If you’re in the market to buy a home, there are two myths that, if you believe them, will absolutely ruin any opportunities you have:
- You need 20% down to finance the purchase of a home. Studies show that 30% of current homeowners believe they need 20% down, and 39% of renters believe this as well. However, that’s not true, and people are wasting money on rent for far longer than they should while trying to scrounge up an adequate down payment. There are local, state, and federal programs that allow buyers to purchase homes with less than 20% down. There are even options that offer 0% down loans under special circumstances.
- You need a credit score of 780 or higher. This is wildly untrue. Over 50% of loans are written for credit scores between 600 and 749.
If you’d like to buy a home, you may be much closer than you think. If you want to finally get off the fence and start the search, have any questions, or need further information, feel free to reach out to me. I look forward to hearing from you soon.