Two Myths that Can't Stop Lancaster Co. , PA Buyers !

By
Real Estate Agent with KW Elite
https://activerain.com/droplet/4Vvb

2 Myths About Mortgages That May Be Holding Back Buyers

2 Myths About Mortgages That May Be Holding Back Buyers | MyKCM

Fannie Mae’s “What do consumers know about the Mortgage Qualification Criteria?” Study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home.

Myth #1: “I Need a 20% Down Payment”

Fannie Mae’s survey 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.

2 Myths About Mortgages That May Be Holding Back Buyers | MyKCM

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 latest Ellie Mae Origination 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.

2 Myths About Mortgages That May Be Holding Back Buyers | MyKCM

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.

Your first step in entering this competitive market is to obtain a Mortgage Pre-Approval . Email mikeperrykw@gmail.com  to start the process !
 
Posted by

 

Michael J. Perry

KELLER WILLIAMS Elite

www.lancaster4sale.com  

 

1280 Plaza Blvd. , Lancaster, PA 17601

   facebook  Google me  Find us on Google+

Longtime West Lampeter resident and Lancaster County Realtor!

SUBSCRIBE TO MY BLOG VIA EMAIL

Enter your email address:

Delivered by FeedBurner

close

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Don Hess 08/30/2016 05:21 AM
Topic:
Home Buying
Location:
Pennsylvania Lancaster County Lancaster West Lampeter Township
Groups:
1st Time Buyers
ABR-Accredited Buyer Representatives
Keller Williams
Keller Williams Realty Referral Group
Advice for Sellers

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
3,984,822
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I hear these two all the time...Most are amazed when i tell them the truth

Aug 30, 2016 11:48 AM #1
Ambassador
3,551,400
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Two very big myths that I always enjoy dispelling!  Excellent post, Michael!

Aug 30, 2016 01:18 PM #2
Rainmaker
2,813,803
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Can tell you so much about the people who believe in them and also the world they come from

Sep 06, 2016 05:00 PM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
1,863,000

Michael J. Perry

Lancaster, PA Relo Specialist
Ask me a question
*
*
*
*
Spam prevention