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      What Do You Actually Need to Get a Mortgage

      What Do You Actually Need to Get a Mortgage? | Keeping Current Matters

      Fannie Mae recently released their "What do consumers know about the Mortgage Qualification Criteria?" 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 don't know (54%) or are misinformed (5%) about what FICO score is necessary
      • 86% of Americans either don't know (59%) or are misinformed (25%) about what an appropriate Back End Debt-to-Income (DTI) ratios is
      • 76% of Americans either don't know (40%) or are misinformed (36%) about the minimum down payment required

      To help correct these misunderstandings, let's take a look at the latest Ellie MaeOrigination Insight Reportwhich focuses on recently closed (approved) loans.

      FICO SCORES

      Average FICO Score | Keeping Current Matters

      BACK END DTI

      Average Back End DTI | Keeping Current Matters

      DOWN PAYMENTS

      Average Down Payments | Keeping Current Matters

      Bottom Line

      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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