Fannie Mae’ssurvey 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.
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 latestEllie 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.
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.
Author:Marc Joseph Phone: 239-424-8805 Dated: August 31st 2016 Views: 4,115 About Marc: Marc Joseph, Broker / Owner
Our office is the leader and expert in the foreclosure market. As the...
Our office is the leader and expert in the Real Estate market. As the broker for over 24 years in Lee County, I have been interviewed by the following media sources, NPR, Today Show, NBC Nightly News, Wall Street Journal, Washington Post, LA Times, Miami Herald, PBS NewsHour, Time Magazine, Life Magazine, Realty Trac's Foreclosure Report's, ABC Dateline, CNN Court TV, Jay Thomas Show, FGCU Happening Now, Florida Realtor Magazine, Boat Us Magazine, and countless international interviews. All as a result of our extensive market knowledge and proactive approach to selling homes.
We are direct Fannie Mae and Direct Freddie Mac Vendors with offices in Lee County, Pinellas County, Marion County and Duvall County.
We are the REO market leaders and the only company in SW Florida with a Free Foreclosure Tour Bus. We are the experts and have the credentials to back it up. I also hold a REO certification from the prestigious Five Star Institute. This certification is only earned by a select few in our industry that have passed an intensive course and test. With over 24 years of local experience and credentials only one real estate in SW Florida can demonstrate. My company prides itself on customer service and one on one attention. Designations also include the GRI (Graduate of the Real Estate Institute). Former CMA Lic, and a 4 year BS degree from Florida State University. Finally, born here in Lee County I believe in making a proactive difference in our local real estate market.