Don’t Disqualify Yourself… Over Half of All Loans Approved Have a FICO Score Under 750

fico score under 750Worried about your credit score not being high enough to qualify for a mortgage?  Why don’t you let me help you by putting you in touch with a mortgage broker who can tell you if you qualify?  There is no point sitting there paying rent to pay someone elses mortgage if you can pay your own.  AND your mortgage payment quite possibly will be lower than you are paying in rent!  Read this article about credit score then give me a call.  Together we can get you qualified and find you a home so that you can start building equity for you and your family!  Don’t say you can’t; say you CAN!

Courtesy of Keeping Current Matters October 2016

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 a home, simply because they don’t believe they can qualify for a mortgage.

The article quoted Jessica Lautz, the National Association of Realtors’ Managing Director of Survey Research, as saying that there is a significant population that does not think they will be approved for a mortgage and doesn’t even try. The article also quoted Fannie Mae CEO Tim Mayopoulos: 

“I do think that there’s a sense out there in the marketplace among borrowers that credit may not be available, especially for people with lower credit scores.”approved

Ellie Mae’s Vice President, Jonas Moe recently encouraged buyers to know their options before assuming that they do not 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 August from Ellie Mae’s latest Origination Report.

Don’t Disqualify Yourself… Over Half of All Loans Approved Have a FICO Score Under 750 | MyKCM

Over 50% 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 a dream of yours and you are ready and willing to buy, find out if you are able to! Let’s get together to determine if your dreams can become a reality sooner than you thought!

Remember it is always toasty in Naples and you deserve a home of your own.  STOP paying your landlords mortgage!

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