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Medical Debt Makes It Harder to Get a Mortgage

Mortgage News > Medical Debt Makes It Harder to Get a Mortgage
Date: 12/17/2019    Medical Debt Makes It Harder to Get a Mortgage

Americans with medical debt are being turned down for mortgage loans more often than those with other debts, according to a new survey from Zillow. It reported that 38% of homebuyers with health-care debt were denied a mortgage loan, while only 28% of those with student debt were denied and 22% of those with credit cards debts. That could have something to do with another survey finding that while only 20% of homeowners say they couldn’t afford to pay an unexpected $1,000 expense, that number doubled (44%) for homeowners with medical debt.

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