Fannie Mae’ssurvey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required.
Many believe that they need at least 20% down to buy their dream home. New programs actually let buyers put down as little as 3%.
Below are the results of a Digital Risk survey of Millennials who recently purchased a home.
As you can see, 64.2% were able to purchase their home by putting down less than 20%, with 43.8% putting down less than 10%!
Myth #2: “I need a 780 FICO Score or Higher to Buy”
The survey revealed that 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary to qualify.
Many Americans believe a ‘good’ credit score is 780 or higher.
To help debunk this myth, let’s take a look at the latestEllie MaeOrigination Insight Report, which focuses on recently closed (approved) loans. As you can see below, 54.1% of approved mortgages had a credit score of 600-749.
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.
Author:William Dodge Phone: 602-980-3638 Dated: August 23rd 2016 Views: 464 About William: ...
Solutions Real Estate has the Solution to all of your Arizona Real Estate needs. Veteran owned company based in Gilbert, Arizona with several offices throughout the Phoenix Metropolitan area. Currently expanding in southern California in the San Diego market.
"I have worked with several realtors but none with the passion and drive that Adriana Klink has. Adriana made me feel comfortable and excited about my listing. She thought out of the box and came up with refreshing ideas other relators had not thought of to get my house more exposure. Adriana went above and beyond to become my home's advocate. She did not stop when meeting opposition from the HOA, it only made her more persistent.
Adriana eagerly looked for opportunities to introduce my home to potential clients whenever she could. Rather than sending an email and hoping it would lead to something, Adriana traveled to communities near and far to create relationships with other agencies.
Adriana kept me well informed throughout the time as my agent. Copies of documents I signed were also sent for my records and she followed up on any leads or visit to receive feedback.
I would recommend Adriana to anyone looking for a Realtor that will go above and beyond! She will not only represent your home, she will make you feel informed, comfortable and confident!