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    Millennials: What FICO Score is Needed to Buy a Nashville Home?

    Nashville MillennialIn a recent article by the Wharton School of Business at the University of Pennsylvania, it was revealed that some Millennials are not looking to purchase a home simply because they don’t believe they can qualify for a mortgage.

    The article quoted Jessica Lautz, the National Association of RealtorsManaging Director of Survey Research, as saying that there is a significant population that does not think they will be approved for a mortgage and doesn’t even try. The article also quoted Fannie Mae CEO Tim Mayopoulos :

    “I do think that there’s a sense out there in the marketplace among borrowers that credit may not be available, especially for people with lower credit scores.”

    So what credit score is necessary?

    A recent survey reported that two-thirds of the respondents believe they need a very good credit score to buy a home, with 45 percent thinking a “good credit score” is over 780.

    Bottom Line

    If you are one of the many Nashville Millennials who are considering a home purchase you may be surprised how much the requirements for a mortgage have eased. Let’s get together to discuss your options!

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