What Do You Really Need to Qualify for a Mortgage?

What-You-Need-KCM

 

 

 

 

 

 

A recent survey found that many Americans are not certain what is actually required to qualify for a mortgage in today’s market. This article clarifies two misconceptions!

1. Down Payment

The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less.

2. FICO Scores

The Ipsos survey also reported that two-thirds of the respondents believe they need a very good credit score to buy a home, with 45 percent thinking a “good credit score” is over 780. In actuality, the average FICO scores of approved conventional and FHA mortgages are much lower.

To learn more go to:

http://www.keepingcurrentmatters.com/2015/09/03/what-do-you-really-need-to-qualify-for-a-mortgage/