HOME BUYING MYTHS

HOME BUYING MYTHS


Home Buying MythsHome 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

Though it may come as a surprise, you don't need a perfect credit score to purchase 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. 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 That information is outdated. These days, there a large variety of loan programs 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 negotatie for the closing costs to be covered by the sellers. 

---

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, it's imperative to call your agent and let them fill you in on the facts. 


Cynthia Minnick Headshot
Author:
Phone: 863-651-8938
Dated: October 29th 2018
Views: 246
About Cynthia: A Pennsylvania native, Cindy moved to Florida with an extensive background in Accounting and Payroll...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Staging Your Home To Sell - 4 REASONS TO STAGE1. Your home
5 House Hunting Tips For Seniors In Central Florida -  5 House-Hunting Tips for
HOME BUYING MYTHS - Home Buying MythsAlthough the
Jul 14 2018 44699 1 - .

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Clayton Chaves
1420 Celebration Blvd, Suite 200
Celebration, FL
407-414-9686
407-566-2017

Other Locations