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Busting Home Buying Myths

Busting Home Buying Myths
Although the internet can be a great resource for a variety of information, a lot of that information is incorrect. One of the most important and expensive decisions in your life, home buying, tends to circulate a lot of misinformation. Most of that misinformation is in regards to how much of a down payment you need or what your credit score needs to be. Let’s go over the real facts about buying a home and knock those myths out, so they don’t hinder your ability to purchase! CREDIT SCORES Did you know, you don’t need a perfect credit score to buy a home? Traditional bank lenders will work with credit scores as low as 640, but your agent can also get you connected with local lenders that accept credit scores as low as 580, which means there is hope! Although there are other required stipulations to qualify for the loan, you don’t need a perfect score in the 700’s or 800’s to get approved for a mortgage. DOWN PAYMENTS You don’t have to sell an arm and a leg to be able to purchase your dream house. There is a huge misconception that you need to pay a minimum of 20% down to buy. That information is outdated. There are many loan program options that only need an average of 3-5% down. Based on your income or military status, you may even qualify for mortgage programs that require 0% down. Although you’ll expect to pay an additional 3% in closing costs, which is separate from the down payment, this is still significantly less that 20% of the purchase price. If you’re in a buyer’s market, you may even be able to negotiate for the closing costs to be covered by the sellers, which is always a plus! Be sure to connect with a local real estate agent to ensure you have the right facts. Don’t let online myths persuade you into thinking you can’t qualify or afford to buy a home. There are a variety of programs to help you get into your dream house. Since these vary by county to county, and state to state, give me a call and I can fill you in on the facts! Have more questions?

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