16.5% of new U.S. mortgages in 2025 went to borrowers with an average VantageScore of 660 or below, up from 11.3% in 2021. The share was 35.4% in 2005. The average score on new mortgages in 2025 was 734.4.
Government-backed loans (FHA, VA and USDA) had an average score of 692.8, compared with 758.4 for loans bought by Fannie Mae and Freddie Mac. By state, the share at 660 or below was highest in Mississippi (25.6%), West Virginia (24.7%) and Alabama (23.8%) and lowest in the District of Columbia (6.4%), Hawaii (8.2%) and Massachusetts (10.2%).
38.1% of new mortgages had a debt-to-income ratio above 43%. The highest shares were in Hawaii (48.9%), Florida (46.5%) and Nevada (45.8%).
National, each year
Share of new first-lien mortgages by the borrowers’ average VantageScore 3.0.
| Year | Very poor (300-499) | Poor (500-600) | Fair (601-660) | 660 or below (our sum) | Good (661-780) | Excellent (781-850) | Average VantageScore | DTI above 43% | New mortgages (thousands) |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 0.2% | 4.0% | 12.3% | 16.5% | 52.9% | 30.6% | 734.4 | 38.1% | 4,677 |
| 2024 | 0.2% | 3.7% | 12.2% | 16.1% | 54.8% | 29.1% | 733.6 | 38.3% | 4,297 |
| 2023 | 0.2% | 3.3% | 12.2% | 15.7% | 56.8% | 27.6% | 732.8 | 37.4% | 4,019 |
| 2022 | 0.1% | 2.6% | 11.6% | 14.3% | 58.6% | 27.0% | 733.9 | 31.7% | 6,405 |
| 2021 | 0.1% | 2.0% | 9.2% | 11.3% | 55.5% | 33.3% | 743.4 | 22.6% | 13,385 |
| 2020 | 0.1% | 2.1% | 8.6% | 10.8% | 53.8% | 35.4% | 745.7 | 21.1% | 12,893 |
| 2019 | 0.2% | 3.9% | 13.5% | 17.6% | 56.3% | 26.1% | 728.4 | 27.4% | 7,765 |
| 2018 | 0.1% | 4.1% | 14.8% | 19.0% | 56.1% | 24.8% | 725.0 | 31.2% | 6,066 |
| 2017 | 0.2% | 3.9% | 14.3% | 18.4% | 56.5% | 25.1% | 725.9 | 26.3% | 6,747 |
| 2016 | 0.1% | 3.6% | 13.3% | 17.0% | 55.9% | 27.1% | 729.5 | 21.5% | 7,831 |
| 2015 | 0.1% | 3.4% | 13.3% | 16.8% | 56.3% | 26.8% | 729.2 | 21.0% | 6,903 |
| 2014 | 0.1% | 3.1% | 13.1% | 16.3% | 56.6% | 27.0% | 729.9 | 21.5% | 5,518 |
| 2013 | 0.1% | 2.2% | 10.2% | 12.5% | 54.8% | 32.7% | 740.2 | 21.1% | 8,280 |
| 2012 | 0.1% | 1.8% | 8.7% | 10.6% | 51.9% | 37.5% | 747.1 | 18.9% | 9,514 |
| 2011 | 0.1% | 2.3% | 9.4% | 11.8% | 51.4% | 36.8% | 744.7 | 22.0% | 6,772 |
| 2010 | 0.1% | 2.4% | 9.6% | 12.1% | 51.1% | 36.8% | 744.4 | 21.4% | 7,657 |
| 2009 | 0.2% | 3.6% | 11.3% | 15.1% | 50.9% | 34.0% | 737.8 | 25.8% | 8,872 |
| 2008 | 0.4% | 7.3% | 16.6% | 24.3% | 51.9% | 23.7% | 715.6 | 33.5% | 6,779 |
| 2007 | 0.7% | 10.5% | 20.7% | 31.9% | 51.0% | 17.0% | 698.3 | 34.6% | 9,115 |
| 2006 | 1.0% | 13.2% | 23.3% | 37.5% | 48.4% | 14.0% | 687.4 | 34.0% | 11,211 |
| 2005 | 0.8% | 12.1% | 22.5% | 35.4% | 49.7% | 14.8% | 691.1 | 30.3% | 13,079 |
| 2004 | 0.8% | 11.6% | 21.8% | 34.2% | 49.6% | 16.2% | 694.2 | 27.6% | 13,195 |
| 2003 | 0.4% | 7.2% | 16.6% | 24.2% | 52.6% | 23.1% | 715.0 | 21.4% | 20,546 |
| 2002 | 0.6% | 8.0% | 17.2% | 25.8% | 51.9% | 22.3% | 711.9 | 20.9% | 15,402 |
| 2001 | 0.8% | 9.1% | 18.9% | 28.8% | 52.5% | 18.7% | 704.1 | 20.3% | 12,851 |
| 2000 | 3.1% | 14.8% | 22.0% | 39.9% | 47.4% | 12.6% | 679.0 | 21.7% | 7,324 |
| 1999 | 3.3% | 13.1% | 17.4% | 33.8% | 47.0% | 19.3% | 692.4 | 16.3% | 9,497 |
