WHAT FICO®SCORE DO YOU NEED TO BUY A HOME?

Only 25% of the Americans have a FICO® Score between 740 and 800. Bob Idakaar of Weichert Realtors works with buyers to overcome the problems of getting a Mortgage.

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)

There are many programs available with low or no credit score requirement. The Federal Housing Administration (FHA) now requires a minimum FICO® score of 580 if you want to qualify for the low down payment advantage. The US Department of Agriculture (USDA) does not set a minimum credit score requirement, but most lenders require a score of at least 640. Veterans Affairs (VA) loans have no credit score requirement.

As you can see, none of them are above 700!
It is true that the average FICO® score for all closed loans in January 2019 was 726, but there are plenty of people taking advantage of the low credit score requirements. Here is the average FICO® Score of closed FHA Loans since April 2012 according to Ellie Mae

Average FICO Score

As you can see, that number has been dropping for the last seven years. As a matter of fact, the average FHA Purchase FICO® Score reported in January 2019 was 675! One of the challenges is that Americans are unsure about their credit score. They just assume that it is too low to qualify and do not double check. Credit.com confirmed that only 57% of individuals sought out their credit score at least once last year. Bob Idakaar of Weichert Realtors and BobsHomes.net brings the right Mortgage professional into the transaction.

Here is the increase in the average US FICO® Score over the same period of time.

Bottom Line
At least 84% of Americans have a score that would allow them to buy a house. If you are unsure what your score is or would like to improve your score in order to become a homeowner, please let’s get together and see which kind of financing fits best.

My 21 years of experience will help you find the best house to go with what fits your budget and which town you’d like to cal Home!

 

 
Bob Idakaar - New Jersey real estate agent Bob Idakaar, GRI
Weichert Realtors
Phone: 973-713-2377
Email: BobIdakaar@att.net
Your New Jersey Real Estate Marketing Expert
equal housing opportunity
 

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