Don’t Disqualify Yourself… Over Half of All Loans Approved Have a FICO Score Under 750

By
Mortgage and Lending with AMEC Home Loans | NMLS# 150953 NMLS 274839

The results of countless studies have shown that potential home buyers, and even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s market.

One such study by the Wharton School of Business at the University of Pennsylvania, revealed that many Millennials have not yet considered purchasing a home, simply because they don’t believe they can qualify for a mortgage.

The article quoted Jessica Lautz, the National Association of Realtors’ Managing Director of Survey Research, as saying that there is a significant population that does not think they will be approved for a mortgage and doesn’t even try. The article also quoted Fannie Mae CEO Tim Mayopoulos: 

“I do think that there’s a sense out there in the marketplace among borrowers that credit may not be available, especially for people with lower credit scores.”

Ellie Mae’s Vice President, Jonas Moe recently encouraged buyers to know their options before assuming that they do not qualify for a mortgage:

“Many potential home buyers are 'disqualifying' themselves. 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 from Ellie Mae’s latest Origination Report.

 

Over 50% of all approved loans had a FICO Score under 750. Many potential 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! Let’s get together to determine if your dreams can become a reality sooner than you thought!

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Proudly Serving the Residential Mortgage needs of the wonderful Veterans & People in Wisconsin. Green Bay, Appleton, Oshkosh, and throughout the greater Fox Cities areas.

My team works with each client to determine the best finance package for every scenario; Not only the impact of the loan on their finances today, but 5 and 15 years down the line. Need Credit restoration; We can help. Click Here for a no cost ~ no obligation pre-approval or consultation.

Gwenn Tanvas is a Certified Mortgage Planning Specialists who truly enjoys working with First-Time Home Buyers and Government Programs such as FHA, Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. http://www.WisconsinLoanTips.com or http://www.WisconsinVetLoans.com she can also be reached for comment or to answer questions via email at gwenntanvas@gmail.com

 

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Topic:
Home Buying
Location:
Wisconsin Outagamie County Appleton
Groups:
Realtors Needing the services of the Lending Powers
1st Time Buyers
Real Estate Trends
Tags:
credit score
homebuying tips fico
2016 fall buying guide
amec green bay
amec appleton
american mortgage and equity
green bay home finance
appleton home finance

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Rainmaker
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Kathy Stoltman
Rockwood Realty - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

Gwenn, thanks for giving many people wanting to purchase a home some hope that they can qualify for a loan even if they do not have that 700+ credit score.

Oct 17, 2016 07:01 AM #1
Rainmaker
77,618
Gwenn Tanvas NMLS# 274839
AMEC Home Loans | NMLS# 150953 - Appleton, WI
The Mortgage Gal, 920.267.7891~ SMART - INNOVATIVE

Hi Kathy - It is really amazing how many are afraid to apply. It is so inportant to me and my Team that we continue to educate and help any and all who wish to realize the dream of homeownership. It is always such a delight to sit down with a young family and show them that their dream is about to come true.... :)

Oct 18, 2016 02:47 AM #2
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Rainmaker
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Gwenn Tanvas NMLS# 274839

The Mortgage Gal, 920.267.7891~ SMART - INNOVATIVE
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