WHAT DO YOU ACTUALLY NEED TO QUALIFY FOR A MORTGAGE?
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 really required to qualify for a mortgage when purchasing a home.
To help correct these misunderstandings, let’s take a look at the survey results compared to the latest Ellie Mae Origination Insight Report, which focuses on recently approved loans.
Survey Results vs. What’s Really Required
59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary to qualify.
Many Americans believe a ‘good’ credit score is 780 or higher. 54% of approved mortgages had a credit score of 600-749.