A recent survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today.
1. Down Payment
The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less. Here are the results from a Digital Risk survey done on millenials.
2. FICO Scores
The Ipsos survey also reported that two-thirds of the respondents believe they need a very good credit score to buy a home, with 45 percent…