Whats Your Credit Score

Dated: 06/07/2019

Views: 25

There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are misinformed!

Only 25% of the Americans have a FICO® Score between 740 and 800. Here is the breakdown according to Experian:

  • 16% Very Poor (300-579)

  • 18% Fair (580-669)

  • 21% Good (670-739)

  • 25% Very Good (740-799)

  • 20% Exceptional (800-850)

Randy Hopper, Senior Vice President of Mortgage Lending for Navy Federal Credit Union said,

Just because you have a low credit score doesn’t mean you can’t purchase a home. There are a lot of options out there for consumers with low FICO® scores,”

Want to Advertise on this Site?

Latest Blog Posts

All The Pieces Of The Mortgage Payment Puzzle

When financing a home you love, it’s important to understand all the pieces that make up your mortgage payment What’s your mortgage payment? No, not how much is your payment but

Read More

4 Reasons To Sell This Summer

Is now the time for you and your family to move on and start living the life you?

Read More

101 Fun Things To Do With Kids This Summer

101 fun things to do with kids this summerTry these 101 ideas for activities to keep kids from getting bored this summer and create memories that they'll have for a lifetime (or at

Read More

Earnest Money Down Payment And Closing Costs Are Not The Same Thing

Purchasing a home will have some fees upfront.  There is earnest money, the money you pay when your offer is accepted.  There is down payment, which is what the lender requires you to

Read More