{"id":2365,"date":"2018-06-25T10:00:18","date_gmt":"2018-06-25T10:00:18","guid":{"rendered":"https:\/\/thezakariagroup.com\/you-do-not-need-20-down-to-buy-your-home-now\/"},"modified":"2018-06-25T10:00:18","modified_gmt":"2018-06-25T10:00:18","slug":"you-do-not-need-20-down-to-buy-your-home-now","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/you-do-not-need-20-down-to-buy-your-home-now\/","title":{"rendered":"You DO NOT Need 20% Down to Buy Your Home NOW!"},"content":{"rendered":"
\n

\"You<\/p>\n

The\u00a0Aspiring Home Buyers Profile<\/a>\u00a0<\/em>from the\u00a0National Association of Realtors <\/em>(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 the main reason why non-homeowners do not own their own homes is because they believe that they cannot afford them.<\/span><\/p>\n

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

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

A recent survey<\/a> by Laurel Road,<\/em> the National Online Lender<\/em> and FDIC-Insured Bank,<\/em> revealed that consumers overestimate the down payment funds needed to qualify for a home loan.<\/p>\n

According to the survey, 53% of Americans who plan to buy or have already bought a home admit to their concerns about their ability to afford a home in the current market. In addition, 46% are currently unfamiliar with alternative down payment options, and 46% of millennials do not feel confident that they could currently afford a 20% down payment.<\/p>\n

What these people don\u2019t realize, however, is that there are many loans written with\u00a0down payments 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<\/sup>Scores<\/strong><\/h4>\n

An\u00a0Ipsos<\/em>\u00a0survey revealed that 62% of respondents believe they need excellent credit to buy a home, with 43% thinking a \u201cgood credit score\u201d<\/em>\u00a0is over 780. In actuality, the\u00a0average FICO\u00ae<\/sup>\u00a0scores<\/a>\u00a0for approved conventional and FHA mortgages are much lower.<\/p>\n

The average conventional loan closed in May had a credit score of 753, while FHA mortgages closed with an average score of 676. The average across all loans closed in May was 724.\u00a0The chart below shows the distribution of FICO\u00ae\u00a0Scores for all loans approved in May.<\/p>\n

\"You<\/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 you are not sure if you are \u2018able\u2019 to, let\u2019s sit down to help you understand your true options today.<\/p>\n<\/div>\n

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

The\u00a0Aspiring Home Buyers Profile\u00a0from the\u00a0National 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 the main reason why non-homeowners do not own their own homes is because they believe that […]<\/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_is_tweetstorm":false,"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],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nYou DO NOT Need 20% Down to Buy Your Home 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\/you-do-not-need-20-down-to-buy-your-home-now\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"You DO NOT Need 20% Down to Buy Your Home NOW! - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"The\u00a0Aspiring Home Buyers Profile\u00a0from the\u00a0National 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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