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How Much Do You Need to PUT DOWN to BUY NOW?

A 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.

Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.

2. FICO Scores

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.

The average conventional loan closed in March had a credit score of 753, while FHA mortgages closed with a 685 score. The average across all loans closed in March was 722. The graph below shows how the average FICO Score required has come down over the last 12 months and has stayed around 722 for the last six months.

FICO Score Distribution | Simplifying The Market

Bottom Line

If you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but are not sure if you are ‘able’ to, sit down with a professional who can help you understand your true options.

 for the full article:  GO HERE

Posted on May 17, 2016

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    Mar 22

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    COMING SOON | 🏠 3428 Rowcross Street, Crozet, Virginia 22932 | MLS #639742 | $575,000 | 🎉 OPEN HOUSE Sunday 03/26 from 1 PM - 3 PM!

This 3-bed, 3.5-bath, Craig Builders end-unit townhome features a first-floor primary suite with a jetted soaker tub, glass shower with a seat, and a walk-in closet!

Enjoy the centrally-located eat-in kitchen with an expansive center island, granite countertops, a modern tile backsplash, stainless steel appliances (with gas range), and painted maple cabinets!

The convenient first-floor home office comes complete with french glassed-in doors, and the thoughtfully designed floor plan boasts a light-filled rear sunroom with custom built-ins and a gorgeous skylight.

Relax in the open-concept living room, complete with a gas fireplace, symmetrical built-ins, and cathedral/vaulted ceilings! Enjoy the unlimited storage space throughout including a dedicated upstairs cedar walk-in storage closet!

📍 Located in the highly sought-after Old Trail community with luxurious amenities such as a pool, golf, tennis, clubhouse, and more! Walkable to nearby restaurants and Western Albemarle High School, only 5 minutes from Downtown Historic Crozet and Harris Teeter grocery shopping, and only 15-20 minutes to Charlottesville/UVA!

Ready to start the next chapter in your story? Showings begin by appointment Friday, March 24th! 🎉 Email showings@storyhousere.com with any questions and/or interest!

#StoryHouseRealEstate #storyhousere #startyournextstory #comingsoon #Charlottesville #startyourstorywithus
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    Mar 22

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    🥳 Happy Workiversary, Jess! How lucky are we to have had Jess on the team for the past 4 years? Jess is one of the most beautiful, kind, hardworking, and dedicated people we know, and we’re so blessed to have her as a part of the Story House family.

Jess, we’re always blown away by how much time and care you put into the many hats you wear: a top-notch sales agent, a wonderful mother and wife, and a cherished friend to all of us!

We love you and are wishing you a very happy workiversary! ❤️ ⭐️

@jtrivette4 #storyhousere #StoryHouseRealEstate #realestate #agent #Charlottesvillerealestate #Charlottesvilleagent #Workiversary #StoryHouseWorkiversary
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    Mar 21

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    COMING SOON | TWO NEW HOMES 🎈

🏠 175 Agatha Ridge Lane, Crozet, Virginia 22932 | MLS#639652 | $909,000 | 🛏️ 4 bed 🛁 3.5 bath | 🎉 OPEN HOUSE Sunday, March 26th from 12 PM - 2 PM, hosted by Josh!

🏠 2201 Stargate Lane, Charlottesville, Virginia 22911 | MLS#639636 | $375,000 | 🛏️ 3 bed 🛁 2 bath | 🎉 OPEN HOUSE Sunday, March 26th from 12 PM - 2 PM, hosted by Zoya!

📩 Email showings@storyhouseRE.com with questions! Showings begin by appointment on Friday, March 24th.

#Charlottesvillerealestate #StoryHouseRealEstate #StoryHouseRE #startyournextstory #comingsoon #Charlottesville #StartYourStoryWithUs
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    Mar 21

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    📚 The Virginia Festival of the Book starts THIS THURSDAY and we are having trouble deciding how to fit all of it into our schedules!

A program of Virginia Humanities, the @vabookfest brings together writers and readers to promote and celebrate books, reading, literacy, and literary culture in Charlottesville and Albemarle County every March.

Do you have any must-sees on your list? Check out all the events starting on Thursday, March 23rd, and continuing through Sunday, March 26th on the website below! ⬇️ ⬇️

https://www.vabook.org/

#Virginiabookfest #VirginiaFestivaloftheBook #Charlottesville #StoryHouseRealEstate #StoryHouseRE #local #thislocallove #lovecville
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    Mar 20

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    🌱🌸 Happy first day of spring! To celebrate the start of the season, we’re sharing all of our favorite Charlottesville spring activities on the  Sincerely, Story House 💌 blog!

Check out our top Three Reasons to Visit Charlottesville in the Spring by clicking the top link in our bio! 👒 🌼

https://www.storyhousere.com/three-reasons-to-visit-charlottesville-in-the-spring/

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    STORY HOUSE REAL ESTATE
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