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.
Down Payments
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%”.
FICO Score
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.
Bottom Line
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.
www.TheGusAnthonyTeam.com
team@gusanthony.com
(703) 818-1886
43777 Central Station Dr #390, Ashburn, VA 20147
