What Do You Actually Need to Get a Mortgage?

Need-To-Qualify-KCM

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 Report, which focuses on recently closed (approved) loans.

FICO SCORES

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BACK END DTI

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DOWN PAYMENTS

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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. Call me if you need help determining if you are ready to buy a home.

 

 

JoAnn Petrosino, REALTOR®, ABR, CRS, GRI, CHMS, CNS
Coldwell-Banker Apex Realtors®

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