652 for people ages 18 - 29
671 for people ages 30 - 39
685 for people ages 40 - 49
709 for people ages 50 - 59
743 for people ages 60+
And without taking age into account, the overall average
credit score in the US (as of 2018) is 695. But is that enough to
secure a mortgage? Most potential homeowners think that in order to purchase
property they need an excellent credit score—generally considered a FICO score
of 750 or higher. But the truth is, "just average" credit can be
enough to get you into the house of your dreams. According to the March
2018 Origination Insight Report from Ellie Mae, the average FICO
scores for approved loans are 722. This number is slightly higher for
conventional loans (at 752) and slightly lower for FHA loans (at 677).
The Takeaway
You don't need perfect credit to get a mortgage! If your credit is hovering somewhere in the "just average" range, you can secure the funding you need to buy a home, especially if you're open to exploring non-traditional options.Click Here to get info from one of our Buyer Specialist about Getting Financing.
