ct credit checks: 2 Myths That May Be Holding Back Connecticut Buyers
- 01/30/17 05:19 AM
Fannie Mae’s article, “What Consumers (Don’t) Know About Mortgage Qualification Criteria,” revealed that “only 5 to 16 percent of respondents know the correct ranges for key mortgage qualification criteria.” Myth #1: “I Need a 20% Down Payment”Fannie Mae’s survey revealed that CT consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, many CT residents either don’t know or are misinformed about the minimum down payment required. Many believe that they need at least 20% down to buy their dream CT home, but many programs actually let buyers put down as little as 3%. Below are the results of a … (0 comments)
ct credit checks: Student Loans= Higher Credit Scores CT!
- 12/26/16 06:09 AM
Student Loans = Higher Credit Scores According to a recent analysis by CoreLogic, CT millennial renters (aged 20-34) who have student loan debt also have higher credit scores than those who do not have student loans. This may come as a surprise, as there is so much talk about student loans burdening Millennials and holding them back from many milestones that previous generations have been able to achieve (i.e. homeownership, investing for retirement). CoreLogic used the information provided on rental applications and the applicants’ credit history from credit bureaus to determine if there was a correlation between student loan debt and credit scores. The analysis … (3 comments)
ct credit checks: Dont Disqualify Yourself! Half of Loans Approved Have a FICO Under 750
- 10/16/16 11:53 PM
The results of countless studies have shown that potential Connecticut home buyers, and even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s CT market. Many CT Millennials have not yet considered purchasing a home, simply because they don’t believe they can qualify for a mortgage. There is a significant population that does not think they will be approved for a mortgage and doesn’t even try. I encourage buyers to know their options before assuming that they do not qualify for a mortgage. You don't need a 750 FICO Score and a 20% down payment to buy! So what credit … (0 comments)
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