{"id":6914,"date":"2014-09-16T12:16:13","date_gmt":"2014-09-16T12:16:13","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=6914"},"modified":"2014-09-16T12:16:13","modified_gmt":"2014-09-16T12:16:13","slug":"fear-holding-many-buyers-back","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/fear-holding-many-buyers-back\/","title":{"rendered":"Fear Is Holding Many Buyers Back"},"content":{"rendered":"

Fear Is Holding Many Buyers Back<\/h2>\n
\"Fear<\/a>

Fear Is Holding Many Buyers Back. Image courtesy of pakorn \/ FreeDigitalPhotos.net<\/p><\/div>\n

Nearly two-thirds of Americans recently surveyed say they believed a stellar credit score was necessary to purchase a home, and more than 40 percent said they needed a down payment equal to or at least 20 percent of the purchase price to buy a home today, according to a new survey released by Wells Fargo.<\/p>\n

However, the nation\u2019s largest mortgage lender says many customers believe it\u2019s much more difficult to get a mortgage than it really is.<\/p>\n

Franklin Codel, Wells Fargo\u2019s head of mortgage production, notes that the bank has lowered minimum credit scores<\/a> for loans backed by the government in an effort to expand its eligible borrower pool.<\/p>\n

\u201cWhen we expanded FICO ranges, we saw not only an increase in applications but we also saw an increase in approval rates,\u201d Codel says.<\/p>\n

The lender acknowledges that mortgage credit has tightened since the financial crisis. But buyers\u2019 fear of being turned down by a bank are needlessly keeping some of them out of the housing market, analysts note.<\/p>\n

For example, in 2013, 19 percent of families said they did not apply for a consumer loan due to fear of rejection \u2013 which is above the 16.4 percent rate of families who actually are turned down for credit, according to a recent Federal Reserve survey.<\/p>\n

Source: \u201cWells Fargo Finds Mortgage Myths Hamper Home Purchases<\/a>,\u201d Reuters (Sept. 15, 2014)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Fear Is Holding Many Buyers Back Nearly two-thirds of Americans recently surveyed say they believed a stellar credit score was necessary to purchase a home, and more than 40 percent said they needed a down payment equal to or at least 20 percent of the purchase price to buy a home today, according to a … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-6914","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nFear Is Holding Many Buyers Back - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/fear-holding-many-buyers-back\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fear-holding-many-buyers-back\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fear-holding-many-buyers-back\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Fear Is Holding Many Buyers Back\",\"datePublished\":\"2014-09-16T12:16:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fear-holding-many-buyers-back\\\/\"},\"wordCount\":253,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fear-holding-many-buyers-back\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2014\\\/09\\\/ID-100159734.jpg\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fear-holding-many-buyers-back\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fear-holding-many-buyers-back\\\/\",\"name\":\"Fear Is Holding Many Buyers Back - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fear-holding-many-buyers-back\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fear-holding-many-buyers-back\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2014\\\/09\\\/ID-100159734.jpg\",\"datePublished\":\"2014-09-16T12:16:13+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fear-holding-many-buyers-back\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fear-holding-many-buyers-back\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fear-holding-many-buyers-back\\\/#primaryimage\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2014\\\/09\\\/ID-100159734.jpg\",\"contentUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2014\\\/09\\\/ID-100159734.jpg\",\"width\":266,\"height\":400,\"caption\":\"Fear Is Holding Many Buyers Back. 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