Fannie Mae’s “What do consumers know about the Mortgage Qualification Criteria?” Study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home.

Myth #1: “I Need a 20% Down Payment”

Fannie Mae’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required. Many believe that they need at least 20% down to buy their dream home. New programs actually let buyers put down as little as 3%. Below are the results of a Digital Risk survey of Millennials who recently purchased a home.

As you can see, 64.2% were able to purchase their home by putting down less than 20%, with 43.8% putting down less than 10%!

Myth #2: “I need a 780 FICO Score or Higher to Buy”

The survey revealed that 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary to qualify. Many Americans believe a ‘good’ credit score is 780 or higher. To help debunk this myth, let’s take a look at the latest Ellie Mae Origination Insight Report, which focuses on recently closed (approved) loans. As you can see below, 54.1% of approved mortgages had a credit score of 600-749.

Bottom Line

Whether buying your first home or moving up to your dream home, knowing your options will definitely make the mortgage process easier. Your dream home may already be within your reach.

KCM Blog Original Article
YOU CAN BUY A HOME,
YOU JUST NEED TO CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.”

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NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  |  Pre-Qualify Now
LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles
www.MortgageXperts.com

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in
Texas, Oklahoma & Louisiana
Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

 

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

 

We can help you solve all of them.

 

 

 

Buying a home is now easier than it has been in years.

Call us to get on a path to mortgage and credit qualification that will quickly lead to your new home.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.”

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NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  |  Pre-Qualify Now
LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in
Texas, Oklahoma & Louisiana
Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

 

 

Some Highlights:

• Existing home sales have accelerated to the highest pace since February 2007 at an annual pace of 5.57 million.
• Inventory of homes for sale remains below the historically normal 6-month mark at a 4.6-month supply, down 5.8% year-over-year.
• Median home sales prices rose to $247,700, 4.8% higher than a year ago and replaced the previous peak in May of $238,900.

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Buying a home is now easier than it has been in years.

Call us to get on a path to mortgage and credit qualification that will quickly lead to your new home.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.”

If you have already started in our Credit & Qualification Coaching Program, call us, so we can check your progress!
The KEYS to your new home are within reach!

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

J. SCOTT HARRIS | VICE PRESIDENT & BRANCH MANAGER
& MORTGAGE MIRACLE WORKER

NMLS # 375517  | (M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  |  Pre-Qualify Now
LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles

885 E Collins Blvd Ste 110
Richardson, TX 75081

Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana
Gold Financial Services, Inc. is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

 

 

As the economy continues to improve, more and more Americans are seeing their personal financial situations also improving. Instead of just getting by, many are now beginning to save and find other ways to build their net worth. One way to dramatically increase their family wealth is through the acquisition of real estate.

For example, let’s assume a young couple purchased and closed on a $250,000 home in January. What will that home be worth five years down the road? Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists every quarter. They ask them to project how residential prices will appreciate over the next five years. According to their latest survey, here is how much value that $250,000 house will gain in the coming years.

Over a five-year period, that homeowner can build their home equity to over $40,000. And, in many cases, home equity is large portion of a family’s overall net worth.

Bottom Line

If you are looking to better your family’s long-term financial situation, buying your dream home might be a great option.

 

Buying a home is now easier than it has been in years.

Call us to get on a path to mortgage and credit qualification that will quickly lead to your new home.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.”

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NMLS # 375517  | (M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  |  Apply Now
LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles

885 E Collins Blvd Ste 110
Richardson, TX 75081

Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana
Gold Financial Services, Inc. is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

 

 

 

Call us to get on a path to mortgage and credit qualification that will quickly lead to your new home.
Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.”

Call us 1st to AVOID mortgage problems,
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NMLS # 375517  | (M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  |  Apply Now
LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles

885 E Collins Blvd Ste 110
Richardson, TX 75081

Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana
Gold Financial Services, Inc. is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

 

 

Conventional loan rule changes have been tough on “Projected Income.”
Closings had to be delayed until a borrower received their 1st pay stub with the new raise, or AFTER they started a new job and received the 1st pay stub.

