What You Really Need To Qualify For A Mortgage

By
Real Estate Agent with LUXE Estates & Lifestyles NV Lic #S.70381

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.

Down Payments | Simplifying The Market

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.

FICO Scores | Simplifying The Market

Bottom Line

If you are a prospective purchaser who is ‘ready’ and ‘willing’ to buy but not sure if you are also ‘able,’ let's get together and discuss your options.

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Kristine Dugan    REALTOR® | Certified Residential Specialist    
Luxe Estates & Lifestyles    Keller Williams Coastal Estates    
m. 702.332.7781   | NV DRE 70381  CalBRE 01958282  
e. info@KristineDugan.com   | w. www.KristineDugan.com      
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Topic:
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qualifying for a mortgage
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Rainmaker
509,225
Michele Connors
The Overton Group, LLC Pitt & Carteret County - Greenville, NC
Your Eastern North Carolina Realtor

Nice visual and advise Kristine Dugan !

Dec 11, 2015 01:48 AM #1
Rainmaker
3,140,249
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Kristine Dugan Thanks for the valuable qualifying tips for a mortgage.

Dec 11, 2015 10:01 AM #2
Rainmaker
48,298
Kelly Hagglund
The Kelly Group Real Estate - Newberg, OR
SW Portland Real Estate Expert

Thanks so much for sharing Kristine Dugan! Such great information and education for would-be buyers

Dec 28, 2015 03:57 AM #3
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Kristine Dugan

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