• Mike Gratland

Tired of Renting? You Do Not Need 20% Down to Buy a Home NOW!


A survey by Ipsos found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. There are two major misconceptions that we want to address today. 

1. Down Payment The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 40% of consumers think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less. Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket. 2. FICO® Scores The survey also revealed that 62% of respondents believe they need excellent credit to buy a home, with 43% thinking a “good credit score” is over 780. In actuality, the average FICO® scores of approved conventional and FHA mortgages are much lower. The average conventional loan closed in February had a credit score of 752, while FHA mortgages closed with a score of 686. The average across all loans closed in February was 720. The chart below shows the distribution of FICO® Scores for all loans approved in February. Again… You Do Not Need 20% Down to Buy NOW!  

Bottom Line If you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but are not sure if you are ‘able’ to, sit down with a professional who can help you understand your true options. 

I associate myself with the best professionals in the industry who truly care and are willing to help you accomplish your dream of homeownership. 

Source The KCM Crew on April 3, 2017

#RealEstate #Homeowners #Firsttimehomeowners #Homeloans #Buyingahome #Howmuchfordownpayment #FICOscores

Sell Your Home In 72 Hours & Net Thousands More!

There Is A Better Way To Sell Real Estate. Our "72 sold" program has a proven track record yielding our clients more money for their homes. Every home is properly evaluated, and guaranteed to have the best photography, quality print materials and compelling digital ads.

 

It's not always about price... sometimes it's the best terms that you can benefit from, and only an experienced realtor will have this kind of knowledge.

Mike Gratland & our exceptional real estate team has been offering outstanding real estate service and helping people realize their real estate goals since 1999

 

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72HourSOLD | Realtor Mike Gratalnd