The Truth About FICO Scores & Down Payments


via The Truth About FICO Scores & Down Payments

 

Most people believe they need excellent credit to buy a home, with many thinking a “good credit score” is over 780. In actuality, the average FICO® scores for approved conventional and FHA mortgages are much lower.

The average conventional loan closed in May had a credit score of 753, while FHA mortgages closed with an average score of 676. The average across all loans closed in May was 724.