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What Do You Actually Need to Get a Mortgage?

Posted By Shirley Smith @ Jan 22nd 2016 11:00am In: Financing

What Do You Actually Need to Get a Mortgage? | Keeping Current Matters

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.

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.

The Coastside Properties team is committed to helping buyers like you.Give us a call today at 760-994-1694 or Toll Free 888-878-9353 to see how we can help you find the home of your dreams! 

 

 



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