Buyers With Excellent Credit Are Getting the Lion’s Share of U.S. MortgagesBy
High student debt, rising home prices and tight credit swing loans to best borrowers
Want a home loan these days? Increasingly, your credit needs to be almost perfect.
Mortgages continued to concentrate among the least risky U.S. households in the first quarter with almost 61 percent of new home loans going to borrowers with a credit risk score of 760 or above, according to a report published Wednesday by the New York Federal Reserve Bank. That’s a record in a data series that goes back to 2003, when the share was around 30 percent.
The quarterly report draws on the regional Fed’s consumer credit panel, a national sample based on Equifax data. Its credit scores, which businesses use to determine whether a borrower will pay their bills on time, ranges from 280 to 850…
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