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There has been a lot of talk about the falling homeownership rate in the United States. In December 2004, the homeownership rate reached an all-time high of 69.4%, while the current rate is 62.9%. When comparing these two figures, there is some room for concern regarding the difference.However, today we want to shine some light on the issue by:Showing what historic homeownership rates have looked like over the last 130 years.Breaking down the current percentages by state.Historic Homeownership Rates:Current Homeownership Rates by State:All of the states that you see in blue on the map above have a greater homeownership rate than the national average.Bottom LineThough the homeownership rate has fallen recently, the percentage is still at a healthy rate compared to historic numbers, and most states currently have a higher percentage than the national average.
Some Highlights:36% of Americans think they need a 20% down payment to buy a home.44% of Millennials who purchased a home this year have put down less than 10%.71.8% of loan applications were approved last month.The average credit score of approved loans was 731 in September.
A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainty about the buying process. A specific cause for concern tends to be mortgage qualification.For many, the mortgage process can be scary, but it doesn’t have to be!In order to qualify in today’s market, you’ll need to have saved for a down payment (the average down payment on all loans was 11% last month, with many buyers putting down 3% or less), a stable income and good credit history.Throughout the entire home buying process, you will interact with many different professionals, all of which perform necessary roles. These professionals are also valuable resources for you.Once you’re ready to apply, here are 5 easy steps that Freddie Mac suggests to follow:Find out your current credit history & score – even if you don’t have perfect credit, you may already qualify for a loan. The average FICO Score of all closed loans in September was 731, according to Ellie Mae.Start gathering all of your documentation – income verification (such as W-2 forms or tax returns), credit history, and assets (such as bank statements to verify your savings).Contact a professional – your real estate agent will be able to recommend a loan officer that can help you develop a spending plan, as well as determine how much home you can afford.Consult with your lender – he or she will review your income, expenses, and financial goals in order to determine the type and amount of…