Many renters misunderstand qualifications to secure mortgages

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Misconceptions about entering homeownership prevails among renters

June 30, 2015

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.

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