The truth about FICO score can finally be revealed. There is no reason to continue to wonder what is really going on. A recent study showed that homeowners have an inflated view on what is required to get a mortgage in today’s market. This is actually good news because more people can qualify for a mortgage, they just may not know it. That is why it is important to spread the word, and make sure that old myths are quelled. In fact, most of the loans that were closed mid year had an average score of less than 750.
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.”
Fannie Mae CEO Tim Mayopoulos also has said: “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.”
Below is an illustration provided by Keeping Current Matters, showing the breakdown of the Fico Score Distribution in closed loans. What is important to see if that over 50% of the loans closed had a Fico score less than 750.
Below is a little video, we hope you will enjoy. Remember that being pre-approved before shopping is a very important step. Pre-approval allows you to shop with confidence, and submit stronger purchase bids. Of course, Fico scores are important, but shouldn’t stop you from inquiring. Home ownership may be closer than you think.
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Provided Courtesy of Turner Real Estate Group Keller Williams Fort Mill SC
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