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Dated: April 22 2020
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Urban Institute recently released a report
entitled, “Barriers to Accessing Homeownership: Down Payment, Credit, and Affordability,” which revealed that,
Buyers often overestimate the down payment funds needed to qualify for a home loan. According to the same report:
These numbers do not differ much between non-owners and homeowners. For example, “30% of homeowners and 39% of renters believe that you need more than 20 percent for a down payment.”
While many believe that they need at least 20% down to buy their dream homes, they do not realize that there are programs available which allow them to put down as little as 3%. Many renters may actually be able to enter the housing market sooner than they ever imagined with programs that have emerged allowing less cash out of pocket.
Similar to the down payment, many either don’t know or are misinformed about what FICO® score is necessary to qualify.
Many Americans believe a ‘good’ credit score is 780 or higher.
To help debunk this myth, let’s take a look at Ellie Mae’s latest Origination Insight Report, which focuses on recently closed (approved) loans.
As you can see in the chart above, 51.7% of approved mortgages had a credit score of 600-749.
Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Your dream home may already be within your reach.
There are a variety of benefits associated with owning a home. Most obvious is the opportunity for price appreciation.Mortgages can also act as an invisible, forced savings account. Amortizing
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