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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.

Did You Know… 52% of Approved Loans Have A Credit Score Under 750?

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.

Bottom Line

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

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Kris and Kim Darney – REALTORS® – Grandparents – 909.985.9392 – CA BRE# 01930954; 01464957; 01458057

712,000 US Homes Moved Into Positive Equity in 2017

712,000 US Homes Moved Into Positive Equity in 2017

The average homeowner gained approximately $14,900 in equity during the past year. Compared to Q3 2016, negative equity decreased 22% from 3.2 million homes, or 6.3% of all mortgaged properties. U.S. homeowners with mortgages (roughly 63% of all homeowners) have seen their equity increase by a total of $870.6 billion since Q3 2016, an increase of 11.8%, year-over-year.

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