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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California Residents: 140% or more Underwater…CalHFA to the Rescue
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Fannie Mae Finds Fix for Incorrect Credit Reporting of Short Sales…Buy Sooner
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RE Brokers or Agents Not Allowed to Represent Both Seller & Buyer on FHA Short Sale
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Look Up for Changes!
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2.3 Million California Homeowners Are “Almost” or Completely Underwater as of July 2013
Recent numbers place California in the same state of affairs it was just 6 months back! Roughly 6.8 Million SFR mortgages of which 2.3 million are close to or are clearly underwater. A rise in interest rates could throw this number even further into the red…which, is likely to happen over the next few months…above the 5% level! :/
Housing Bubble…Short Sales…Zombie Foreclosures…2014 will be interesting!
Summer Trends Point to another housing bubble
California Short Sale Relocation Program Offers $5,000 to Complete A Short Sale
Great News for those of us in the Golden State.
“There’s Gold in them their short sales!”
Yes…State fo California through CalHFA, is offering up to $5000 to 460 homeowners in CA to complete a short sale successfully.
FHA Back to Work Lending Guidelines: Repurchase 12 Months After Short Sale
What we have been waiting for: FHA announces Re-Purchase Program 12 Months after SHORT SALE.
Eligibility Requirements:
Experienced and Economic Event… (Vague? Most homeowners have been hit with an unforeseen economic hardship)
Must Be Fully Recovered… (You’ve been employed and making money for the last 12 months and your credit reflects your recovery)
Complete HUD Housing Counseling… (Pretty simple…takes an hour or so and you receive a certificate)
Reduction of 20% of your income Due To The Economic Event… (In our experience, this is representative of 90% of the homeowners that have short sold their homes)
Homeowners… are you Distressed Out? Listen & Hear!
Our latest podcast with Larry Bass... ForeclosureAnswerMan.com out of Colorado. Listen, Learn and share with your friends and family in need:
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HAFA Short Sale Extended Through December 31, 2015
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