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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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    Sep 29

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    Happy Friday, friends! 🥳

Check out our list of weekend events to find fun things to do this weekend! 

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    Sep 28

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    JUST LISTED | TWO NEW HOMES 🏡

‌ 🏠 13078 Lake Front Court, Orange, VA 22960 | MLS#646019 | $410,000 | ♿️ Wheelchair Accessible! | 🛏️ 2 bed 🛁 2 bath | 🎉 OPEN HOUSE Sunday, October 1st from 12 PM - 2 PM, hosted by Zoya!

🏠 803 Ridge Street, Charlottesville , VA 22902 | MLS#646021 | $350,000 | 🛏️ 2 bed 🛁 1 bath | 🎉 OPEN HOUSE Saturday, September 30th from 11 AM - 1 PM, hosted by Abby!

📩 Email showings@storyhouseRE.com with questions!

#thisweekslistings #Charlottesvillerealestate #StoryHouseRealEstate #StoryHouseRE #startyournextstory #Charlottesville #startyourstorywithus
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    Sep 27

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    🏠 1634 Inglewood Drive, Charlottesville, VA 22901 | MLS#645568 | $400,000 | 🛏️ 3 bed 🛁 2.5 bath | 🎉 OPEN HOUSE Saturday, September 30th from 1 PM - 3 PM, hosted by Zoya!

This beautifully renovated home is as turnkey as can be!

This 3-bed, 2.5-bath, 1380 finished sq. ft. recently renovated and freshly painted home features valuable improvements such as a brand new roof, plumping piping, hot water heater, and first-floor luxury vinyl plank flooring!

Prepare meals in the light-filled updated kitchen and dine next to the wood-burning fireplace in the formal dining room! Rest easy in the spacious primary suite featuring three closets and an ensuite primary bath!

Enjoy all new landscaping and a freshly painted rocking chair front porch and back deck! Garden in the partly-wooded, partly-fenced yard and store yard tools in the large backyard shed!

📍 Enjoy being conveniently located within a quiet cul-de-sac, just minutes from Barracks Road Shopping Center, UVA, and UVA Hospital!

Ready to start the next chapter in your story? Email showings@storyhousere.com with any questions and/or interest! 🎉

#justlisted #Charlottesvillerealestate #StoryHouseRealEstate #StoryHouseRE #startyournextstory #Charlottesville #startyourstorywithus #featuredlisting
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    Sep 27

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    “Everyone we worked with provided such clear advice and guidance that we felt well prepared moving through the process and making decisions.” 🤩 What an amazing review, thank you for the kind words, Lacey! 👏

One of the biggest benefits of working with our team for your buying and selling needs is having a dedicated group of experts guide you through the process. Our experience, market knowledge, and expert communication allows for the smooth and seamless experience that YOU deserve!

Ready to create your own success story? Reach out to our team today! 📞 🔑

🔗 https://www.storyhousere.com/
📲 (434) 260-1435

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    Sep 26

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    COMING SOON | TWO NEW HOMES 🏡

🏠 13078 Lake Front Court, Orange, VA 22960 | MLS#646019 | $410,000 | 🛏️ 2 bed 🛁 2 bath | 🎉 OPEN HOUSE Sunday, October 1st from 12 PM - 2 PM, hosted by Zoya!

🏠 803 Ridge Street, Charlottesville, VA 22902 | MLS#646021 | $350,000 | 🛏️ 2 bed 🛁 1 bath | 🎉 OPEN HOUSE Saturday, September 30th from 11 AM - 1 PM, hosted by Abby!

📩 Email showings@storyhouseRE.com with questions!

#Charlottesvillerealestate #StoryHouseRealEstate #StoryHouseRE #startyournextstory #comingsoon #Charlottesville #StartYourStoryWithUs
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    2110 Ivy Road
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