Don’t Disqualify Yourself… Over Half of All Loans Approved Have a FICO Score Under 750
By Gwenn Tanvas, The Mortgage Gal, 920.267.7891~ SMART - INNOVATIVE
(NEXA Mortgage LLC an Equal Housing Lender NMLS # 1660690)
The results of countless studies have shown that potential home buyers, and even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s market.One such study by the Wharton School of Business at the University of Pennsylvania, revealed that many Millennials have not yet considered purchasing a home, simply because they don’t believe they can qualify for a mortgage.The article quoted Jessica Lautz, the National Association of Realtors’ Managing Director of Survey Research, as saying that there is a significant population that does not think they will be approved for a mortgage and doesn’t even try. The article also quoted Fannie Mae CEO Tim Mayopoulos: “I do think that there’s a sense out there in the marketplace among borrowers that cre...