According to Time Magazine, the average credit scores in the US as of April 2017 are:

  • 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.

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