Home buyers, do you think to yourself, “Oh, I could never qualify for a mortgage loan, my FICO score isn't high enough”?
If you are a Millennial, or any other age group, and have not considered buying a home because you think you just won’t qualify for a mortgage loan, think again. A countless number of surveys and studies show that home buyers have a misunderstanding of what is required to qualify for a mortgage loan today.
Jessica Lautz, the National Association of Realtors’ Managing Director of Survey Research, says there is a large number of people who think they cannot be approved for a mortgage, so they don’t even try.
Fannie Mae CEO Tim Mayopoulos is quoted as saying, “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.”
Home buyers were encouraged by Ellie Mae’s Vice President, Jonas Moe to explore their home buying options before the assume they will not qualify for a mortgage loan, and said, “Many potential home buyers are 'disqualifying' themselves. You don't need a 750 FICO Score and a 20% down payment to buy.”
Your credit score, or the need for a credit score, gets a lot of press. What credit score is necessary? Ellie Mae did a breakdown of all closed mortgage loans in August, 2016 and the chart below shows the breakdown of credit scores.
Half of the loans approved and closed had a credit score of under 750. Surprised. Maybe not because most home buyers, even current home owners, think they need a score of over 750 to quality for a mortgage loan.
If owning a home, or moving up into a larger home or to a vacation home, is your dream, call me and I will help you determine if your credit score hits the mark!
Lisa Bieri PASSION for Results. CONCERN forPeople Keller Williams Realty
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Lisa Bieri is a broker associate with Keller Williams Realty, with an office in Door County, Wisconsin. I represent sellers and buyers from all walks of life and in all price points all over Door County and am a multi-year, multi-million dollar real estate consultant. I hold the Certified Residential Specialist (CRS), ePro, Graduate Realtors Institute (GRI), Recreational Resort Specialist (RRS), Seniors Real Estate Specialist (SRES) and Certified Distressed Property Expert (CDPE) designations. Continual education in the real estate field is of great importance to me.
I am a member of the Door County Board of Realtors, recipient of the Door County Board of Realtors Honor Society 2009-2015, Door County Realty’s Top Agent in 2012, 2013 and 2014, top agent for Keller Williams in Door County 2015, Keller Williams Green Bay Pioneer Award 2015, a member of the Sevastopol School Board and active in local town government.
I am pleased to assist you in any of the Door County communities - Gills Rock, Ellison Bay, Sister Bay, Liberty Grove, Ephraim, Fish Creek, Gibraltar, Egg Harbor, Carlsville, Baileys Harbor, Jacksonport, Sevastopol, Whitefish Bay, Glidden Drive, Valmy, Institute and Sturgeon Bay. Call me to talk about Door County real estate for sale, Door County property for sale, Door County vacant land and homesites for sale, Door County homes for sale, Door County waterfront homes for sale on Lake Michigan, Bay of Green Bay, Clark Lake and Kangaroo Lake, and Door County condos for sale.
I live and work in Door County so consider me your resource for all things Door County, including what to do in Door County, Door County, Wisconsin. Search the Door County Real estate market, get all the new Door County listings, read and participate in Door County real estate discussions a