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50%+ Approved Borrowers Have a FICO Score Under 750
Many prospective home buyers, and even current homeowners, think they need a higher FICO score than what is actually required to qualify for a mortgage. Many millennials have not considered purchasing a home, simply because they don’t believe they can qualify.
Ellie Mae’s Vice President, Jonas Moe recently encouraged buyers to know their mortgage options:
“Many potential home buyers are ‘disqualifying’ themselves. You don’t need a 750 FICO Score and a 20% down payment to buy.”
What credit score is necessary?
Below is a breakdown of the FICO Score Distribution of all closed loans in August 2016 from Ellie Mae. 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.
Real Estate Bottom Line
If you would like to buy a home, don’t disqualify yourself! Let’s talk to determine if you can become a home owner – you may be surprised.