060. Not Qualified for Mortgage Because of Low Credits Scores

residerealestate.com Hello everybody and welcome to another episode of The Reside Daily Bite; I’m your host, David Doucette and today, I want to talk to you about an article that came out of the Orange County Register last week, entitled, “1 in 3 Unlikely to Qualify for Mortgage”. So, what they’re saying is, 1 in 3 people will not qualify for mortgage and it was in an analysis that was done by Zillow; and they mentioned some credit score numbers. But what’s interesting is, borrowers with credit scores under 620, who requested purchase loan quotes for 30-year fixed, conventional loans were unlikely to even get a single loan quote on Zillow Mortgage Marketplace; even if they offered a relatively high downpayment of 15-25%.