3 Crucial Home Buyer Questions

If you are thinking about buying your first home or moving up to your dream home, there are 3 crucial questions you must know the answer to:

1. What is the minimum down payment required to purchase a home?

2. What is the minimum FICO score required to qualify for a mortgage?

3. What is the maximum Back-End DTI (Debt to Income) Ratio allowed?

You are not alone if you don’t know the answers – most people don’t! The following graphic (the results of a Fannie Mae survey) illustrate why so many people believe they are not eligible to purchase a new home:

Here are the actual Fannie Mae loan requirements:

Real Estate Bottom Line

If you would like to buy a home but aren’t sure you will qualify for a mortgage, let’s talk to make sure you know your options.