Whether you are considering the
purchase of your first home or trading up to the home your family frequently
fantasizes about, there are three 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 Ratio allowed?
A
survey conducted by Fannie Mae revealed startling information: most
Americans don't know the answer to these three crucially important questions.
Here is a graphic showing the results of the survey:
The percentages are quite
disturbing but can explain why so many people believe they are not
eligible to purchase a home whether it is a first home or a trade-up
home. Here are the actually requirements as
per Fannie Mae:
Bottom Line
If you are considering purchasing a home, make sure you are aware of all your options before moving forward.
If you are considering purchasing a home, make sure you are aware of all your options before moving forward.
David Demangos
858.232.8410
Locally Known, Globally Connected
Luxury Home Marketing Specialist
Global Property Specialist
David@AwesomeSanDiegoRealEstate.com
Our Team Goes to Extremes to Fulfill Your Real Estate Dreams!
