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Most can’t get best mortgage rates

Zillow analysis: 29% can't qualify for a loan

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Editor's note: This story has been edited since it was first published to clarify that there are different methods for grouping VantageScores.  Most Americans have credit scores that are too low for them to qualify for the best rates on a mortgage, and nearly one in three are unlikely to get a loan on any terms, according to an analysis by Zillow.Zillow analyzed 25,000 loan quotes and requests on the Zillow Mortgage Marketplace during the first half of September, and found borrowers were unlikely to receive even one loan quote if they had a credit score of below 620 -- even if they offered to make large downpayments of 15 to 25 percent.According to Fair Isaac Corp., the creator of the FICO algorithm used by credit reporting agencies to calculate FICO scores, 29.3 percent of Americans have credit scores below 620.About 47 percent have scores above 720, which would placed them in the group that Zillow's analysis found was likely to get the best mortgage rates.The best annual percentage ...