A recent survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today.
1. Down Payment
The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less.
Here are the results from a Digital Risk survey done on Millennials:
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:
If you are a prospective purchaser who is ‘ready’ and ‘willing’ to buy but not sure if you are also ‘able’, sit down with someone who can help you understand your true options.
Are you shocked this year? You have probably received your 2015 Notice of Appraised Value by now. Looks like everyones taxes are going up..up..up! Dave Lieber stated “I’m stumped that only about 5 out of every 100 eligible homeowners use the new tool of protesting property taxes online at an appraisal district’s website. It’s easy, saves time and feels like gambling, for those who like that.”
Don’t forget that you can protest your taxes. Deadline is June 1, 2015. Your residence homestead is protected from appraisal value increases in excess of 10% per year from the date of the last appraisal PLUS the value of any new improvements.
Here is a calculator that may help you determine the % CHANGE.
PERCENTAGE CHANGE CALCULATOR
Read the Dave Liebers’ guide at Dallas Morning News
He says become a “lion”. We say become a “shark”! Don’t get eaten up by property taxes and you can’t win if you don’t try.
If we can be of any help please let us know.
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Ask for: Joi or Guy McKinney, REALTORS® at 214-699-6788