- That’s the average credit score profile for successful applicants for a conventional home purchase mortgage in February, according to Kennth Harny in his Sunday Miami Herald article. He said it is above the median FICO score nationwide which is currently 711. Here are a few other benchmarks to successful qualification:
- Loan-to-value (LTV) ratio of 78 percent, meaning a 22 percent down payment in lieu of 20 percent
- Debt-to-income ratios of 21 percent for housing expenses, 34 percent for total household debt
and the profile for those whose loans were rejected….
- 732 FICO score
- LTV of 19 percent
- Debt-to-income ratios of 24 percent for housing expenses, and 41 percent for total household debt
“Even though the profiles of successful borrowers may look challenging to match, keep in mind these are averages. So don’t fret, you may still have a good shot,” Harney encouraged. Remember that today’ mortgage standards are stricter than ever and factor it into your plans for obtaining financing. Know the market, call Sheryl DiCarlo, 305.332.3256, before making your next real estate move.