What Do You Actually Need to Get a Mortgage?

    What Do You Actually Need to Get a Mortgage? | Simplifying The Market

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

    FICO SCORES

    Average FICO Scores | Simplifying The Market

    BACK END DTI

    Average Back End Debt DTI | Simplifying The Market

    DOWN PAYMENTS

    Average Down Payment | Simplifying The Market

    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.

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