{"id":7490,"date":"2021-03-22T10:00:40","date_gmt":"2021-03-22T10:00:40","guid":{"rendered":"https:\/\/thezakariagroup.com\/what-credit-score-do-you-need-for-a-mortgage\/"},"modified":"2021-03-22T10:00:40","modified_gmt":"2021-03-22T10:00:40","slug":"what-credit-score-do-you-need-for-a-mortgage","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/what-credit-score-do-you-need-for-a-mortgage\/","title":{"rendered":"What Credit Score Do You Need for a Mortgage?"},"content":{"rendered":"
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According to data from the most recent Origination Insight Report<\/em><\/a> by Ellie Mae<\/em>, the average FICO® score on closed loans reached 753 in February. As lending standards have tightened<\/a> recently, many are concerned over whether or not their credit score is strong enough to qualify for a mortgage. While stricter lending standards could be a challenge for some, many buyers may be surprised by the options that are still available for borrowers with lower credit scores.<\/span><\/p>\n

The fact that the average American has seen their credit score go up in recent years is a great sign of financial health. As someone’s score rises, they’re building toward a stronger financial future. As more Americans with strong credit enter the housing market, we see a natural increase in the FICO® score distribution of closed loans, as shown in the graph below:\"What<\/a>If your credit score is below 750, it’s easy to see this data and fear that you may not be able to qualify for a mortgage. However, that’s not always the case. While the majority of borrowers right now do have a score above 750, there’s more to qualifying<\/a> for a mortgage than just the credit score, and there are still options that allow people with lower credit scores to buy their dream home. Here’s what Experian<\/a><\/em>, a<\/em> global leader in consumer and business credit reporting, says:<\/p>\n