Nearly 30 percent of the adult population of our great country has abysmally bad credit.
How bad? Well even with a hefty down payment, they can’t get a mortgage, Zillow reported last week.
The survey examined 225,000 mortgage requests and 13 million loan quotes posted on Zillow Mortgage Marketplace this September.
House hunters with credit scores below 620 were out of luck. These would-be buyers “were unlikely to receive even one loan quote” from lenders for a 30-year fixed mortgage. Buyers who had saved up enough money to make a 15 to 25 percent down payment had no better luck, the survey said. Full story for BostonGlobe.com subscribers.
Scott Van Voorhis is a freelance writer who specializes in real estate. For the full Boston Real Estate Now blog, visit www.boston.com/realestate.