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Myth #2: “I Need a 780 FICO® Score or Higher to Buy”<br />
The survey revealed that 59% of Americans either don’t know (54%) or are misinformed (5%)<br />
about what FICO® score is necessary to qualify.<br />
Many Americans believe a<br />
‘good’ credit score is 780<br />
or higher.<br />
To help debunk this myth,<br />
let’s take a look at Ellie<br />
Mae’s latest Origination<br />
Insight Report, which<br />
focuses on recently closed<br />
(approved) loans.<br />
FICO ® Score<br />
Distribution<br />
8.7%<br />
21.5%<br />
24.5%<br />
32.2%<br />
12.7%<br />
As you can see on the right,<br />
54.7% of approved mortgages<br />
had a credit score of 600-749.<br />
0.02% 0.43%<br />
500-549 550-599 600-649 650-699 700-749 750-799 800+<br />
Bottom Line<br />
54.7%<br />
Whether buying your first home or moving up to your dream home, knowing your options<br />
will make the mortgage process easier. Your dream home may already be within your reach.<br />
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