The survey revealed that 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary to qualify. Many Americans believe a ‘good’ credit score is 780 or higher.
To help debunk this myth, take a look at the latest Ellie Mae Origination Insight Report, which focuses on recently closed (approved) loans. As you can see, 54.1% of approved mortgages had a FICO credit score of 600-749.
Some additional interesting notes:
- In July 2016, 62% of closed loans were purchases, and 37% were refinances.
- Of these loans, 23% were FHA, 65% conventional, 9% VA, and 4% other. These numbers have stayed consistent over the last 18 months.
- All loans have taken an average of 46 days to close for purchases, and 48 for refinances.
