One More Time You Do Not Need 20 Down To Buy NOW

One More Time You Do Not Need 20 Down To Buy NOW

A survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today's housing market. The study pointed out 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, 36% 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 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 scoresof approved conventional and FHA mortgages are much lower. The average conventional loan closed in March had a credit score of 753, while FHA mortgages closed with a 685 score. The average across all loans closed in March was 722. The chart below shows the distribution of FICO Scores for loans approved in March. 


FICO Score Distribution | Keeping Current Matters

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, sit down with a professional who can help you understand your true options.


Deborah Boyd Headshot
Author:
Phone: 940-368-1306
Dated: April 26th 2016
Views: 891
About Deborah: My family has lived in North Texas for generations so I personally know the residential areas of Fri...

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