    […] Find More on to that Topic: stlouisrealestatenews.com/st-louis-real-estate-market/tough-lending-standards-mean-nearly-one-third-americans-dont-qualify-home-loan/ […]

  • … [Trackback]

    […] Find More Information here to that Topic: stlouisrealestatenews.com/st-louis-real-estate-market/tough-lending-standards-mean-nearly-one-third-americans-dont-qualify-home-loan/ […]

  • You work hard to dress up your life and control the big and small things in life. But be sure to dress yourself. That way, your life is refined enough.

  • Let life be written, and always remember to ignite the warm sunshine of the soul. There are always some happy shots, hidden in the corner of memory, and gently lifted up inadvertently, shaking off a room of Xiao Se!

  • Let life be written, and always remember to ignite the warm sunshine of the soul. There are always some happy shots, and gently lifted up inadvertently, shaking off a room of Xiao Se!

  • You think the worst thing in life is losing your favorite person. In fact, the worst thing is that you lose yourself because you love someone too much.

  • … [Trackback]

    […] Information to that Topic: stlouisrealestatenews.com/st-louis-real-estate-market/tough-lending-standards-mean-nearly-one-third-americans-dont-qualify-home-loan/ […]

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>