Your "Local" Specialist Blog

Buyers: What do You Need to Qualify for A Home Mortgage????
December 10th, 2015 6:02 PM
What You Really Need To Qualify For A Mortgage

Posted: 08 Dec 2015 04:00 AM PST

What You Really Need To Qualify For A Mortgage | Keeping Current Matters
A recent survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today.

1. Down Payment

The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 5% or less. Below are the results of a Digital Risk survey done on Millennials who recently purchased a home. Millennials & Down Payments | Keeping Current Matters

2. FICO Scores

The Ipsos survey also reported that two-thirds of the respondents believe they need a very good credit score to buy a home, with 45 percent thinking a “good credit score” is over 780. In actuality, the average FICO scores of approved conventional and FHA mortgages are much lower. Below are the numbers from the latest Ellie Mae report. Average FICO Score | Keeping Current Matters

Bottom Line

If you are a prospective purchaser who is ‘ready’ and ‘willing’ to buy but not sure if you are also ‘able,’ sit down with someone who can help you understand your true options.

Posted in:General
Posted by Cheryl Talbot ABR,GRI,e-PRO,MRP,SFR on December 10th, 2015 6:02 PMPost a Comment

Subscribe to this blog

Archives:

My Favorite Blogs:

Sites That Link to This Blog: