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 score is necessary?
Below is a breakdown of the FICO Score Distribution of all closed (approved) loans in August...
Over 50% of all approved loans in CT had a FICO Score under 750. Many potential CT home buyers believe that they need a score over 780 to qualify.
Bottom Line
If owning a home of your own has always been a dream of yours and you are ready and willing to buy, find out if you are able to! Meet with a real estate professional at Dave Jones Realty who can help you determine if your dreams can become a reality sooner than you thought!
Comments(0)