{"id":2698,"date":"2018-11-05T11:00:21","date_gmt":"2018-11-05T11:00:21","guid":{"rendered":"https:\/\/thezakariagroup.com\/2-myths-holding-back-home-buyers\/"},"modified":"2018-11-05T11:00:21","modified_gmt":"2018-11-05T11:00:21","slug":"2-myths-holding-back-home-buyers","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/2-myths-holding-back-home-buyers\/","title":{"rendered":"2 Myths Holding Back Home Buyers"},"content":{"rendered":"
\n

\"2<\/p>\n

Urban Institute<\/em>\u00a0recently released a\u00a0report<\/a>\u00a0entitled, \u201cBarriers to Accessing Homeownership:\u00a0<\/em>Down Payment, Credit, and Affordability,\u201d<\/em> which revealed that,<\/span><\/p>\n

\n

\u201cConsumers often think they need to put more money down to purchase a home than is actually required. In a 2017 survey, 68% of renters cited saving for a down payment as an obstacle to homeownership. Thirty-nine percent of renters believe that more than 20% is needed for a down payment and many renters are unaware of low\u2013down payment programs.\u201d<\/em><\/p>\n<\/blockquote>\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

\u201cMost potential homebuyers are largely unaware that there are low-down payment and no-down payment assistance programs available at the local, state, and federal levels to help eligible borrowers secure an affordable down payment.\u201d <\/em>\u00a0<\/em><\/p>\n<\/blockquote>\n

These numbers do not differ much between non-owners and homeowners. For example, \u201c30% of homeowners and 39% of renters believe that you need more than 20 percent for a down payment<\/em>.\u201d<\/p>\n

While many believe that they need at least 20% down to buy their dream homes, they do not realize that there are programs available which 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\u00a0score 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<\/em>\u00a0latest\u00a0Origination Insight Report<\/a><\/em>,<\/em>\u00a0which focuses on recently closed (approved) loans.<\/p>\n

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

As you can see in the chart above,\u00a051.7%<\/strong>\u00a0of 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\u00a0recently released a\u00a0report\u00a0entitled, \u201cBarriers to Accessing Homeownership:\u00a0Down Payment, Credit, and Affordability,\u201d which revealed that, \u201cConsumers often think they need to put more money down to purchase a home than is actually required. In a 2017 survey, 68% of renters cited saving for a down payment as an obstacle to homeownership. Thirty-nine percent of renters […]<\/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":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[110,107,98,99],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\n2 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-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 Myths Holding Back Home Buyers - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"Urban Institute\u00a0recently released a\u00a0report\u00a0entitled, \u201cBarriers to Accessing Homeownership:\u00a0Down Payment, Credit, and Affordability,\u201d which revealed that, \u201cConsumers often think they need to put more money down to purchase a home than is actually required. 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