Okay, I think I need to jump back in here and qualify something. First, I apologize for the brevity, but you should all know that when you ask a question you are very limited with characters. And what I asked was as clear as I could be. No bias intended.
This all wraps around the statistics I just go one week ago from the NAR. The report stated (BTW I am going on a bit of memory here) that 86% of first time home buyers not only believed that the loan approval process was "very difficult", but that they really did not believe they would qualify. The second stat stated that somewhere around 90% of them said AFTER the process was over that it was "not difficult at all". The third stat was that only 5% of them did not get approved for a loan.
Translation: although the vast majority of first time home buyers though the approval process was going to be extremely difficult and did not believe they would qualify anyway, the fact remains that when it was all said and done . . . . 95% of them got approved for a loan and said, "Wow! That was way easier than I thought!"
So, with that Mark Claessens translation, I decided to ask the community if you had experienced the same thing or not. And yes, I am assuming 100% that we are talking about people that are currently renting, but that really wished they could own a home. And just so y'all can respect me a tad bit more, I am fully aware of the fact that there are people out there who must rent, who don't have a choice but to rent, or may even be fully aware that they can get approved for a new home tomorrow morning with flying colors . . . but are choosing to rent for a number of intelligent reasons.
With all that said . . . could we please go back to our discussion with this framework in mind? I believe that will help a lot, and I really would like to hear more about this. These stats really jumped out at me and shocked me.
Personally, I have experienced that the buyers I meet are skeptical and are somewhat apprehensive about engaging a loan officer. They often do mention that they don't think their credit is good enough and probably won't qualify, etc. And yet most do qualify. I was just shocked to hear these numbers and wonder if they shock any of you or not.