Younger people are facing a problem, with rising home pricing meaning that the down payment requirement is getting higher, and many are unable to afford it. The National Association of Realtors says the median home price in the U.S. is now $350,000, which means the average buyer would need to pay $70,000 as a deposit
New FICO Resilience Index may help extend credit availability
July 6, 2020 by
Fair Isaac Corp., the organization that created the widely used FICO credit score implementation, has created a new credit index that it says should help more people to qualify for a home loan. The new FICO Resilience Index is intended to supplement the FICO score, and is said to help lenders assess borrower’s ability to
High credit scores no longer necessary for the best rates, study finds
February 11, 2019 by
Experts say that home buyers don’t necessarily need an 800+ FICO score in order to be guaranteed the best rates on their mortgage. These days, some buyers in the 700 FICO score range can also secure the most attractive rates, according to a new analysis of one million loan offers by Lending Tree that was
How Your Credit Score Plays a Role When Buying a Home
January 9, 2018 by
There are several factors that go into the decision to approve or deny your mortgage request when you buy a home: your income, your debts, the appraisal on your chosen home, and your credit score are just some of the factor
The top 10 easiest cities to secure a mortgage in the U.S.
August 30, 2016 by
It’s not easy securing approval for a mortgage these days, especially if you’re one of the millions of Americans that lacks a decent credit score
Are Credit Score Requirements Too Strict?
May 14, 2014 by
Executives at FICO, the creator of a credit score widely used in the mortgage industry, say that the high credit score “cutoffs” that mortgage lenders imposed following the housing crisis are stricter than necessary.
