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Low credit scores will keep many families from moving

Poor credit scores may stop many Americans from buying a home.

Poor credit scores may stop many Americans from buying a home.

Getting a mortgage to buy a home remains a dream for many families. But unfortunately for many, low credit scores may keep it from becoming a reality.

An analysis of mortgage quotes by the real estate website Zillow found that prospective homebuyers with a FICO credit score lower than 620 were very unlikely to get even one mortgage offer. Statistics from myFICO.com show that 29.3 percent of Americans fall under this category - and will have extreme trouble getting a home loan.

"We are in an era of historically low mortgage rates, reaching levels not seen in decades. Coupled with four years of home value declines, homes are more affordable than we've seen for years," said Zillow chief economist, Dr. Stan Humphries. "But the irony here is that so many Americans can't qualify for these low rates, or can't qualify for a mortgage at all."

In order to get the best mortgage rates, however, borrowers need a score much higher than 620. According to Zillow, it took a FICO score of 720 or better to get the lowest available mortgage rates.

However, despite the poor housing economy, most Americans still value buying a home. A survey by Fannie Mae earlier this year found that 82 percent of Americans felt that homeownership was important.