Getting A Mortgage? This is a Must Read!

By
Real Estate Broker/Owner with New York Real Estate Experts

What Do You Actually Need to Get a Mortgage? | Keeping Current Matters

Fannie Mae recently released their “What do consumers know about the Mortgage Qualification Criteria?” Study. The study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home. Here are three takeaways:

§ 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary

§ 86% of Americans either don’t know (59%) or are misinformed (25%) about what an appropriate Back End Debt-to-Income (DTI) ratios is

§ 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required

To help correct these misunderstandings, let’s take a look at the latest Ellie Mae Origination Insight Report, which focuses on recently closed (approved) loans.

FICO SCORES

Average FICO Score | Keeping Current Matters

BACK END DTI

Average Back End DTI | Keeping Current Matters

DOWN PAYMENTS

Average Down Payments | Keeping Current Matters

Bottom Line

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.

 

www.NYREEX.com

 

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Rummy Dhanoa - Broker with New York Real Estate Experts

 

Rummy Dhanoa - Broker with New York Real Estate Experts

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Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
New York Westchester County Yonkers
Groups:
Westchester Real Estate Network (WREN)
Tags:
home buying
getting a mortgage
rummy dhanoa
mortgage requirements
new york real estate experts
nyreex

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