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Can't get a mortgage? You're not alone

Posted by Scott Van Voorhis September 26, 2013 08:56 AM

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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 at any rate,  Zillow reports this morning.

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 finds.

No fringe group, more than 28 percent of all adults across the country have credit scores under 620, Zillow notes, citing data from

Of course, banks insist they are doing all they can to get money out on the street and in the hands of home buyers.

After all, American taxpayers, including those with less than ideal credit scores, fronted the billions needed to bail out the nation's major financial institutions during the dark days of the Great Recession.

But Zillow's survey found that bank lending standards have pretty much remained stuck back in recession mode.

In fact, there was no improvement over the results an earlier lending survey Zillow took three years ago, in September 2010.

OK, with one exception, that is. It is now harder for even the most credit worthy buyers to get the best rates.

House hunters now have to have a credit score of at least 740, up from 720 three years ago, Zillow found.

This blog is not written or edited by or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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