DES MOINES, Iowa – Sept. 15, 2014 – More than two-thirds of Americans (68 percent) feel that it's a good time to buy a home – but many won't try because they think tighter mortgage rules have made them ineligible for a loan.
After the recession ended, the U.S. tightened lending rules to keep a similar meltdown from happening again. But stories about tighter requirements have led some creditworthy buyers to think they cannot get a loan, according to the "How America Views Homeownership" survey by Ipsos Public Affairs for Wells Fargo & Company.
"Our survey found Americans still view homeownership as an achievement to be proud of," says Franklin Codel, head of Wells Fargo Home Mortgage Production.
But "our survey also suggests we have an opportunity as lenders, nonprofit agencies and real estate agents to better inform Americans about credit ratings, mortgage costs and housing affordability," he adds.
The "How America Views Homeownership" nationwide survey of 2,017 adults also revealed many Americans report that their financial houses are in order, which improves their ability to buy a home. For example:
Home buying: What consumers know
"It's important for prospective homebuyers … to ask lenders and real estate agents questions about available options, such as downpayment assistance or FHA loan programs or VA loans for veterans," says Codel. "Ninety-five percent of survey respondents said they want to own a home if they don't already."
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