Consumers continue to be under a lot of wrong assumptions about what it takes to get a mortgage–and that may be holding some back from even trying.
Even though a lot of mortgage information is now available online, most consumers still overestimate the minimum cred score and down payment needed to qualify for a mortgage. They also remain unfamiliar with low-down-payment programs, according to a survey released by Fannie Mae of 3,000 respondents. More consumers also report seeing their credit scores recently, yet nearly half still cannot recall what it is.
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