[:en]Obstacles to Homeownership: Perceived or Real?[:es]Los obstáculos para ser propietario de casa: ¿percibidos o reales?[:]

Obstacles to Homeownership: Perceived or Real? | Simplifying The Market
[:en]Yesterday, we discussed the belief Americans have in homeownership and their desire to partake in this piece of the American Dream. We also discussed some of the obstacles preventing them from attaining that goal. However, studies have shown that many of the obstacles mentioned are perceived, not real.

A recent study by Fannie Mae, What Do Consumers Know About The Mortgage Qualification Criteria?, revealed that many consumers are either unsure or misinformed regarding the minimum requirements necessary to obtain a mortgage. Let’s break down three such challenges.

Down Payment

Perceptions

Many renters have mentioned that the lack of an adequate down payment is preventing them from moving forward with the purchase of a home. According to the Fannie Mae report:

  • 40% of all renters don’t know what down payment is required
  • 15% think you need at least 20% down
  • An additional 4% think you need at least 10% down

The Reality

There are programs offered by Fannie Mae, Freddie Mac and FHA that require as little as 3-3.5% down. VA and USDA loans offer 0% down programs. According to the National Association of Realtors, the typical down payment for a first time buyer is 6%.

Credit Score

Perceptions

Many renters have mentioned that the lack of an adequate credit score is preventing them from moving forward with the purchase of a home. According to the Fannie Mae report:

  • 54% of all renters don’t know what credit score is required
  • 5% think you need at least a 740 credit score

The Reality

Many mortgages are granted to purchasers with a credit score of less than 700. According to Ellie Mae, the average credit score on a closed FHA purchase is 687 and the average credit score on all loans is 722.

Back End Debt-to-Income Ratio (DTI)

Perceptions

Many renters have mentioned that they carry too much debt which is preventing them from moving forward with the purchase of a home. According to the Fannie Mae report:

  • 59% of all renters don’t know what DTI is acceptable
  • 25% think you need at under 25%
  • 7% think you need under 39%

The Reality

Lenders like to see a back-end ratio that does not exceed 36%. Fannie Mae’s maximum total DTI ratio is 36% of the borrower’s stable monthly income. The maximum can be exceeded up to 45% based on credit score and other requirements.

Bottom Line

A lack of knowledge or misinformation may be keeping some families from buying a home even though they are actually qualified to purchase.[:es]Ayer, discutimos la creencia que los estadounidenses tienen en cuanto a ser propietarios de casa y su deseo de participar en esta parte del sueño americano. También discutimos algunos de los obstáculos que les impide obtener esa meta. Sin embargo, los estudios han mostrado que muchos de los obstáculos mencionados son percibidos, y no reales.

Un estudio reciente de Fannie Mae. What Do Consumers Know About The Mortgage Qualification Criteria? (¿Que saben los consumidores sobre los criterios de calificación para una hipoteca?) reveló que muchos consumidores están inseguros o mal informados en cuanto a los requisitos mínimos necesarios para obtener una hipoteca. Desglosemos tres de estos retos:

La cuota inicial

Percepciones

Muchos inquilinos han mencionado que la falta de una cuota inicial adecuada está impidiendo que ellos sigan adelante con la compra de una casa. Según el informe de Fannie Mae:

  • 40 % de todos los inquilinos no saben que cuota inicial es requerida
  • 15 % piensan que usted necesita por lo menos 20 % de cuota inicial
  • Un 4 % adicional piensa que usted por lo menos necesita 10 % de cuota inicial

La realidad

Hay programas ofrecidos por Fannie Mae, Freddie Mac y FHA que requieren tan poco como 3 a 3.5 % de cuota inicial. Los prestamos VA y USDA ofrecen programas con 0 % de cuota inicial. Según la Asociación nacional de Realtors, la cuota inicial típica de los compradores por primera vez es del 6 %.