Teachers have especially had trouble buying a new home during summertime if they happen to be changing jobs and moving to a new school district.

FHA allows “projected income” from a raise or new job to a maximum of 30 days before the effective date.

But, now we can approve and close a Teacher’s or Relocating Executive’s home loan up to 90 days prior to the effective date of their raise or start date of employment.

Specific requirements must be met, such as written verification of the salary increase and the effective date of the increase.  For a new job, the employment offer must be non-contingent, and the fully executed offer letter and borrower’s acceptance must be included in our file.

REALTORS – This program will make summer’s closings much easier!

 

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jharris@goldfinancial.com  |  www.goldfinancial.com  |  Apply Now
LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles

885 E Collins Blvd Ste 110
Richardson, TX 75081

Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana
Gold Financial Services, Inc. is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

 

 

Brenna Swanson – Housingwire.com – Original Article

Call us for a FREE credit report and my expert analysis and recommendations for Loan Approval.

Spring home buying season is already well underway, so if you’re looking to improve your credit score, you’re already falling a step behind.

Time to play catch up. But how?

For home shoppers who need to improve their credit score ASAP to get a leg up againstcompetition or take better advantage of current-low rates, personal credit monitoring firm, Experian gave tips on what fast options are available in its recent Periscope. (Check here for the full video).

So what are 2 fast ways to improve credit score?

1. Make payments on time

This is very important: don’t be late on those payments. Show you are eager to reduce your debt and that you are actively engaged in trying to improve your credit score. For more advice on how to make this a reality. Check out the list we put further down on this very page.

2. Keep your credit utilization down

According to Rod Griffin, Experian’s director of public education, the ideal amount of credit utilization is less than 10%. Credit utilization is the percentage of a your available credit that you currently use. So, if you have a credit card with $10k limit, you should ideally hold an active balance at around $1k.

If you’re looking for more detailed answers, especially given that these are only your fastest two options, check out Experian’s “Ask Experian” website for more information.

For added help, here’s a quiz to find out how well you know your credit score.

Primer: How does credit reporting work?

In many ways, in this case, companies such as Experian keep track of how good you are at paying your bills.

FICO aggregates your credit behavior scores into ONE REPORT.

It is estimated that nearly 90% of lenders use the FICO report to some extent when it comes to improving credit.

Here’s advice from FICO on how to get your FICO score “repaired.” Note going to the actual site yields further advice:

1. Check your credit report 

“If you haven’t already, request a free copy of your credit report and check it for errors. Your credit report contains the data used to calculate your score and it may contain errors.”

2. Setup payment reminders 

“Also, consider enrolling in automatic payments through your credit card and loan providers to have payments automatically debited from your bank account,” FICO advises, but also warns, “this only makes the minimum payment on your credit cards and does not help instill a sense of money management.”

3. Reduce your debt now

“Come up with a payment plan that puts most of your available budget for debt payments towards the highest interest cards first, while maintaining minimum payments on your other accounts.”

 

Call us for a FREE credit report and my expert analysis and recommendations for Loan Approval.

Call us to get on a path to mortgage and credit qualification that will quickly lead to your new home.
Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.”

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

J. SCOTT HARRIS | VICE PRESIDENT & BRANCH MANAGER

NMLS # 375517  | (M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  |  Apply Now
LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles

885 E Collins Blvd Ste 110
Richardson, TX 75081

Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana
Gold Financial Services, Inc. is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

 

 

————————————————-old One

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

We close loans every day that Banks would not, or could not approve.

 

J. Scott Harris Vice President – Mortgage Miracle Working – NMLS #375517 Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana 885 E. Collins Blvd. Suite 110 Richardson, TX 75081 24/7 Mobile: 214-435-8825 Secure Fax: 866-343-3688 Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122

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