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!
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Office: 909.985.9392 or Text Us: 714.657.6634
According to Black Knight Financial Service’s Mortgage Monitor Report, 1.5 million Americans have purchased a home with down payments under than 10% over the last 12 months.
One of the main reasons why For Sale By Owners (FSBOs) don’t use a real estate agent is because they believe they will save the commission an agent charges for getting their house on the market and selling it.
When a homeowner decides to sell their house, they obviously want the best possible price for it with the least amount of hassles along the way. However, for the vast majority of sellers, the most important result is actually getting their homes sold.
Buyer demand is increasing as the inventory of homes available for sale remains low. If you are thinking about listing your home for sale this year, let’s meet up so I can help you take advantage of current market conditions!
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups
The majority of states in the Midwest and South offer a lower cost of living compared to Northeast and Western states.
Millennials are not the ‘renter’ generation. Millennials purchased a larger percentage (34%) of homes in the U.S.
Spring is traditionally the busiest season for real estate. Buyers, experiencing cabin fever all winter, emerge like flowers through the snow in search of their dream home.
The outlook for 2017 remains positive as well, as an additional 600 thousand properties will regain equity if home prices rise another 5% this year.
Selling your home is a matter of competition in today’s real estate. You’re competing with other like minded sellers all fighting for the right offer at the right from an eager buyer.
Do Your Future Plans Include a Move? What’s Stopping You from Selling Now? Are you an empty-nester? Do you want to retire where you are, or does a vacation
California Prop 60 and Prop 90 Property Tax Transfer Rates
Home Buyer Demand Continues To Outpace Homes For Sale. The price of any item is determined by the supply of that item, as well as the market demand.
Inventory Drops Again, Sales Slow. Inventory of existing homes for sale dropped to a 4.3-month supply, marking the 25th month in a row of declines.
Americans who have money to set aside for the next 10 years would rather invest in real estate than any other type of investment.
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