Don’t Disqualify Yourself… Over Half of All Loans Approved Have a FICO® Score Under 750

Don’t Disqualify Yourself… Over Half of All Loans Approved Have a FICO Score Under 750 | MyKCM

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 credit may not be available, especially for people with lower credit scores.”

Ellie Mae’s Vice President, Jonas Moe recently encouraged buyers to know their options before assuming that they do not qualify for a mortgage:

“Many potential home buyers are ‘disqualifying’ themselves. You don’t need a 750 FICO® Score and a 20% down payment to buy.”

So what credit score is necessary?

Below is a breakdown of the FICO® Score Distribution of all closed (approved) loans in August from Ellie Mae’s latest Origination Report.

Don’t Disqualify Yourself… Over Half of All Loans Approved Have a FICO Score Under 750 | MyKCM

Over 50% of all approved loans had a FICO® Score under 750. Many potential home buyers believe that they need a score over 780 to qualify.

Bottom Line

If owning a home of your own has always been a dream of yours and you are ready and willing to buy, find out if you are able to! Let’s get together to determine if your dreams can become a reality sooner than you thought!

Don’t Disqualify Yourself… Over Half of All Loans Approved Have a FICO® Score Under 750

Don’t Disqualify Yourself… Over Half of All Loans Approved Have a FICO Score Under 750 | MyKCM

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 ...

Continue Reading

Don’t Disqualify Yourself… Over Half of All Loans Approved Have a FICO® Score Under 750

Don’t Disqualify Yourself… Over Half of All Loans Approved Have a FICO Score Under 750 | MyKCM

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 credit may not be available, especially for people with lower credit scores.”

Ellie Mae’s Vice President, Jonas Moe recently encouraged buyers to know their options before assuming that they do not qualify for a mortgage:

“Many potential home buyers are 'disqualifying' themselves. You don't need a 750 FICO® Score and a 20% down payment to buy.”

So what credit score is necessary?

Below is a breakdown of the FICO® Score Distribution of all closed (approved) loans in August from Ellie Mae’s latest Origination Report.

Don’t Disqualify Yourself… Over Half of All Loans Approved Have a FICO Score Under 750 | MyKCM

Over 50% of all approved loans had a FICO® Score under 750. Many potential home buyers believe that they need a score over 780 to qualify.

Bottom Line

If owning a home of your own has always been a dream of yours and you are ready and willing to buy, find out if you are able to! Let’s get together to determine if your dreams can become a reality sooner than you thought!

Highlight Content
Internet Explorer does not support click-to-copy. You can click to highlight the text and then right click to copy or use keyboard shortcuts.
Copied! Go to your email or CRM and paste it.
Unable to Copy to Clipboard
Send via MailChimp
Email template sample Email template sample Send Via MailChimp


The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.