Americans have critical misconceptions about mortgage requirements

Image result for Americans have critical misconceptions about mortgage requirementsCurrent economicOpens a New Window. conditions might indicate it is a good time to get into the housing market, but many potential homeowners appear to have some serious misconceptions about what it takesOpens a New Window. to do so.

Fannie Mae conducted a nationwide study among 3,000 respondents to track trends among consumers’ understanding of mortgage qualification requirements, and found that the majority of people think it is harder to qualify for a mortgage than it really is.

According to the findings, people overestimate the minimum credit score necessary to qualify for a mortgage. While the actual minimum FICO score is about 580 – which only 11 percent of respondents correctly identified – people thought it was 650. More than four-in-ten people did not know what their own credit score was.

People also overestimated the minimum down payment to qualify for a mortgage, which is about 3 percent. Most people said 10 percent.

Further, Americans are generally unfamiliar with low down payment programs – only 23 percent of people knew about the option.

Sixty percent of people, overall, thought getting a mortgage would be easy. More current homeowners (78 percent) were confident when compared with renters (33 percent).

The survey found, however, that even those who should be more knowledgeable about mortgage requirements – including current homeowners – are not. For example, while 9 percent of renters identified the correct credit score range needed to qualify for a mortgage, only 12 percent of owners were able to do so.

The top reasons people expect to have difficulty getting a mortgage are insufficient income to afford monthly payments, too much debt and insufficient credit score or credit history.

“For some Americans who would like to own a home, they could qualify for a mortgage but may assume homeownership is not a possibility,” researchers concluded.

Meanwhile, conditions appear to be ripe for homebuyers. Mortgage application volume increased 1.5 percent for the week ending May 31 – after falling the week prior, according to the Mortgage Bankers Association’s survey. Meanwhile, mortgage rates recently fell to their lowest level since the first week of 2018 amid rising concerns over trade tensions.

Digital Risk co-founder Jeff Taylor told FOX Business on Monday that for those looking to get into the housing market, “this is literally the perfect time.”

Meanwhile, many expect the Federal Reserve may cut interest rates this year, which could further benefit potential homebuyers.

[“source=foxbusiness”]

Gears of War: Ultimate Edition PC Requirements Revealed

Gears of War: Ultimate Edition PC Requirements RevealedGears of War: Ultimate Edition – a remaster of the 2006 Xbox 360 classic released on the Xbox One last year to rave reviews. Prior to the third-person shooter hitting Microsoft’s latest black box, the company announced at E3 2015 that the game would be coming to Windows PCs. Since then though, we haven’t heard much else. That is, until now.

Perusing through the Windows 10 Store led us to a listing for the game. It’s unavailable for purchase at the moment and there’s no price either, but we won’t be surprised if it isn’t long before it will be. Most importantly though, the page indicates what kind of machine you’d need to play it.

Gears of War: Ultimate Edition minimum requirements:

  • OS: 64 bit Windows 10 (v. 1511)
  • Processor: Intel Core i5 @ 2.7Ghz / AMD FX 6-core
  • Memory: 8GB RAM
  • VRAM: 2GB
  • GPU: AMD R7 260x / NVIDIA GTX 650 Ti
  • HD Space: 60GB
  • DirectX12

Gears of War: Ultimate Edition recommended requirements:

  • OS 64 bit Windows 10 (v. 1511)
  • Processor: Intel Core i5 @3.5GHz+ / AMD FX 8-core
  • Memory: 16GB RAM
  • VRAM: 4GB
  • GPU: AMD R9 290X / NVIDIA GTX 970
  • HD Space: 60GB
  • DirectX12

(Also see: Quantum Break for PC Shows the Needs of the Many Outweigh the Needs of the Few)

As per the store page, the above configuration is the “recommended system requirements for 1920X1080P”, what this means is, you should ideally be able to play the game at full HD/1920×1080 at 60 frames per second without much trouble. There’s a third configuration that’s even steeper.

Gears of War: Ultimate Edition ideal requirements:

  • OS 64 bit Windows 10 (v. 1511)
  • Processor: Intel Core i7 @4GHz+ / AMD FX 8-core
  • Memory: 16GB RAM
  • VRAM: 6GB
  • GPU: AMD R9 390X / NVIDIA GTX 980 Ti
  • HD Space: 60GB
  • DirectX12

With a Windows PC of this calibre, the listing claims it is the “recommended system requirements for 4K”, so hitting 3840×2160 at 60 frames per second should be of little worry.

Much like Quantum Break it appears that you’ll need a superlative Windows PC to get the most out of it. Perplexing considering how underpowered the Xbox One is in comparison to the average gaming PC these days.

As with all Microsoft first-party games, this will be exclusive to the Windows 10 Store, ruling out Steam and other digital storefronts. The Redmond-based firm is hosting an Xbox One and Windows 10 event on February 25 so don’t be surprised to see more information, including a potential release date soon.

[“Source-Gadgets”]