What Do You Actually Need To Get A Mortgage

What Do You Actually Need To Get A Mortgage

Fannie Mae recently released their “What do consumers know about the Mortgage Qualification Criteria?” Study. The study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home. Here are three takeaways:


59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary


86% of Americans either don’t know (59%) or are misinformed (25%) about what an appropriate Back End Debt-to-Income (DTI) ratios is


76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required


To help correct these misunderstandings, let’s take a look at the latest Ellie MaeOrigination Insight Reportwhich focuses on recently closed (approved) loans.


FICO SCORES

Average FICO Score | Keeping Current Matters

BACK END DTI

Average Back End DTI | Keeping Current Matters

DOWN PAYMENTS

Average Down Payments | Keeping Current Matters

Bottom Line

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.


Deborah Boyd Headshot
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Phone: 940-368-1306
Dated: January 22nd 2016
Views: 895
About Deborah: My family has lived in North Texas for generations so I personally know the residential areas of Fri...

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JP And Associates REALTORS
6136 Frisco Sq Blvd, #200
Frisco, TX
972-375-9448


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