Even as a glut of unsold inventory keeps the housing market from recovering, nearly a third of Americans can't qualify for home mortgages, according to new data from online real estate search company Zillow.
Would-be homeowners with credit scores below 620 points were largely unable to take out 30-year mortgages in the first half of September, even if they offered down payments as high as 25 percent, Zillow found after analyzing more than 25,000 loan quotes and purchase requests on its website. A full 29.3 percent of Americans have a credit score that low, Zillow says, citing data from myFICO.
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