What FICO Score is Needed to Buy a Home?

 Many believe that when you have a good credit score (an excellent score is in the 700's) it positions you to have access to the best borrowing rates ( the best loans)  which ultimately can help you better afford the goals you want to achieve today, and in the future.

But did you know that, in actuality, the FICO score on closed loans (as reported by Ellie Mae) is much lower and has been dropping over the last several months. 

You may be surprised how much the requirements for a mortgage have eased!

Check out the chart!!!

FICO Score Requirements | Keeping Current Matters

Understanding a personal credit score is part and parcel of understanding your overall credit health and it can pave the way to being more financially empowered and also affording life’s milestones. 

If you are considering a home puchase, call or text me at (630) 669-2401.
Call/text/email me TODAY, my Real Estate Dream Team and I are here for you.

IHDA still has a remaining catalog of home ownership programs that will ­continue to be available,­ offering down payment assistance, lower credit score requirements, competitive interest rates and significant tax savings for first-time and repeat buyers throughout Illinois.­

Enjoy the Video (click on this link: http://wgntv.com/2015/04/20/your-money-matters-understanding-your-credit-score/#ooid=5hMm1tdDrsn1gE0Lxr8yIZ-hU80cYOVf)  and if you have any questions or need more information, call/text/email me.  :) Monica Mancano, REALTOR®, MRP, AHWD, Century 21 Affiliated

Your Money Matters: Understanding your credit score
Farnoosh Torabi www.Farnoosh.tv www.Chaseslate.com To purchase a copy of the book: When She Makes More: The Truth About Navigating Love and Life for a New Generation of Women Tips: Understanding a ...

What FICO Score is Needed to Buy a Home? by KCM Crew

In a recent article by the Wharton School of Business at the University of Pennsylvania, it was revealed that some Millennials are not looking to purchase a home simply because they don’t believe they can qualify for a mortgage.

The article quoted Jessica Lautz, the National Association of RealtorsManaging Director of Survey Research, as saying that there is a significant population that does not think they will be approved for a mortgage and doesn’t even try. The article also quoted Fannie Mae CEO Tim Mayopoulos :

“I do think that there’s a sense out there in the marketplace among borrowers that credit may not be available, especially for people with lower credit scores.”

So what credit score is necessary?

A recent survey reported that two-thirds of the respondents believe they need a very good credit score to buy a home, with 45 percent thinking a “good credit score” is over 780.

In actuality, the FICO score on closed loans (as reported by Ellie Mae) is much lower and has been dropping over the last several months.

FICO Score Requirements | Keeping Current Matters

Bottom Line

Millennials who are considering a home purchase should get advice from a local real estate or mortgage professional now. They may be surprised how much the requirements for a mortgage have eased.

Call/text me at (630) 669-2401 or email me at mmancano@c21affiliated.com TODAY!

My Real Estate Dream Team and I are here for you!

Monica Mancano

Monica Mancano

REALTOR®, SRES®, MRP, AHWD
Contact Me

Tags