Gone are the days when a homebuyer could sign his dog's name on the mortgage application and get approved in a day. And that's a good thing. Too many young consumers, however, are concerned their credit scores won't make the cut when it comes to financing a home today, and they may be right.
"We're still seeing credit remain relatively tight," Jonathan Corr, CEO of mortgage processor Ellie Mae, said in a release.
About a third of future first-time homebuyers say their credit score might hurt their ability to buy a home and that 45 percent said they have delayed a home purchase in order to improve their credit, according to a new survey by Experian. One in 5 said they were likely to opt out of the mortgage process or buying a home all together for the next five to 10 years.