What You Need to Get A Mortgage

Getting a mortgageA Recent article posted on Keeping Current Matters reveals what you actually need to get a Mortgage from Fannie Mae’s recently released “What do consumers know about the Mortgage Qualification Criteria?” Study.

The study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home.

Here are top revelations:

  • 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary
  • 86% of Americans either don’t know (59%) or are misinformed (25%) about what an appropriate Back End Debt-to-Income (DTI) ratios is
  • 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required
  • There is a significant lack of understanding about minimum mortgage qualification criteria not only among consumers in general but, more importantly, among renters who plan to purchase a home within the next five years.
  • Lenders are cited by consumers as the most influential source of mortgage advice, suggesting the value of working closely with lenders to improve consumers’ knowledge of qualification criteria. To help correct these misunderstandings, you can take a look at the latest Ellie Mae Origination Insight Report, which focuses on recently closed (approved) loans.


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Bottom Line

Whether buying your first home or moving up to your dream home, knowing your options will definitely make the mortgage process easier. Your dream home may already be within your reach.

Got Questions?

Call us today at 302-424-1890 or email us and we will be happy to answer your queries.

About Christine Davis

Christine grew up in northeastern PA and served in the United States Air Force for 8+ years. She worked in the civil engineering career field and traveled to various bases throughout the world. After leaving the Air Force, she moved to Rehoboth Beach and finished her degree in Business. She became a REALTOR in 2003 and aims to make the buying or selling process as smooth and fun as possible while educating clients. Christine now lives above their downtown Lewes office with her husband and fellow REALTOR, Bill Davis, and enjoys owning the brokerage and assisting the agents and meeting all the new clients moving to the area. Christine and Bill's philosophy is to be #bettereveryday. Life is short, make it count!

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