What’s holding you back from buying your dream home? Hopefully, your fears are not based in common misconceptions. Here’s the truth on 2 common myths.
One big misconception many people fall prey is that you need a large down payment to qualify for a mortgage. While many Americans believe you need at least 20% down, there are many programs available allowing as little as 3% down.
Experienced lenders also help to finance your down payment. According to the Realtors Confidence Index from the National Association of Realtors, “72% of first-time home buyers put down less than 20%”.
Another misconception many Americans believe in is that a “good” credit score to qualify for a mortgage is 780 or higher. According to Ellie Mae’s latest Origination Insight Report, over 50% of approved mortgages had a credit score of 600-749.
If you’re thinking of buying a home, NOW is the time to do it.
And…if you’re looking for your dream home in the Northern Virginia area, call The Gus Anthony Team, expert resource in real estate.