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

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.
 
 
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!

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In a market where presentation, strategy, and relationships define outcomes, choosing the right team isn’t optional, it’s everything. At the Malloy Home Team at SERHANT., we don’t just list homes. We position them. We don’t just find properties. We secure opportunities others never see.

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By providing your contact information to Malloy Home Team, your personal information will be processed in accordance with Malloy Home Team's Privacy Policy. By checking the box(es) below, you expressly consent to receive marketing or promotional real estate communication from Malloy Home Team in the manner selected by you. For SMS text messages, message frequency varies. Message and data rates may apply. Consent is not a condition of purchase of any goods or services. You may opt out of receiving further communications from Malloy Home Team at any time. To opt out of receiving SMS text messages, reply STOP to unsubscribe. SMS text messaging is subject to our Terms of Use.
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MALLOY HOME TEAM

 

DANIEL MALLOY

(561) 370-5736
[email protected]


DAWN MALLOY

(561) 876-8135
[email protected]

114 N Coastal Way Jupiter, FL 33477