3 Crucial Questions Most Home Buyers Dont Know The Answer To

Dated: 09/16/2016

Views: 663

Whether you are considering the purchase of your first home or trading up to the home your family frequently fantasizes about, there are three crucial questions you must know the answer to:


  1. What is the minimum down payment required to purchase a home?

  2. What is the minimum FICO score required to qualify for a mortgage?

  3. What is the maximum Back-End DTI Ratio allowed?


A survey conducted by Fannie Mae revealed startling information: most Americans don’t know the answer to these three crucially important questions. Here is a graphic showing the results of the survey:

3 Crucial Questions Most Home Buyers Don’t Know the Answer To. DO YOU? | Simplifying The Market

The percentages are quite disturbing but can explain why so many people believe they are not eligible to purchase a home whether it is a first home or a trade-up home. Here are the actually requirements as per Fannie Mae:

3 Crucial Questions Most Home Buyers Don’t Know the Answer To. DO YOU? | Simplifying The Market

Bottom Line

If you are considering purchasing a home, make sure you are aware of all your options before moving forward.

Julie Baldino - Owner-Managing Broker

Julie Baldino is a seasoned veteran of the Pacific Northwest real estate industry, and has consistently been in the top 10% in sales for over a decade in 2 states. In order to accommodate a rapidly ex....

Want to Advertise on this Site?

Latest Blog Posts

Foreclosure Crisis Review

As we find ourselves getting back to 2005 levels within the next year or so, we cannot forget what caused the 2010 spike. In 2010, 7.7 million families lost their homes to foreclosure, 1.2

Read More

4 Rules For Getting Your Home Sold

Today I wanted to talk to about four rules you need to remember when listing your home for sale.Looking to buy a home? Search all homes.Looking to sell a home? Get a FREE home value report.Today I

Read More

How We Helped Beth Buy A Home In Rain Sleet Or Snow

“Basically, I just cold-called Front Door Realty. I saw them on Google and I ended up working with Tracy. She was wonderful, she was persistent, she was tenacious, she was right there whenever we

Read More

Two Questions To Answer If You Are Thinking Of Downsizing

1- What kind of lifestyle would I like?Since most people who downsize tend to use the profits half for the downpayment of their new, smaller home and half for vacations and putting away for a

Read More