According to Fannie Mae, Current sources of financing education and information are insufficient .

Consumers continue to be under a lot of wrong assumptions about what it takes to get a home loan —and that may be holding some back from even trying. Most consumers still overestimate the minimum credit score and down payment needed to qualify. They also remain unfamiliar with low-down-payment programs, according to a survey released by Fannie Mae of 3,000 respondents. More consumers also report seeing their credit scores recently, yet nearly half still cannot recall what it is. “Current sources of financing education and information are insufficient,” write Mark Palim, Fannie Mae’s vice president and deputy chief economist, and Sarah Shahdad, a market insights researcher at Fannie Mae. “Even those actively planning to become homeowners in the next few years (i.e., those who should be exposed to more information) are only slightly more confident or knowledgeable than others.” Fannie Mae conducted a similar survey in 2015, and the results have not improved much about Americans’ knowledge about the process. “For some Americans who would like to own a home, they could qualify -- but may assume homeownership is not a possibility,” they note. “As a result, they may avoid further research or preparations, such as saving for a down payment or improving their credit.”