What Do You Actually Need to Get a Mortgage?

Share this... Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Pin on PinterestPrint this page

What Do You Actually Need to Get a Mortgage? - Latina on Real Estate

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 Score - Latina on Real Estate

BACK END DTI

Average Back End DTI - Latina on Real Estate

DOWN PAYMENTS

Average Down Payment - Latina on Real Estate

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.

Leave a Reply

Your email address will not be published. Required fields are marked *