What Do You Actually Need to Get a Mortgage?
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
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.
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