Beverly Meola, REALTOR, GRI, CBR, PSA
  • Home
  • Sellers
    • WhatsMyHomeWorth?
  • Market Reports
  • Buyers
    • Buyer Questionnaire
    • Search Listings
    • Featured Listings >
      • 15-1 Nichols St
    • Neighborhood Information >
      • West Boylston MA
      • Holden, MA
  • Blog
  • About

2 Myths About Mortgages That May Be Holding Back Buyers

8/25/2016

Comments

 
Picture
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.
Picture
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 MaeOrigination 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.
Picture
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!
Comments

    Archives

    September 2020
    August 2020
    July 2020
    April 2020
    March 2020
    February 2020
    January 2020
    November 2019
    October 2019
    September 2019
    May 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    June 2018
    May 2018
    April 2018
    March 2018
    January 2018
    November 2017
    September 2017
    August 2017
    June 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    May 2016
    April 2016

    Categories

    All
    Buyers
    Market Update
    Millennials
    Sellers
    Seller Tips
    Tips For Homeowners

    RSS Feed

Susan Meola Properties, Inc.
Susan Meola Properties, Inc. | 97 Worcester Street | West Boylston, MA | (508) 835-8030
Licensed in the Commonwealth of Massachusetts
Privacy Policy
Picture
Picture
Photo used under Creative Commons from France1978
  • Home
  • Sellers
    • WhatsMyHomeWorth?
  • Market Reports
  • Buyers
    • Buyer Questionnaire
    • Search Listings
    • Featured Listings >
      • 15-1 Nichols St
    • Neighborhood Information >
      • West Boylston MA
      • Holden, MA
  • Blog
  • About