Many people have alot of incorrect information when it comes to Buying a Cape Coral Gulf Access Home or otherCape Coral Waterfront Property. There are also alot of people that are just unsure of the obstacles to homeownership.
Fannie Mae did a 50 page study called What Do Consumers Know About The Mortgage Qualification Criteria that revealed this information.
Some of the challenges are Down Payment, Credit Scores, and Debt To Income Ratios. Lets talk briefly about these 3 or you can watch the video below:
Down Payment: There are programs offered by the VA and the USDA that allow you to purchase a home with ZERO down, thats right....NADA!!
Credit Scores: The average credit score according to Ellie Mae for a person buying a home with an FHA loan is 687. There are programs out there that will allow you to have a much lower credit score to buy a home so if you dont have a 687 dont worry. We have a very generous lender on our team that can help you get qualified and mortgage ready.
Debt To Income Ratio: Lenders like to see borrowers with little to no debt but we know thats a hard pill to swallow but I highly recommend becoming debt free ASAP! Lenders want a 36% ratio but many times can go higher to 45% based on credit score and other criteria and requirements.
So to wrap this up....dont give up! There are lots of options again to buy a new home, to achieve your dream of owning a home so make sure the information you have is the right information.