The Takeaway:

Despite the overwhelmingly pervasive information circulating to the contrary, a great number of potential home Buyers still believe that they need a 780 FICO® score and a 20% down payment, in order to qualify for a home purchase.  This misinformation of course then deters many would be homeowners from even applying for a home loan.

Here are some facts:

• 40% of Millennials who purchased a home this year made a down payment of less than 10%.
• Loan approval rates are quite high and 76.4% applications just last month alone were approved.
• The average credit score of an approved loan was at approximately 724 in September.