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Magic Mortgage Numbers 720, 20 Help Explain Why Credit Is Tight

Posted by Bonnie Martin Designated Broker on Thursday, May 10th, 2012 at 8:09am. - If you play the mortgage lottery for at shot a winning a home loan, you only need two numbers to win - 720 and 20.

A credit score of 720 or higher, combined with a down payment of 20 percent or more gives you the best shot at landing a mortgage like it's 2006.  Of course, you must otherwise pass muster with an honest application, adequate documented income, debt-to-income ratios, etc., etc.
The Federal Reserve Board recently asked loan officers to indicate how much more or less likely it is today, compared with 2006, that their bank would originate a "GSE" (Government Sponsored Enterprise - Fannie Mae or Freddie Mac), 30-year, fixed-rate home mortgage to borrowers, based on a variety of credit score-down payment scenarios.
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