Fannie Mae’s “What do consumers know about the Mortgage Qualification Criteria?” Study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home. Myth #1: “I Need a 20% Down Payment” Fannie Mae’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. […]
Whether You Rent or Buy, You’re Paying a Mortgage
There are some people that have not purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage – either yours or your landlord’s. As The Joint Center for Housing Studies at Harvard University explains: […]
‘Old Millennials’ Are Diving Head-First into Homeownership
Some Highlights: ‘Old Millennials’ are defined as 25-36 year olds according to the US Census Bureau. According to NAR’s latest Profile of Home Buyers & Sellers, the median age of all first-time home buyers is 31 years old. More and more ‘Old Millennials’ are realizing that homeownership is within their reach now! Source: http://www.simplifyingthemarket.com/en/feed/?a=217019-f2452a8f8cdc42dd481fd452124719d3
3 Crucial Questions Most Home Buyers Don’t Know the Answer To…DO YOU?
Whether you are considering the purchase of your first home or trading up to the home your family frequently fantasizes about, there are three crucial questions you must know the answer to: What is the minimum down payment required to purchase a home? What is the minimum FICO score required to qualify for a […]
Would You Qualify for a Mortgage Now?
The widespread myth that perfect credit and large down payments are necessary to buy a home are holding many potential home buyers on the sidelines. According to Ellie Mae’s latest Origination Report, the average FICO score for all closed loans in May was 724, far lower than the 750 or 800 that many buyers believe […]