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Myths That Hold Back Home Buyers
November 04, 2019 at 1:06pm | Rima Rafeh
Many older generations view millennials as vastly different from themselves. They may be taken back of how reliant millennials are on technology and some of their practices seem taboo. Uber? A scary concept for the older folk as we were taught not to get into strangers’ cars. These differences and perspectives on everyday life can sometimes divide us right down the middle. But we may not be so different after all. According to a recent report from First American, revealed that youngsters are all relying on the same boat. We all want to live comfortably in our own little home with our families. Buying a home comes with many obstacles and hoops to jump through, and it can be scary at times. There are myths that circulate the home buyer’s mind. Here are some myths we decided to bust for first time home buyers that may be holding them back from jumping off the fence and decide to be a homeowner.
Myth #1 “20% down payments are necessary.”
Or are they? First-time buyers overestimate how much cash they need on hand to be able to qualify for a loan. In the same First, American article says that “Americans still overestimate the qualifications needed to get a mortgage, resulting in qualified potential buyers not even considering homeownership. Indeed, the Urban Institute report revealed that 16 percent of consumers believed that the minimum down payment required by lenders is 20 percent or more, and another 40 percent didn’t know at all.” You may be able to get away with a 3% down payment they are many assistance programs within grasp.
Myth#2 “I Need a Perfect FICO score.”
It’s not your fault that you may not know the possibilities and options of the whole home buying process. Americans believe they need a sky-high Fico Score to be able to qualify for a mortgage. Ellie Mae’s debunked this myth in the latest Origination Insight Report which closes in on recently and approved loans. Ellie Mae’s indicate that more than half of the credit scores fall into 500-750 range of scores. The bottom line is that you may not know your options and maybe held back by some of these myths. I am here to help you and guide you on purchasing your new home. If you would like to chat, please reach out I will be more than happy to be your guide.