| 1998 | 2.7% | 10.9% | 14.0% | 27.6% | 46.5% | 25.9% | 707.7 | 11.1% | 11,683 |
By type of loan, 2025
| Market | Very poor (300-499) | Poor (500-600) | Fair (601-660) | 660 or below (our sum) | Good (661-780) | Excellent (781-850) | Average VantageScore | DTI above 43% |
|---|---|---|---|---|---|---|---|---|
| All new mortgages | 0.2% | 4.0% | 12.3% | 16.5% | 52.9% | 30.6% | 734.4 | 38.1% |
| Bought by Fannie Mae or Freddie Mac | 0.0% | 0.9% | 5.3% | 6.2% | 52.9% | 40.8% | 758.4 | 31.9% |
| Government-backed (FHA, VA, USDA) | 0.3% | 8.9% | 24.6% | 33.8% | 54.9% | 11.3% | 692.8 | 54.9% |
| Jumbo | 0.0% | 0.3% | 2.8% | 3.1% | 44.5% | 52.4% | 771.9 | 40.5% |
| Home purchase | 0.1% | 2.7% | 9.9% | 12.7% | 53.8% | 33.5% | 742.4 | 38.9% |
| Refinance | 0.3% | 6.7% | 16.9% | 23.9% | 51.3% | 24.9% | 718.8 | 36.5% |
By state, 2025
| State | Very poor (300-499) | Poor (500-600) | Fair (601-660) | 660 or below (our sum) | Good (661-780) | Excellent (781-850) | Average VantageScore | DTI above 43% |
|---|---|---|---|---|---|---|---|---|
| Mississippi | 0.5% | 7.5% | 17.6% | 25.6% | 55.5% | 18.8% | 708.5 | 35.6% |
| West Virginia | 0.5% | 5.7% | 18.5% | 24.7% | 54.7% | 20.6% | 714.7 | 29.2% |
| Alabama | 0.4% | 6.1% | 17.3% | 23.8% | 53.0% | 23.1% | 716.8 | 32.8% |
| Kentucky | 0.2% | 5.7% | 16.9% | 22.8% | 54.8% | 22.4% | 719.8 | 31.6% |
| Louisiana | 0.1% | 7.0% | 15.1% | 22.2% | 56.0% | 21.8% | 717.3 | 34.0% |
| Georgia | 0.3% | 5.9% | 15.6% | 21.8% | 52.1% | 26.1% | 722.7 | 42.0% |
| Oklahoma | 0.3% | 5.8% | 15.0% | 21.1% | 55.2% | 23.6% | 720.2 | 34.8% |
| Alaska | 0.0% | 2.3% | 18.7% | 21.0% | 51.8% | 27.2% | 728.3 | 37.4% |
| Arkansas | 0.4% | 4.9% | 15.1% | 20.4% | 54.7% | 24.9% | 722.0 | 31.9% |
| South Carolina | 0.2% | 5.1% | 15.0% | 20.3% | 51.7% | 28.0% | 727.0 | 39.1% |
| Missouri | 0.3% | 4.7% | 15.2% | 20.2% | 54.0% | 25.7% | 725.9 | 31.9% |
| Wyoming | 0.2% | 4.2% | 15.4% | 19.8% | 55.5% | 24.6% | 724.2 | 35.5% |
| Tennessee | 0.3% | 5.1% | 14.2% | 19.6% | 54.3% | 26.2% | 725.4 | 36.2% |
| Indiana | 0.2% | 5.0% | 13.9% | 19.1% | 56.2% | 24.7% | 725.6 | 30.4% |
| New Mexico | 0.1% | 4.2% | 14.4% | 18.7% | 54.1% | 27.2% | 727.3 | 37.5% |
| Delaware | 0.1% | 4.5% | 13.9% | 18.5% | 47.7% | 33.9% | 735.2 | 42.5% |
| Ohio | 0.2% | 4.5% | 13.7% | 18.4% | 53.9% | 27.6% | 729.5 | 32.7% |
| Texas | 0.2% | 4.2% | 13.9% | 18.3% | 53.9% | 27.8% | 729.8 | 42.0% |
| Michigan | 0.2% | 4.8% | 13.0% | 18.0% | 54.3% | 27.8% | 729.7 | 31.6% |
| North Carolina | 0.2% | 4.9% | 12.5% | 17.6% | 51.3% | 31.1% | 732.7 | 36.8% |
| Florida | 0.2% | 4.2% | 13.1% | 17.5% | 52.9% | 29.6% | 731.8 | 46.5% |
| Maryland | 0.2% | 4.6% | 12.4% | 17.2% | 52.2% | 30.6% | 733.7 | 40.1% |
| Kansas | 0.1% | 4.2% | 12.8% | 17.1% | 55.0% | 28.0% | 730.7 | 29.9% |
| Nevada | 0.2% | 4.0% | 12.6% | 16.8% | 52.3% | 30.9% | 733.9 | 45.8% |
| Arizona | 0.1% | 3.8% | 12.4% | 16.3% | 53.0% | 30.6% | 734.8 | 41.7% |
| Iowa | 0.2% | 3.3% | 12.6% | 16.1% | 55.7% | 28.3% | 732.1 | 27.8% |
| Virginia | 0.1% | 3.9% | 12.0% | 16.0% | 50.7% | 33.3% | 737.2 | 38.7% |