El puntaje de crédito

Percepciones

Muchos inquilinos han mencionado que la falta de un puntaje de crédito adecuado está impidiendo que ellos sigan adelante con la compra de una casa. Según el informe de Fannie Mae:

  • 54 % de todos los inquilinos no saben que puntaje de crédito se necesita
  • 5 % piensa que usted necesita un puntaje de crédito por lo menos de 740

La realidad

Muchas hipotecas se conceden a compradores con puntaje de crédito de menos de 700. Según Ellie Mae, el promedio del puntaje de crédito en los prestamos FHA cerrados es de 687 y el promedio del puntaje de crédito de todos los prestamos es de 722.

La proporción del coeficiente de deuda

Percepciones

Muchos inquilinos han mencionado que ellos tienen demasiada deuda que les impide seguir adelante con la compra de una casa. Según el informe de Fannie Mae:

  • 59 % de todos los inquilinos no saben que coeficiente de deuda es aceptable
  • 25 % piensa que usted necesita menos de 25 %
  • 7 % piensa que usted necesita menos de 39 %

La realidad

A los prestamistas les gusta ver la proporción que no supere el 36 %. El máximo total del coeficiente de deuda de Fannie Mae es del 36 % de los ingresos mensuales estables del prestatario. El máximo puede exceder hasta el 45 % basado en el puntaje de crédito y otros requisitos.

En conclusión

La falta de conocimiento o la desinformación puede evitar que algunas familia compren una casa aunque en realidad califiquen para comprar.[:]

[:en]Obstacles to Homeownership: Perceived or Real?[:es]Los obstáculos para ser propietario de casa: ¿percibidos o reales?[:]

Obstacles to Homeownership: Perceived or Real? | Simplifying The Market

[:en]Yesterday, we discussed the belief Americans have in homeownership and their desire to partake in this piece of the American Dream. We also discussed some of the obstacles preventing them from attaining that goal. However, studies have shown that many of the obstacles mentioned are perceived, not real. A recent study by Fannie Mae, What ...

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[:en]Obstacles to Homeownership: Perceived or Real?[:es]Los obstáculos para ser propietario de casa: ¿percibidos o reales?[:]

Obstacles to Homeownership: Perceived or Real? | Simplifying The Market

[:en]Yesterday, we discussed the belief Americans have in homeownership and their desire to partake in this piece of the American Dream. We also discussed some of the obstacles preventing them from attaining that goal. However, studies have shown that many of the obstacles mentioned are perceived, not real.

A recent study by Fannie Mae, What Do Consumers Know About The Mortgage Qualification Criteria?, revealed that many consumers are either unsure or misinformed regarding the minimum requirements necessary to obtain a mortgage. Let’s break down three such challenges.

Down Payment

Perceptions

Many renters have mentioned that the lack of an adequate down payment is preventing them from moving forward with the purchase of a home. According to the Fannie Mae report:

  • 40% of all renters don’t know what down payment is required
  • 15% think you need at least 20% down
  • An additional 4% think you need at least 10% down

The Reality

There are programs offered by Fannie Mae, Freddie Mac and FHA that require as little as 3-3.5% down. VA and USDA loans offer 0% down programs. According to the National Association of Realtors, the typical down payment for a first time buyer is 6%.

Credit Score

Perceptions

Many renters have mentioned that the lack of an adequate credit score is preventing them from moving forward with the purchase of a home. According to the Fannie Mae report:

  • 54% of all renters don’t know what credit score is required
  • 5% think you need at least a 740 credit score

The Reality

Many mortgages are granted to purchasers with a credit score of less than 700. According to Ellie Mae, the average credit score on a closed FHA purchase is 687 and the average credit score on all loans is 722.

Back End Debt-to-Income Ratio (DTI)

Perceptions

Many renters have mentioned that they carry too much debt which is preventing them from moving forward with the purchase of a home. According to the Fannie Mae report:

  • 59% of all renters don’t know what DTI is acceptable
  • 25% think you need at under 25%
  • 7% think you need under 39%

The Reality

Lenders like to see a back-end ratio that does not exceed 36%. Fannie Mae’s maximum total DTI ratio is 36% of the borrower’s stable monthly income. The maximum can be exceeded up to 45% based on credit score and other requirements.

