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Federal Mortgage Loans Boast 80% Approval Rate

Mortgage News > Federal Mortgage Loans Boast 80% Approval Rate
Date: 08/09/2018    Federal Mortgage Loans Boast 80% Approval Rate

Those with lower credit rates are much more likely to be approved for government mortgage loans than for conventional loans, according to new data from the Urban Institute. Roughly 80% of all federal loans get approved for borrowers with less-than-perfect credit, while just 50% of conventional loans are approved.

Approval rates were just 48% for those seeking home loans of $70,000 or less, compared to 71% for loans over $150,000. Taking all loan types into account, the average denial rate is now 36% for those with lower credit scores, representing a historically sound amount of available credit.

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