Tuesday, October 18, 2016 / by Jenel Yeamans
What is keeping you from buying a home?
I have heard SO many misconceptions of why people aren't buying a house in this phenomenal market. Venturing down the path to home ownership doesn't have to be like a hand at The World Series Of Poker. If you have the right agent, lender, and home inspector in your corner, it can be fun, easy, and stress-free. Here are some of the common myths that are deterring folks from buying a home right now:
1. You need to put at least 20% down.
Although it is true that most conventional loans require a 20% (but can be as low as 5%) down payment, there are a handful of loans out there that cater to different financial situations. It’s not uncommon to be short some savings when it comes to thousands of dollars. You can typically qualify for an FHA or VA loan or a down payment assistance program and put as little as 3.5 or 0% down.
2. You need amazing credit.
In order to get the best mortgage rates available, you usually have to have great credit. The lower your credit, the worse th3 ...
1. You need to put at least 20% down.
Although it is true that most conventional loans require a 20% (but can be as low as 5%) down payment, there are a handful of loans out there that cater to different financial situations. It’s not uncommon to be short some savings when it comes to thousands of dollars. You can typically qualify for an FHA or VA loan or a down payment assistance program and put as little as 3.5 or 0% down.
2. You need amazing credit.
In order to get the best mortgage rates available, you usually have to have great credit. The lower your credit, the worse th3 ...