Potential homebuyers have misconceptions about what they need to do to qualify for a mortgage, according to Wells Fargo’s second annual “How America Views Homeownership” survey.
Many of the survey respondents overestimated how high their credit scores, income, and down payments need to be to obtain a mortgage. About 45% said they believe they needed a credit score of 780 or greater to qualify for a loan and that they would have to put down 20%. Those standards are not required for all transactions.
Advertisement
Related Stories
Codes + Standards
Public Comment Period Opens for National Green Building Standard Updates
The 45-day public comment period for draft 2 of the 2024 NGBS begins on April 12, 2024
Codes + Standards
Public Comment Period Opens for 2024 National Green Building Standard Update
The 45-day public comment period opened Aug. 18, and comments must be submitted by Oct. 2, 2023
Codes + Standards
The Inefficiencies of the Latest Energy Code
The 2021 edition of the International Energy Conservation Code (IECC) hampers the return on investment for builders and homebuyers