Almost One-Third Can't Qualify for Mortgage

Seattle, WA, Sept. 27, 2010--Nearly one-third of Americans are unlikely to qualify for a mortgage because their credit scores are too low, making homeownership out of reach for many, according to Zillow.com.

This is according to an analysis of more than 25,000 loan quotes and purchase requests on Zillow Mortgage Marketplace during the first half of September.

Borrowers with credit scores under 620 who requested purchase loan quotes for 30-year fixed, conventional loans were unlikely to receive even one loan quote on Zillow Mortgage Marketplace, even if they offered a relatively high down payment of 15 to 25%.

Nearly one-third of Americans, or 29.3%, has a credit score this low, according to data provided by myFICO.com.

Meanwhile, the lowest interest rates went to mortgage borrowers who were among the 47% of Americans with excellent credit scores of 720 or above.