{"id":2061,"date":"2018-01-30T11:00:06","date_gmt":"2018-01-30T11:00:06","guid":{"rendered":"https:\/\/thezakariagroup.com\/2-major-myths-holding-back-home-buyers\/"},"modified":"2018-01-30T11:00:06","modified_gmt":"2018-01-30T11:00:06","slug":"2-major-myths-holding-back-home-buyers","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/2-major-myths-holding-back-home-buyers\/","title":{"rendered":"2 Major Myths Holding Back Home Buyers"},"content":{"rendered":"
\n

\"2<\/p>\n

Urban Institute<\/em> recently released a report<\/a> entitled, \u201cBarriers to Accessing Homeownership,<\/em>\u201d which revealed that\u00a0\u201c<\/em>eighty percent of consumers either are unaware of how much lenders require for a down payment or believe all lenders require a down payment above 5 percent.\u201d<\/em><\/span><\/p>\n

Myth #1: \u201cI Need a 20% Down Payment\u201d<\/strong><\/h4>\n

Buyers often overestimate the down payment funds needed to qualify for a home loan. According to the same report:<\/p>\n

\n

\u201cConsumers are often unaware of the option to take out low-down-payment mortgages. Only 19% of consumers believe lenders would make loans with a down payment of 5% or less\u2026 While 15% believe lenders require a 20% down payment, and 30% believe lenders expect a 20% down payment.\u201d<\/em><\/p>\n<\/blockquote>\n

These numbers do not differ much between non-owners and homeowners; 39% of non-owners believe they need more than 20% for a down payment and 30% of homeowners believe they need more than 20% for a down payment.<\/p>\n

While many believe that they need at least 20% down to buy their dream home, they do not realize that programs are available that allow them to put down as little as 3%. Many renters may actually be able to enter the housing market sooner than they ever imagined with programs that have emerged allowing less cash out of pocket.<\/p>\n

Myth #2: \u201cI Need a 780 FICO\u00ae Score or Higher to Buy\u201d<\/strong><\/h4>\n

Similar to the down payment, many either don\u2019t know or are misinformed about what FICO\u00ae<\/sup> score is necessary to qualify.<\/p>\n

Many Americans believe a \u2018good\u2019 credit score is 780 or higher.<\/p>\n

To help debunk this myth, let\u2019s take a look at\u00a0Ellie Mae\u2019s\u00a0<\/em>latest\u00a0Origination Insight Report<\/em><\/a>,<\/em>\u00a0which focuses on recently closed (approved) loans.<\/p>\n

\"2<\/a><\/p>\n

As you can see in the chart above,\u00a053.5%\u00a0<\/strong>of approved mortgages had a credit score of 600-749.<\/p>\n

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

Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Your dream home may already be within your reach.<\/p>\n<\/div>\n

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

Urban Institute recently released a report entitled, \u201cBarriers to Accessing Homeownership,\u201d which revealed that\u00a0\u201ceighty percent of consumers either are unaware of how much lenders require for a down payment or believe all lenders require a down payment above 5 percent.\u201d Myth #1: \u201cI Need a 20% Down Payment\u201d Buyers often overestimate the down payment funds […]<\/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":[110,107,98,99,101],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\n2 Major Myths Holding Back Home Buyers - 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\/2-major-myths-holding-back-home-buyers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2 Major Myths Holding Back Home Buyers - 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