Even though the real-estate market appears to be making an amazing comeback, economists still say that obtaining a mortgage may be difficult for some potential home buyers. This doesn’t mean that you have to be among the extremely wealthy to buy a home, but those with a troubled credit history may still find it difficult to qualify for a mortgage loan.
FICO Score Facts
Recent trends show that those with an average FICO score of 672 were denied home loans during the month of June. That’s bad news for many hopeful home buyers, but it’s still better than the FICO score of 686 that left people denied a year ago. A look at June’s closed-purchase mortgages showed an average approved FICO score of 727.
Signs of Hope
A July report from the Federal Reserve did indicate that banks have begun to ease lending standards on mortgage loans in several different categories. This welcome news may mean that the coming months will provide better opportunities for those who want to become homeowners.
Speak to Your Realtor Today
You shouldn’t let the number on your FICO score keep you from your dream of purchasing a home. It’s important that you speak to your realtor to learn what options may be available that could fit your particular situation. Keep in mind that lending standards are subject to change at any time, and your realtor will be the first to know about every new change in the lending process.
