{"id":1974,"date":"2017-10-09T10:00:07","date_gmt":"2017-10-09T10:00:07","guid":{"rendered":"https:\/\/thezakariagroup.com\/no-you-do-not-need-20-down-to-buy-now\/"},"modified":"2017-10-09T10:00:07","modified_gmt":"2017-10-09T10:00:07","slug":"no-you-do-not-need-20-down-to-buy-now","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/no-you-do-not-need-20-down-to-buy-now\/","title":{"rendered":"No\u2026 You Do Not Need 20% Down to Buy NOW!"},"content":{"rendered":"
\n

\"No\u2026<\/p>\n

The Aspiring Home Buyers Profile<\/em><\/a> from the National Association of Realtors (NAR)\u00a0<\/em>found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today\u2019s housing market. The results of the survey show that non-homeowners cite the main reason for not currently owning a home, as not being able to afford one.<\/span><\/p>\n

This brings us to two major misconceptions that we want to address today.<\/p>\n

1. Down Payment<\/strong><\/h4>\n

NAR\u2019s <\/em>survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 39% of non-homeowners say they believe they need more than 20% for a down payment on a home purchase. In actuality, there are many loans written with a\u00a0down payment of 3% or less.<\/p>\n

Many renters may actually be able to\u00a0enter the housing market sooner<\/a>\u00a0than they ever imagined with new programs that have emerged allowing less cash out of pocket.<\/p>\n

2. FICO\u00ae\u00a0<\/sup>Scores<\/strong><\/h4>\n

An Ipson <\/em>survey revealed that 62% of respondents believe they need excellent credit to buy a home, with 43% thinking a\u00a0\u201cgood credit score\u201d<\/em>\u00a0is over 780. In actuality, the\u00a0average FICO\u00ae<\/sup>\u00a0scores<\/a>\u00a0of approved conventional and FHA mortgages are much lower.<\/p>\n

The average conventional loan closed in August had a credit score of 752, while FHA mortgages closed with a score of 683. The average across all loans closed in August was 724.\u00a0The chart below shows the distribution of FICO\u00ae<\/sup>\u00a0Scores for all loans approved in August.<\/p>\n

\"No\u2026<\/a><\/p>\n

Bottom Line<\/strong><\/h3>\n

If you are a prospective buyer who is \u2018ready\u2019 and \u2018willing\u2019 to act now, but are not sure if you are \u2018able\u2019 to, let\u2019s sit down to help you understand your true options.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

The Aspiring Home Buyers Profile from the National Association of Realtors (NAR)\u00a0found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today\u2019s housing market. The results of the survey show that non-homeowners cite the main reason for not currently owning a home, as not […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[107,98,99,101],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nNo\u2026 You Do Not Need 20% Down to Buy NOW! - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/no-you-do-not-need-20-down-to-buy-now\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No\u2026 You Do Not Need 20% Down to Buy NOW! - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"The Aspiring Home Buyers Profile from the National Association of Realtors (NAR)\u00a0found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today\u2019s housing market. 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