What Consumers (Don’t) Know About Mortgage Qualification Criteria

From overestimating minimum credit scores and down payment amounts to underestimating debt-to-income ratios, only 5 to 16 percent of respondents knew the correct ranges for key mortgage qualification criteria. The good news: Lenders were cited as the most influential source of mortgage advice—highlighting the important role lenders play with prospective homebuyers and supporting the value of ongoing education and outreach.

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