Following the tighter credit restrictions after the 2008 financial crisis, 2017 saw a slight loosening of credit standards. However, the average credit score for closed mortgages remained high, often averaging above , as lenders remained cautious and prioritized "prime" borrowers.
: A higher score provides a "buffer" if other parts of your application (like your debt-to-income ratio) are less than perfect. 2017 Market Context credit score to buy a house 2017
: Borrowers with "Excellent" credit (760+) receive the lowest available interest rates. Following the tighter credit restrictions after the 2008
: Applicants with a score of 640 or higher often benefit from automated underwriting, while those below may face stricter manual review. Why the Score Matters 2017 Market Context : Borrowers with "Excellent" credit
While the "magic number" can vary by lender, these were the standard industry benchmarks for 2017: : 580 or higher : Allows for a down payment as low as 3.5%.