A recent survey byIpsosfound thattheAmerican public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market.Thestudy pointed out two major misconceptions that we want to address today.
1. Down Payment
Thesurvey revealed that consumers overestimatethedown payment funds needed to qualify for a home loan. According tothereport, 36% think a 20% down payment is always required. In actuality, there are many loans written with adown payment of 3% or lessandthenumber has increased throughthefirst quarter oftheyear as shown bythegraph below:
2. FICO Scores
Thesurvey also reported that two-thirds oftherespondents 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,theaverage FICO scores of approved conventional and FHA mortgages are much lower:
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. http://andrew.xceptionalrealty.com/finance.php
Report by Ricky KhamisRealtor Report2016 Best Year for Housing in a De
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