GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’ve got the option to read more about oureditorial guidelinesand our products and servicesreview methodology.
20 YearsHelping You Live Richer
Reviewedby Experts
Trusted byMillions of Readers
Credit scores are on the rise.
According toExperian, since 2016, the average credit score for all consumers has risen from 699 to 715.
Over the same time period, the average credit score for those with amortgagehas risen from 739 to 758.
That puts the average credit score for mortgage holders 40 points above the national average.
For hopeful homeowners, the rise in credit scores presents a unique opportunity to potentially buy in 2025.
Generally, to qualify for a conventional loan, purchasers will need to have a 10% down payment.
They are also reserved for individuals with higher credit scores.
Programs and alternative loans are available to help potential homebuyers secure lending.
Federal Housing Administration (FHA) loans are government-backed loans that help to protect lenders against losses.
Most lenders remove down payment requirements, offer competitive interest rates and include limited closing costs.
More From GOBankingRates
Share This Article:
