What Do You Really Need to Qualify For A Mortgage?
2. FICO Scores
The Ipsos survey also 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 average FICO scores of approved conventional and FHA mortgages are much lower.
Here are the numbers from a recent Ellie Mae report:
Bottom Line
If you are a prospective purchaser who is ‘ready’ and ‘willing’ to buy but not sure if you are also ‘able’, sit down with ME and I will help you understand your true options.
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