Dont Disqualify Yourself 52 Of Approved Loans Have A FICO Score Under 750

Dated: 08/31/2017

Views: 27

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 | Keeping Current Matters

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.

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! Give us a call or meet with us to determine if your dreams can become a reality sooner than you thought!  We are easy to reach at either 772-233-8352 or 970-250-1979, just ask for Geri or Spencer, Keller Williams Realty of the Treasure Coast!

Latest Blog Posts

The Everything Guide To Selling Your First Home

By: HouseLogicPublished: April 12, 2018How to figure out exactly what you want, and how to work with the experts who’ll help you get it.Selling, a famous salesman once said, is essentially a

Read More

6 Major Mistakes Made When Selling You Home

6 MAJOR MISTAKES MADE WHEN SELLING YOUR HOMEOVER PRICED HOMES  77%A great real estate agent will recommend a price at which to list your home based on comparable homes that have

Read More