Did You Know… 52% of Approved Loans Have A Credit Score Under 750?
The results of countless studies have shown that potential home buyers. Even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s market.
A study by the Wharton School of Business at the University of Pennsylvania revealed that many millennials have not yet considered purchasing homes. Why?…because they don’t believe they can qualify for a mortgage.
A recent article about millennials by Realtor.com explained that:
“ About 72% of aspiring millennial buyers said they’re waiting because they can’t afford to buy…”
The article also explained that 29% of millennials believe their credit scores are too low to buy. The problem here is the fact that they think they will be denied a mortgage is keeping them from even attempting to apply.
Ellie Mae’s Vice President Jonas Moe encouraged buyers to know their options before assuming that they won’t qualify for a mortgage:
“Many potential home buyers are ‘disqualifying’ themselves. You don’t need a 750 FICO® Score and a 20% down payment to buy.”
So, what credit score is necessary?
Below is a breakdown of the FICO ® Score distribution of all closed (approved) loans in July from Ellie Mae’s latest Origination Report.
Over 52% of all approved loans had a FICO ® Score under 750. Many potential home buyers believe that they need a score over 780 to qualify.
If owning a home of your own has always been your dream and you are ready and willing to buy. If you are a homeowner who wants to move up, find out if you are able to! Let’s get together to determine if your dreams can become a reality sooner than you thought!
Call Us Now To Sell Your Home…
Office: 909.985.9392 or Text Us: 714.657.6634
Historically Speaking, There’s No Housing Bubble! Let’s break this down. From 1975 to 1990, home values trended at standard 5% annual growth. In 1990, when the US entered into a recession, new construction prices fell.
Low Housing Inventory Results in Double Digit Price Increases. If you are a first-time buyer or a seller thinking of moving up, waiting probably doesn’t make sense.
As an owner, your mortgage payment is a form of ‘forced savings’. This allows you to build equity in your home. You can tap into this equity later in life if you choose. As a renter, you guarantee the landlord is the person with that equity.
Each year, most homeowners wait until the spring to sell their houses because they believe that they can get a better deal during the normal spring buyer’s
Make sure all the information listed on your report is accurate and work to correct any mistakes.
The inventory of homes for sale has fallen year-over-year for the last 28 months and has had an upward impact on home prices.
We’re sharing some very exciting news today for First Time Homebuyers! New California State Programs are making homeownership a reality for first time homebuyers. Owned a home in the past?
Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year!
That headline might be a little aggressive; however, as August 2017’s housing market data begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME TODAY!
As we’ve said before, simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth by increasing the equity in your home.
Take advantage of the knowledge of your local REALTORS® professional network to determine how much you can afford.
Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you receive maximum value for your house? Here are two keys to ensure that you get the highest price possible.
It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor in determining how much it has appreciated over the course of the last year.
Many millennials who rent a home or apartment prior to buying their own homes. They dream of the day that they will be able to paint the walls whatever color they’d like. And, of course, renovate an outdated part of their living space.
Despite some claims that homeownership’s importance to the American Dream is in decline, the report found that the dream of homeownership remains strong.
There are some homeowners who are patiently waiting to get the price they hoped for when they originally listed their houses for sale.
Hiring a real estate professional to buy your dream home, or sell your current house, is one of the most ‘educated’ decisions you can make!
Your children have finally moved out and you and your spouse now live alone in a four-bedroom colonial (or a similar type of house). You have two choices to make: