What Do You Actually Need To Get A Mortgage

What Do You Actually Need To Get A Mortgage

What Do You Actually Need to Get a Mortgage?


What Do You Actually Need to Get a Mortgage? | Keeping Current MattersFannie Mae recently released their “What do consumers know about the Mortgage Qualification Criteria?” Study. The study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home. Here are three takeaways:
  • 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary

  • 86% of Americans either don’t know (59%) or are misinformed (25%) about what an appropriate Back End Debt-to-Income (DTI) ratios is

  • 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required

To help correct these misunderstandings, let’s take a look at the latest Ellie MaeOrigination Insight Report, which focuses on recently closed (approved) loans.

FICO SCORES

Average FICO Score | Keeping Current Matters

BACK END DTI

Average Back End DTI | Keeping Current Matters

DOWN PAYMENTS

Average Down Payments | Keeping Current Matters

Bottom Line

Whether buying your first home or moving up to your dream home, knowing your options will definitely make the mortgage process easier. Your dream home may already be within your reach.


Homes are available for NO DOWN PAYMENT if you have a 660 credit score with down payment assistance.

(If you have a 580 or higher credit score there are options for you as well with very little down)

See if you Qualify.  Fill out the link below

http://www.andrew.xceptionalrealty.com/resources/apply-now


Dawn Green Headshot
Author:
Phone: 480-227-1658
Dated: February 9th 2016
Views: 821
About Dawn: ...

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AZ Xceptional Realty
2450 S Gilbert Rd #206
Chandler, AZ
480-725-7571
602-344-9333