Through a study posted by the Federal Reserve Bank of New York, they determined that more than half of all mortgage loans were awarded to borrowers with an Equifax score of at least 760. Out of $389 billion made from mortgages between January and the end of March, more than $225 billion was given to those with excellent credit scores. Meanwhile, those with “poor” credit (between 620 and 659) received only 4.6 percent of that $389 billion.
The takeaway from this study is that lenders are putting a heavier emphasis on good credit scores.
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