Again You Do Not Need 20 Percent Down To Buy A Home

Again You Do Not Need 20 Percent Down To Buy A Home

https://goo.gl/AMyDRE

Again… You Do Not Need 20% Down to Buy NOW!

Again… You Do Not Need 20% Down to Buy NOW! | MyKCM

A survey by Ipsos found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. There are two major misconceptions that we want to address today.

1. Down Payment

The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 40% of consumers think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less.

Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.

2. FICO® Scores 

The survey also revealed that 62% of respondents believe they need excellent credit to buy a home, with 43% thinking a “good credit score” is over 780. In actuality, the average FICO® scores of approved conventional and FHA mortgages are much lower.

The average conventional loan closed in February had a credit score of 752, while FHA mortgages closed with a score of 686. The average across all loans closed in February was 720. The chart below shows the distribution of FICO® Scores for all loans approved in February.

Again… You Do Not Need 20% Down to Buy NOW! | MyKCM

Bottom Line

If you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but are not sure if you are ‘able’ to, let’s sit down to help you understand your true options.


John Priestash Headshot
Author:
Phone: 972-800-7369
Dated: April 3rd 2017
Views: 125
About John: John was born and raised in Pennsylvania and has now lived in Texas for 10 yrs. Upon graduating high...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Owning A Home Is A Good Financial Investment - Homeownership Is a Good
Demand High As Mortgage Rates Remain Low - According to the Mortgage Bankers
5 Easy Ways To Sell Your House Quickly - 1) Hire a licensed REALTOR® 
DFW Home Appraisals Best Left To Humans Not Computers Or Robots - In the Terminator movies, a robot

Our Bloggers

The Doyle Team * - 2
Comprar Casa DFW * - 2
Gabrielle Armstrong - 5
Cara Balderas - 50
Tami Bennett - 45
Justin Blackburn - 1
Jessica Boozer - 18
Rhonda Borgne - 1
Olivia Borowski - 1
Jennifer Boyd - 2
Deborah Boyd - 390
Jamie Brannagan - 1
Kathryn Brick - 1
Annette Bruen - 20
Moira Brunken - 18
Beverly Bryant - 23
Ana Cantu - 1
Lisa Cardillo - 53
Bob Cardillo - 4
Lucina Cervantes - 11
Gregory Cornett - 2
Angela Cotten - 85
Missie Craig - 12
Greg Cunningham - 2
Sarah Dieter - 9
Belinda Duff - 5
Leah Ecob - 15
Kristine Edens - 3
Jill Elliott - 99
Laneal Ernest - 9
Nicole Espinosa - 27
Christopher Evans - 1
Heather Feragotti - 8
Mark Fischer - 2
Susan Florsch - 12
Jennifer Flynn - 9
Leslie Fogle - 101
Larry Frassinelli - 6
Chad Gabriel - 58
Shalee Garza - 10
Timothy Gilliam - 2
Christina Gonzalez - 5
Wilma Goodwin - 2
William Graves - 5
Kristen Henderson - 1
Beth Herr - 1
Hunter Howard - 1
Sandra Hunt - 89
Bill Hurd - 3
Gary Hutchings - 20
Rachel Jama - 47
Trenton Johnson - 15
Felicia Johnson - 79
Dakota Joyner - 8
Jemi Khan - 26
Leigh Klotz - 5
Amber L Johnson - 9
Michele Lafortune - 22
Wanda Lewis - 2
Stacy Lynn Massar - 27
Jennifer Menting - 17
Mikki Migis - 8
Richard Mikus - 1
Sean Moniri - 21
Naddia Morales - 10
Keith Moses - 9
Mark Mulch - 19
Erick Murphy - 6
Steve Murray - 1
Julie Nicholson - 10
Nikki Okpuzor - 3
Alan Oliver - 7
Kelly Oltmann - 4
Kaysone Orlando - 1
Holli Paddio - 3
JP Piccinini - 50
Julie Ann Pickering - 85
Ann-Marie Pope - 2
John Priestash - 19
Joshua Putman - 111
Mimi Rader - 1
Shelia Randolph - 33
Teneka Ray - 1
Go 2 Girls Realty - 173
Bethany Rowan - 15
Kristi Roy - 1
Kelly Rumney - 9
Amy Jo Saenz - 3
Linda Scardis - 4
Sandy Setliff - 215
Christine Shannon - 30
Rene Sinclair - 27
Shelby Smith - 3
Bryce Smith - 5
Monica Solkhon - 1
Rodrigo Sotomayor - 16
Jenna Stanley - 9
Tim Stoll - 19
Kelley Stubbs - 3
Melodie Sulgrove - 1
Seana Taylor - 208
Mary Taylor - 14
Kevin Taylor - 15
Julian Taylor - 17
Erica Taylor - 54
Angela Taylor - 1
Karla Terrell - 2
Joey Thomas - 2
Michele Thompson - 6
Jason Todd - 24
Andrea Trimble - 55
Diane Velez - 17
Debbie Viverito - 132
Nick Walton - 75
Spring Weeks - 9
Clint White - 2
Michael Worley - 160
Martina Worley - 2
Keisha York - 30
Audra Young - 1
Debbie Zurita - 17

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

JP And Associates REALTORS
6175 Main Street #355 Frisco Texas 75034
Frisco, TX
972-375-9448
4692875503

Other Locations