{"id":7198,"date":"2020-03-17T10:00:19","date_gmt":"2020-03-17T10:00:19","guid":{"rendered":"https:\/\/thezakariagroup.com\/two-big-myths-in-the-homebuying-process\/"},"modified":"2020-03-17T10:00:19","modified_gmt":"2020-03-17T10:00:19","slug":"two-big-myths-in-the-homebuying-process","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/two-big-myths-in-the-homebuying-process\/","title":{"rendered":"Two Big Myths in the Homebuying Process"},"content":{"rendered":"
\n

\"Two<\/p>\n

The 2020 Millennial Home Buyer Report<\/a> shows how this generation is not really any different from previous ones when it comes to homeownership goals:<\/span><\/p>\n

\n

\u201cThe majority of millennials not only want to own a home, but 84% of millennials in 2019 considered it a major part of the American Dream.\u201d
<\/em><\/p>\n<\/blockquote>\n

Unfortunately, the myths surrounding the barriers to homeownership \u2013 especially those related to down payments and FICO\u00ae scores \u2013 might be keeping many buyers out of the arena. The piece also reveals:<\/p>\n

\n

\u201cMillennials have to navigate a lot of obstacles to be able to own a home. According to our 2020 survey, saving for a down payment is the biggest barrier for 50% of millennials.\u201d<\/em><\/p>\n<\/blockquote>\n

Millennial or not, unpacking two of the biggest myths that may be standing in the way of homeownership among all generations is a great place to start the debunking process.<\/p>\n

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

Many buyers often overestimate what they need to qualify for a home loan. According to the same article:<\/p>\n

\n

\u201cA down payment of 20% for a home of that price [$210,000] would be about $42,000; only about 30% of the millennials in our survey have enough in savings to cover that, not to mention the additional closing costs.\u201d<\/em><\/p>\n<\/blockquote>\n

While many potential buyers still think they need to put at least 20% down for the home of their dreams, they often don\u2019t realize how many assistance programs are available with as little as 3% down. With a bit of research, many renters may be able to enter the housing market sooner than they ever imagined.<\/p>\n

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

In addition to down payments, buyers are also often confused about the FICO\u00ae score it takes to qualify for a mortgage, believing they need a credit score of 780 or higher.<\/p>\n

Ellie Mae\u2019s <\/em>latest Origination Insight Report<\/a>, which focuses on recently closed (approved) loans, shows the truth is, over 50% of approved loans were granted with a FICO\u00ae score below 750 (see graph below):<\/em>\"Two<\/a>Even today, many of the myths of the homebuying process are unfortunately keeping plenty of motivated buyers on the sidelines. In reality, it really doesn\u2019t have to be that way.<\/p>\n

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

If you\u2019re thinking of buying a home, you may have more options than you think. Let\u2019s connect to answer your questions and help you determine your next steps.<\/p>\n<\/div>\n

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

The 2020 Millennial Home Buyer Report shows how this generation is not really any different from previous ones when it comes to homeownership goals: \u201cThe majority of millennials not only want to own a home, but 84% of millennials in 2019 considered it a major part of the American Dream.\u201d Unfortunately, the myths surrounding the […]<\/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":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[110,874,107,98,99,875,109],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nTwo Big Myths in the Homebuying Process - 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\/two-big-myths-in-the-homebuying-process\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two Big Myths in the Homebuying Process - 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