Clearing up these misconceptions might help you get more clients
07/23/2015 | Author: Editorial Staff
Many Americans have a positive attitude toward homeownership, but they also mistakenly believe it’s tougher to qualify for a mortgage loan than it actually is, according to a survey by Wells Fargo & Company.
The How America Views Homeownership survey found that while consumers are slowly learning that standards aren’t as rigid as they were after the housing bust in 2008, two-thirds of respondents still believe they need a very good credit score to buy a home; 45% think a good credit score is more than 780—what is actually considered an excellent credit score. The survey also found that many people, especially African-American and Hispanic consumers, think a 20% downpayment is always required.
There may be potential homebuyers in your area who hold these and other misperceptions about mortgage loans. Clarify that they don’t need an extremely high credit score to qualify for a mortgage loan, and that there are loan options with a lower downpayment. They may also want to consider homebuyer-assistance programs.
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