Page 6 - First Time Buyer's Guide

Understanding what qualifies you for a
mortgage loan is imperative. In fact, a leading
independent market research company,
Ipsos, found that most Americans are still
somewhat confused as to what is actually
necessary to qualify for a home mortgage
loan.

Here are two common misconceptions
regarding the home mortgage loan:

How much

was your down

payment?

10% 26% 7.8% 20.4% 22.6% 6.3% 6.9%

0% 1-5% 6-9% 10-19% 20-29% 30% + Unsure
36% put 5% or less down
MILLENNIALS
43.8% put < 10% down
64.2% put < 20% down between the ages of 18 and 34

Average

FICO Score

on approved

loans

722 687 754

all loans FHA conventional

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