Top 2 Myths Holding Back Home Buyers
BY KAPINA LANSDALE
“Now isn’t a good time”… “Buying a home is expensive”… “I don’t have a perfect credit score”… all thoughts that may come to mind when considering purchasing a home. It never fails to surprise me how often I hear this.
Move past these home buying myths and start seeing how possible and affordable homeownership really is!
“Move past these home buying myths and start seeing how possible and affordable homeownership really is!“
Myth #1- You Have to Have a 20% Down Payment
This is the most common myth that discourages people from becoming homeowners. While having 20% down is a great thing to have if you can, but this shouldn’t be the reason that holds you back. There are loan programs available with as little as 0% down.
Most FHA loans require only 3.5% to 4%, while conventional loans from 3% to 5%. Qualified Veterans can also use the VA loan program to purchase a home with 0% down.
Myth#2- You Need Great Credit
While it is certainly helpful to have a high FICO score and great credit, there are loan programs available for buyers with lower scores. People are often shocked they can qualify to purchase a home. Buying a home is a great investment in your future, both financially and personally.
Before assuming you aren’t qualified, talk with a lender and learn what loan options may be best for you. And if you can’t qualify at this moment, they can help create a plan to do so. Need some help finding a lender? I would be happy to recommend a few good lenders.
Looking to Buy a Home?
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