3 Things Buyers Should Know Before Buying a Home

Buying a home is a big decision, but whether it’s your first time or you’re looking to sell for your dream home, there are three questions you should be able to answer:

1. What is the minimum down payment when buying a home?
2. What is the minimum required FICO score to qualify for a mortgage?
3. What is the allowed maximum Back-End DTI Ratio?

Fannie Mae revealed in a survey that most Americans who were buying a home did not know the answers to these questions. Results from her survey are shown in the graphic below:

3 Things Buyers Should Know Before Buying a Home, Buying a home

The survey shows that a disturbing percentage of people do not know the answers to those three important questions. The information makes it clear why so many people are uncertain about buying a home and whether they would be eligible for a first home or trade-up home.

Fannie Mae shows the answers to these questions in the graphic below:

3 Things Buyers Should Know Before Buying a Home

Bottom Line
If you are thinking about buying a home, it is important to be knowledgeable about the market and what your options are. Have you been thinking about buying a home in the Belmont area? Feel free to browse our listings at Belmont Homes for Sale!

To further your knowledge in the market before investing, check out Homeowners Regain Equity of Over 20% Report Reveals to gain a better understanding of your position in the home buying market.

Do you have unanswered questions about your home buying or selling journey? Feel free to get in touch with one of our real estate consultants for help! Call us at 704.997.3794 or send us a message here.

If you decide you don’t like your home we will sell it for free. *some conditions apply*

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