A new survey by Fannie Mae’s Economic & Strategic Research Group reveals approximately 50 percent of current renters who plan to buy in the next five years have very little understanding of the key home loan qualification criteria such as down-payment percentages, borrower’s credit scores, and debt-to-income ratios.
While the majority entered “don’t know” as their answer others assumed the current requirements to be much more stringent than they actually are.
These misconceptions may be actually keeping many potential home buyers from entering the market as they incorrectly assume that they won’t qualify for a mortgage.
Janice Barry says
True. Due to the many regulatory changes as a result of the last 10 years, it would be beneficial for potential buyers/borrowers to seek a good financing professional. With your company’s wide experience and expertise, you no doubt can recommend a few such professionals!