Page 15 - Things to Consider When Buying a Home - Winter 2019 - Tim Dulany
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2. FICO® Scores
Similar to the misconceptions surrounding down payment requirements, many either don’t
know or are misinformed about what FICO® score is necessary to qualify for a home loan.
Many Americans believe
that a ‘good’ credit score
is 780 or higher. UP
To help debunk this myth,
let’s take a look at Ellie D
Mae’s latest Origination A
Insight Report which TE
focuses on recently closed
(approved) loans.
As you can see on the
right, 51.3% of approved
mortgages had a credit
score of 600-749.
Bottom Line
If you are a prospective buyer who is ready and willing to act now, but you are not sure if
you are able to, let's meet so I can help you understand your true options today.
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