| Pennsylvania | 0.2% | 3.9% | 11.7% | 15.8% | 52.9% | 31.3% | 735.6 | 30.5% |
| North Dakota | 0.2% | 3.0% | 12.4% | 15.6% | 57.4% | 26.9% | 733.6 | 34.3% |
| Rhode Island | 0.1% | 4.4% | 10.8% | 15.3% | 54.5% | 30.2% | 736.2 | 43.1% |
| Illinois | 0.2% | 3.8% | 10.8% | 14.8% | 51.6% | 33.6% | 738.8 | 33.1% |
| New Jersey | 0.1% | 3.6% | 10.6% | 14.3% | 50.0% | 35.8% | 742.8 | 42.3% |
| Nebraska | 0.1% | 3.9% | 10.2% | 14.2% | 54.9% | 30.9% | 738.1 | 30.6% |
| Vermont | 0.3% | 1.8% | 12.1% | 14.2% | 52.5% | 33.3% | 740.1 | 35.7% |
| Connecticut | 0.1% | 3.6% | 10.4% | 14.1% | 53.5% | 32.4% | 739.9 | 39.0% |
| Maine | 0.1% | 3.7% | 10.1% | 13.9% | 54.4% | 31.7% | 738.0 | 31.0% |
| Montana | 0.2% | 3.3% | 10.2% | 13.7% | 57.7% | 28.5% | 735.7 | 38.1% |
| Wisconsin | 0.0% | 3.2% | 10.5% | 13.7% | 53.5% | 32.7% | 740.5 | 29.9% |
| South Dakota | 0.0% | 3.0% | 9.9% | 12.9% | 54.2% | 33.0% | 743.2 | 34.9% |
| New York | 0.1% | 3.0% | 9.4% | 12.5% | 52.7% | 34.8% | 744.1 | 36.5% |
| Minnesota | 0.2% | 2.5% | 9.5% | 12.2% | 53.3% | 34.5% | 744.5 | 33.8% |
| Idaho | 0.0% | 2.3% | 9.8% | 12.1% | 56.9% | 31.0% | 741.4 | 39.3% |
| Utah | 0.1% | 2.2% | 9.7% | 12.0% | 55.4% | 32.6% | 743.2 | 41.2% |
| Colorado | 0.1% | 2.4% | 9.2% | 11.7% | 49.1% | 39.2% | 749.1 | 40.4% |
| California | 0.1% | 2.5% | 8.7% | 11.3% | 51.1% | 37.6% | 747.9 | 44.6% |
| Oregon | 0.0% | 2.3% | 9.0% | 11.3% | 51.6% | 37.0% | 747.1 | 38.5% |
| Washington | 0.1% | 2.5% | 8.6% | 11.2% | 51.2% | 37.6% | 748.2 | 41.6% |
| New Hampshire | 0.0% | 2.4% | 8.4% | 10.8% | 53.6% | 35.5% | 746.6 | 38.6% |
| Massachusetts | 0.1% | 2.6% | 7.5% | 10.2% | 53.4% | 36.3% | 749.0 | 37.0% |
| Hawaii | 0.0% | 1.3% | 6.9% | 8.2% | 51.1% | 40.7% | 753.4 | 48.9% |
| District of Columbia | 0.3% | 2.2% | 3.9% | 6.4% | 44.8% | 48.9% | 762.2 | 27.1% |
What these numbers are
The score is the average VantageScore 3.0 of the borrowers on each loan, grouped into FHFA’s bands. The "660 or below" column is our sum of FHFA’s three lowest bands, each rounded to one decimal place. Debt-to-income is the borrowers’ monthly debt payments as a share of income at origination. Shares are weighted by loan count. FHFA’s National Mortgage Database is a 1-in-20 random sample of closed-end first-lien mortgages reported to one of the three national credit bureaus; FHFA says investor mortgages and loans for manufactured homes are not as well represented. New loans can take up to six months to reach the credit bureaus.
Our page on mortgage originations by credit score uses a different source, the CFPB’s Consumer Credit Trends, which reports dollar volume nationally.
Source
Federal Housing Finance Agency, National Mortgage Database (NMDB®) Aggregate Statistics, New Residential Mortgage Statistics, national and state annual files, VALUE1 (count-weighted), released September 30, 2026, downloaded October 18, 2026. U.S. government data. Our tables are available under CC BY 4.0. Credit "My Credit Guide (mycreditguide.org)".
Steven Reynolds, "Credit Scores of New Mortgage Borrowers, by State," My Credit Guide, October 18, 2026, https://mycreditguide.org/data/mortgage-borrower-credit-scores-by-state/.