Wells Fargo: Homeownership Rate Hurt by Consumers’ Misconception

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June 17, 2015

A survey conducted by Wells Fargo found that the “beliefs and expectations about what it takes to obtain financing” of consumers demonstrate confusion and misinformation.

The new data shows that some homebuyers continue to overestimate what they need to qualify for a home loan. For example, 45 percent of respondents think a a “good credit score” is 780, and two-thirds of respondents say a very good credit score is needed to buy a home.

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