Posts Tagged ‘FICO’

What is holding you back from buying a home?

Tuesday, November 13th, 2018

Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership: Down Payment, Credit, and Affordability,” which revealed that, “Consumers often think they need to put more money down to purchase a home than is actually required. In a 2017 survey, 68% of renters cited saving for a down payment as an obstacle to homeownership. Thirty-nine percent of renters […]

You DO NOT Need 20% Down to Buy Your Home NOW

Thursday, July 5th, 2018

The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) 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. The results of the survey show that the main reason why non-homeowners do not own their own homes is because they believe that […]

Home Buying Myths Slayed

Wednesday, April 25th, 2018

Some Highlights: The average down payment for first-time homebuyers is only 6%! Despite mortgage interest rates being over 4%, rates are still below historic numbers. 88% of property managers raised their rents in the last 12 months! The credit score requirements for mortgage approval continue to fall.

Boomerang Buyers: Most Qualify for Financing in 2-3 Years

Wednesday, April 11th, 2018

According to a new study from Lending Tree, Americans who have filed for bankruptcy (boomerang buyers) may be able to rebuild enough credit to qualify for a home loan in as little as 2-3 years. This is in stark contrast to the belief that many have that they need to wait 7-10 years for their […]

FICO® Scores on Approved Home Loans Drop Again

Tuesday, January 16th, 2018

According to Ellie Mae’s latest Origination Report, the average FICO® Score on all closed loans dropped to 722. This is its lowest mark since April. The average includes all approved refinance and purchase loans. FHA and VA loans showed the most opportunity for millennials looking to enter the market with low down payments and even […]

Thinking About Buying? Know Your Credit Score

Friday, November 3rd, 2017

Knowing your credit score or getting a recent copy of your credit report is one of the first steps that you can take toward knowing how ready you are to start the home buying process. Make sure all the information listed on your report is accurate and work to correct any mistakes. The higher your […]

2 Myths Holding Back Home Buyers

Thursday, June 29th, 2017

In Realtor.com’s recent article, “Home Buyers’ Top Mortgage Fears: Which One Scares You?” they mention that “46% of potential home buyers fear they won’t qualify for a mortgage to the point that they don’t even try.” Myth #1: “I Need a 20% Down Payment” Buyers overestimate the down payment funds needed to qualify for a […]

Are Mortgage Standards Easing Too Much?

Wednesday, October 19th, 2016

There is no doubt that getting a mortgage is easier today than it was right after the housing crash a decade ago. However, the easing of credit availability has led to some questioning of whether or not we are headed for another housing crisis. Let’s put everything into the proper perspective. Mortgage Credit Availability Over […]

Slaying the Myths about home buying

Tuesday, July 26th, 2016

Facts: You don’t need a perfect FICO score. To qualify for FHA Loan (typically with 3% down) a FICO score of 686 may get you qualified! Mortgage Interest Rates are still at record lows.  The typical 30 year conventional loan rate is around 3.42% The average downpayment for first time home buyers is 6%, while […]

One more time, you do not need 20% down payment to buy a house

Thursday, May 12th, 2016

A survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today.  1. Down Payment The survey revealed that consumers overestimate the down payment funds needed to […]



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