If you need assistance, please call 914-920-2299

Getting A Mortgage? This is a Must Read!

Friday, January 22, 2016   /   by June Quilantang

Getting A Mortgage? This is a Must Read!

What Do You Actually Need to Get a Mortgage? | Keeping Current Matters

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 required to qualify for a mortgage when purchasing a home. Here are three takeaways:

§ 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

To help correct these misunderstandings, let’s take a look at the latest Ellie Mae Origination Insight Report, which focuses on recently closed (approved) loans.

FICO SCORES

Average FICO Score | Keeping Current Matters

BACK END DTI

Average Back End DTI | Keeping Current Matters

DOWN PAYMENTS

Average Down Payments | Keeping Current Matters

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.


www.NYREEX.com

 

New York Real Estate Experts Facebook

Rummy Dhanoa - Broker with New York Real Estate Experts

 

Rummy Dhanoa - Broker with New York Real Estate Experts

New York Real Estate Experts
Team Of eXp Realty
2150 Central Park ave, Suite#209
Yonkers, NY 10710
914-920-2299
914-920-2289
Office: 888-270-0672

image001.png The data relating to real estate for sale or lease on this web site comes in part from HGMLS. Real estate listings held by brokerage firms other than Rummy Dhanoa - eXp Realty - New York Real Estate Experts are marked with the HGMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker.

The information appearing herein has not been verified by the Hudson Gateway Multiple Listing Service, Inc. or the Hudson Gateway Association of Realtors, Inc. or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose.

©2019 Hudson Gateway Multiple Listing Service, Inc. All rights reserved.

The data relating to real estate for sale or lease on this web site comes in part from MHMLS. Real estate listings held by brokerage firms other than eXp Realty - New York Real Estate Experts are marked with the MHMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. The information appearing herein has not been verified by the Mid-Hudson Multiple Listing Service, Inc. or by any individual(s) who may be affiliated with said entity, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose. ©2019 Mid-Hudson Multiple Listing Service, Inc. All rights reserved.