The results of countless studies have shown that potential home buyers, and even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s market.

One such study by the Wharton School of Business at the University of Pennsylvania revealed that many millennials have not yet considered purchasing homes simply because they don’t believe they can qualify for a mortgage.

A recent article about millennials by Realtor.com explained that:

About 72% of aspiring millennial buyers said they’re waiting because they can’t afford to buy…

The article also explained that 29% of millennials believe their credit scores are too low to buy.The problem here is the fact that they think they will be denied a mortgage is keeping them from even attempting to apply.

Ellie Mae’s Vice President Jonas Moe encouraged buyers to know their options before assuming that they won’t qualify for a mortgage:

“Many potential home buyers are ‘disqualifying’ themselves. You don’t need a 750 FICO® Score and a 20% down payment to buy.”

So, what credit score is necessary?

Below is a breakdown of the FICO® Score distribution of all closed (approved) loans in July from Ellie Mae’s latest Origination Report.

Don’t Disqualify Yourself… 52% of Approved Loans Have A FICO® Score Under 750 | Simplifying The Market

Over 52% of all approved loans had a FICO® Score under 750. Many potential home buyers believe that they need a score over 780 to qualify.

Ask Keith Your local Agent

Bottom Line

If owning a home of your own has always been your dream and you are ready and willing to buy, or if you are a homeowner who wants to move up, find out if you are able to! Let’s get together to determine if your dreams can become a reality sooner than you thought!

source: Don’t Disqualify Yourself… 52% of Approved Loans Have A FICO® Score Under 750


3 Things To Know About Buying New Construction

When homebuilders stop building, inventories of homes for sale dwindle and we end up in a tight sellers’ market. While there are many reasons for the recent slowdown in new home construction (high material costs, unavailability of labor, etc.), there is good news on the horizon: they are building again. Buy Property

In fact, new home sales increased more than 6 percent in February, which is “nearly 13 percent higher than February of last year,” according to AP economics writers Christopher S. Rugaber and Josh Boak. Buy Property

That makes this the perfect time to learn the ins and outs of buying a newly constructed home. Sure, a lot of the process is similar to buying an existing home, but, if you’re considering a new home, it’s critical that you understand some of the differences – critical to both your sanity and your pocketbook. Buy Property

3 things to know about buying new construction


Yes, you can: A millennial’s guide to buying a home

That moment when you just can’t stand writing one more check to your landlord so that he can pay his mortgage payment. That is the moment you are emotionally ready to buy your own home, at least according to investment experts. Buy Property

We’d like to extend that list of moments to include the longing to get the kids a dog, drooling over the weird paint color you’d love to use to adorn the bedroom walls and the green thumb, itching to dig in its own backyard. Buy Property

Now starts the sometimes-long road to home ownership that millennials just like you have traveled. Yup, others have paved the way for you, so if you follow their example, at least the examples of those who’ve been successful, you’ll soon be picking up dog poop in your very own backyard. Buy Property

Yes, you can: A millennial’s guide to buying a home


Home-Buying Fears and How to Face Them

Buying a home can be a scary thing, this type of purchase involves a long term commitment from maintenance to financially. Home buyers often are wary that they will purchase the wrong house and be stuck with an investment not worth their money. However, of the issues most home buyers often face, there’s plenty that can be done to alleviate the all too common fears you might experience when purchasing your new home. Buy Property

Home-Buying Fears and How to Face Them