Three out of 10 Americans are unlikely to qualify for a mortgage, despite historically low interest rates and levels of affordability not seen in years, data from Zillow (Z) revealed.

Zillow looked at 13 million loan quotes and more than 225,000 purchase loan requests on Zillow Mortgage Marketplace in September, comparing them to a similar study conducted in September 2010.

What Zillow found was discouraging for borrowers looking to buy a home — especially those affected by the recent financial crisis.

Borrowers who have FICO credit scores under 620 who requested purchase loan quotes for 30-year fixed, conventional loans were unlikely to receive even one loan quote in September. This was unchanged from three years ago, even if they offered a relatively high downpayment of 15%-25%.

According to data provided by myFICO.com, nearly 28.4% of Americans have a credit score of 620 or lower.

At the same time, the bar has been set higher for those looking to get the lowest available mortgage rates. Typically, the best mortgage rates are reserved for borrowers with credit scores of 740 or higher, compared to 720 in 2010. Data revealed that 40.3% of Americans currently fall into this category.

http://www.housingwire.com/articles/27081-borrowers-face-difficulties-qualifying-for-a-mortgage