Qualifying for a mortgage is still generally difficult, although becoming easier, according to the February 2015 REALTORS® Confidence Index Survey.
About 52 percent of REALTORS® providing transaction credit score information reported FICO credit scores in the range of 620-740; in 2013, the share was hovering at about 40 percent. About 2 percent of REALTORS® reported a purchase by a buyer with credit score of less than 620, up from about 1-2 percent in 2012-2014. In a normal market, the share of credit scores below 620 would be closer to 5 percent.
Potential buyers facing credit limitations might want to consider a mortgage origination by community banks, local banks, and credit unions.
What does this mean for your plans?
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