Is it really that hard to qualify for a loan?

What Do You Really Need to Qualify for a Mortgage?

 Thursday September 3rd, 2015  Down Payments, Millennials

A recent survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today.

1. Down Payment

The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less.

Here are the results from a Digital Risk survey done on Millennials:

2. FICO Scores

The Ipsos survey also reported that two-thirds of the respondents believe they need a very good credit score to buy a home, with 45 percent thinking a “good credit score” is over 780. In actuality, the average FICO scores of approved conventional and FHA mortgages are much lower.

Here are the numbers from a recent Ellie Mae report:

Bottom Line

If you are a prospective purchaser who is ‘ready’ and ‘willing’ to buy but not sure if you are also ‘able’, let's get together to discuss your true options.

We are Mortgage Express, Powered by Mortgages USA, and we are your premier Texas and Oklahoma mortgage company. The company headquarters is based in Dallas, Texas but our branch is located right in Frisco, Texas. Our customer service is unparralleled and our mission is to make sure your experience is 100% satisfying. 

We specialize in a large variety of loan programs too include, FHA, USDA, VA, Conventional and Jumbo loans in the states of Texas and Oklahoma. We have a reputation of getting loans closed that other lenders can't or won't. Every prospective home buyer gets a full evaluation free of charge and everyone is treated with respect, whether they qualify now or not. Our mission is to help each customer buy a home, whether that is in the next 30 days or the next year!

Our business is based on referrals from builders, realtors and past clients, which simply means that every prospective buyer counts and all expectations have to be met. That is why our company mission statement is simple:

 Mortgage Express 

3400 Eldorado Parkway Suite 3
McKinney, Texas 75070
Phone: (972) 668-LOAN
Fax: (214) 975-2935
team@mortgagexloan.com