Tag Archives: Credit

By Kirk Haverkamp
Provided by

What kind of credit score do you need to qualify for a mortgage? A new survey of bank executives by the Federal Reserve provides some answers. 

It’s well-known that it’s harder to get a mortgage these days than it was back in the boom days of the housing bubble, when it seemed almost anyone could get a loan as long as they had a pulse. But just how much harder is often unclear, especially for those with less-than-perfect credit scores.

Mortgage lending now vs. 2006

In April, the Federal Reserve surveyed senior loan officers from more than 80 banks operating in the United States to assess bank lending practices. It found that, although lending practices are more restrictive than they were six years ago, some banks are just as likely to approve a loan today as they were in 2006, even for borrowers with weaker credit.

In a few cases, for borrowers with better scores, banks even said they were more likely to approve a mortgage loan than they were six years ago. Not surprisingly, for all credit scores, a larger down payment significantly improved the odds of getting approved.

The survey asked senior loan officers about hypothetical borrowers with three different levels of FICO cred…………… continues on KLJB

By Kirk Haverkamp
Provided by

What kind of credit score do you need to qualify for a mortgage? A new survey of bank executives by the Federal Reserve provides some answers. 

It’s well-known that it’s harder to get a mortgage these days than it was back in the boom days of the housing bubble, when it seemed almost anyone could get a loan as long as they had a pulse. But just how much harder is often unclear, especially for those with less-than-perfect credit scores.

Mortgage lending now vs. 2006

In April, the Federal Reserve surveyed senior loan officers from more than 80 banks operating in the United States to assess bank lending practices. It found that, although lending practices are more restrictive than they were six years ago, some banks are just as likely to approve a loan today as they were in 2006, even for borrowers with weaker credit.

In a few cases, for borrowers with better scores, banks even said they were more likely to approve a mortgage loan than they were six years ago. Not surprisingly, for all credit scores, a larger down payment significantly improved the odds of getting approved.

The survey asked senior loan officers about hypothetical borrowers with three different levels of FICO cred…………… continues on KNDO/KNDU