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Americans overestimate what it takes to buy a home

Posted on Wednesday, June 17, 2015 at 11:11:29 AM

While most Americans want to buy a home, many of them also believe that they aren't yet qualified. What some of those people don't know, is that they do, in fact, have the ability to acquire residential financing. 

Wells Fargo & Company and Ipsos Public Affairs collaborated on their second annual "How America Views Homeownership" survey, and found that 72 percent of respondents believe it is a good time to buy. Additionally, 65 percent of those surveyed indicated that homeownership would be a "dream come true." 

The problem is, though these people certainly want a home, and think it is a great time to buy, many don't believe they would qualify for a home loan from a bank. Two-thirds of the survey respondents believe that a very good credit score is necessary to buy a home, and 45 percent of those surveyed peg that score at around 780 - a number many people would find near impossible to achieve. 

While acquiring a home loan from a bank certainly isn't easy these days, it's simpler than many people think it is. To push Americans to follow through with their dreams of purchasing a home, it may be necessary to educate them as to what they actually need, such as a good credit score, but not necessarily a 780.