Itâ€™s Spring! I hope you have had time to enjoy all the beautiful Texas Wildflowers! My sister (photographer and mom of 6, grandma of 5, Instagram name @kpmomof6) and I took a day to
Fannie Mae recently released their â€śWhat do consumers know about the Mortgage Qualification Criteria?â€ť 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 donâ€™t know (54%) or are misinformed (5%) about what FICO score is necessary
86% of Americans either donâ€™t know (59%) or are misinformed (25%) about what an appropriate Back End Debt-to-Income (DTI) ratios is
76% of Americans either donâ€™t know (40%) or are misinformed (36%) about the minimum down payment required
To help correct these misunderstandings, letâ€™s take a look at the latest Ellie Mae Origination Insight Report, which focuses on recently closed (approved) loans.
BACK END DTI
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.
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