3 Crucial Questions Most Home Buyers Don’t Know the Answer To...DO YOU?
Whether you are considering the purchase of your first home or trading up to the home your family frequently fantasizes about, there are three crucial questions you must know the answer to:
What is theminimum down paymentrequired to purchase a home?
What is theminimum FICOscorerequired to qualify for a mortgage?
What is themaximum Back-End DTI Ratioallowed?
A survey conducted byFannie Maerevealed startling information: most Americans don’t know the answer to these three crucially important questions. Here is a graphic showing the results of the survey:
The percentages are quite disturbing but can explain why so many peoplebelieve they are not eligibleto purchase a home whether it is a first home or a trade-up home. Here are the actually requirementsas per Fannie Mae:
If you are considering purchasing a home, make sure you are aware of all your options before moving forward.
Author:Andrea Ortega Phone: 480-861-4663 Dated: July 14th 2016 Views: 206 About Andrea: Andrea Ortega has been a licensed Realtor in Arizona since 1996, and has been with American Allstar ...
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