One More Time…You DO NOT Need 20% Down

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.


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 and the number has increased through the first quarter of the year as shown by the graph below:



The 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:




If you are a prospective purchaser who is ‘ready’ and ‘willing’ to buy but not sure if you are also ‘able’, let's get together and discuss your options.

b096e1a1 fbaf 4f1b b1b9 5347fb024b59 84312b42 594d 4311 9060 1fbfe829b4df 9132ed37 30a0 4eb1 8271 72df3c932386 e4253f99 2b6c 4a7b 9e2e 13a23c3b67e9 12829e57 21a7 4f18 8c36 6471567f3ab3 063afbc7 f50b 47f6 a270 f715658152c1 4b1830dc 1125 423c 965f a458ff24f024 0adfc02c 5c5a 431b aad3 859b3cdfb68b 0b9b3d33 a6d7 4672 ae16 789083d0154c 5194ccca 7dc4 4f8b 82b8 813c143c8c69 07f74251 741e 438d aa82 3241219a4352 75fb2882 a1ab 42a7 ae4d 41e76c37122e f6440fa6 bb65 48a4 afc2 5dc3dc5da0ed f05419e5 997a 4175 b294 2be0e8f72e7f 7778f296 508c 4a3d bcd5 3b129360745d 21d1ef55 d89f 4f21 a3f0 dda2672ff2b0 0f679be9 b480 413f 80a7 8325770700dc a5827a6a 54df 4d8c aea4 e5174b4b6527 7d61cc6b 635f 48dc 9a31 1e7ad8b2b1c4 bba6a186 8b79 4f47 9f88 49720037cb39 428386f0 4ad4 4a0b 9436 2e980394ff7f 64a87f41 b7bb 45cc 9142 8d3082ace072 dee9cb85 a358 4388 a42b 1f05f014fb19