Close
Close
  • Archive
    •     2018
    •     2017
    •     2016
    •     2011
    •     2009

Kye Sampson

Intero River Oaks Office

Kye In The City

Take 1 Minute to Update Yourself on YOUR Housing Market

Welcome to Kye's Real Estate Blog, enjoy and please leave a comment, your feedback is important!

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


October 18th, 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.”

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!

Follow Link Below:

https://goo.gl/DxJSds


Join the discussion

To post a comment on this blog post, you must be an HAR Account subscriber, or a member of HAR. If you are an HAR Account subscriber or a member of HAR, please click here to login. If you would like to create an HAR Account account, please click here.

Login to Comment
Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®
Intero River Oaks Office
2800 Kirby Dr #B242, Houston, TX 77098   Get Directions
Phone: (713) 568-2389
Fax: (713) 239-8110