Bottom Line

A lack of knowledge or misinformation may be keeping some families from buying a home even though they are actually qualified to purchase.[:es]Ayer, discutimos la creencia que los estadounidenses tienen en cuanto a ser propietarios de casa y su deseo de participar en esta parte del sueño americano. También discutimos algunos de los obstáculos que les impide obtener esa meta. Sin embargo, los estudios han mostrado que muchos de los obstáculos mencionados son percibidos, y no reales.

Un estudio reciente de Fannie Mae. What Do Consumers Know About The Mortgage Qualification Criteria? (¿Que saben los consumidores sobre los criterios de calificación para una hipoteca?) reveló que muchos consumidores están inseguros o mal informados en cuanto a los requisitos mínimos necesarios para obtener una hipoteca. Desglosemos tres de estos retos:

La cuota inicial

Percepciones

Muchos inquilinos han mencionado que la falta de una cuota inicial adecuada está impidiendo que ellos sigan adelante con la compra de una casa. Según el informe de Fannie Mae:

  • 40 % de todos los inquilinos no saben que cuota inicial es requerida
  • 15 % piensan que usted necesita por lo menos 20 % de cuota inicial
  • Un 4 % adicional piensa que usted por lo menos necesita 10 % de cuota inicial

La realidad

Hay programas ofrecidos por Fannie Mae, Freddie Mac y FHA que requieren tan poco como 3 a 3.5 % de cuota inicial. Los prestamos VA y USDA ofrecen programas con 0 % de cuota inicial. Según la Asociación nacional de Realtors, la cuota inicial típica de los compradores por primera vez es del 6 %.

El puntaje de crédito

Percepciones

Muchos inquilinos han mencionado que la falta de un puntaje de crédito adecuado está impidiendo que ellos sigan adelante con la compra de una casa. Según el informe de Fannie Mae:

  • 54 % de todos los inquilinos no saben que puntaje de crédito se necesita
  • 5 % piensa que usted necesita un puntaje de crédito por lo menos de 740

La realidad

Muchas hipotecas se conceden a compradores con puntaje de crédito de menos de 700. Según Ellie Mae, el promedio del puntaje de crédito en los prestamos FHA cerrados es de 687 y el promedio del puntaje de crédito de todos los prestamos es de 722.

La proporción del coeficiente de deuda

Percepciones

Muchos inquilinos han mencionado que ellos tienen demasiada deuda que les impide seguir adelante con la compra de una casa. Según el informe de Fannie Mae:

  • 59 % de todos los inquilinos no saben que coeficiente de deuda es aceptable
  • 25 % piensa que usted necesita menos de 25 %
  • 7 % piensa que usted necesita menos de 39 %

La realidad

A los prestamistas les gusta ver la proporción que no supere el 36 %. El máximo total del coeficiente de deuda de Fannie Mae es del 36 % de los ingresos mensuales estables del prestatario. El máximo puede exceder hasta el 45 % basado en el puntaje de crédito y otros requisitos.

En conclusión

La falta de conocimiento o la desinformación puede evitar que algunas familia compren una casa aunque en realidad califiquen para comprar.[:]

[:en]Obstacles to Homeownership: Perceived or Real?[:es]Los obstáculos para ser propietario de casa: ¿percibidos o reales?[:]

Obstacles to Homeownership: Perceived or Real? | Simplifying The Market

[:en]Yesterday, we discussed the belief Americans have in homeownership and their desire to partake in this piece of the American Dream. We also discussed some of the obstacles preventing them from attaining that goal. However, studies have shown that many of the obstacles mentioned are perceived, not real. A recent study by Fannie Mae, What ...

Continue Reading
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