Homebuyers are clueless about mortgages

So says the headline of Les Christie's CNNMoney.com offering this morning.

How about a little change here.

Homebuyers/Journalists clueless about mortgages

I think we could all agree that we'd like to see potential homebuyers get the best information possible when they are considering buying a home.

Why is it that I keep on reading these articles in national publications and get the feeling that the potential homebuyers are being shortchanged, or that the journalists are not living up to their obligations in regards to their content. Do I feel that they are being lazy in regards to their research?

Do you?

Okay, back to the article, based on a survey conducted by Zillow

Among the survey's findings, 31% of buyers don't think it's possible to get a mortgage for less than 5% down

"but loans insured by the Federal Housing Authority can require as little as 3.5% down"

this statement left me a bit unfulfilled, here's why

How about DPA's, down payment assistance programs, which are acceptable to the FHA as a source of down payment and closing costs. (not mentioned)

I know there not for everyone, and have their own guidelines, but many homeowners utilize these programs.

How about VA's? (not mentioned)

Eligible Veterans are able to acquire financing up to 100%

How about USDA/Rural Housing (not mentioned)

this program also offers 100%+ financing options

and the properties which qualify very often would not be considered "rural" by any stretch of the imagination.

So, my suggestion to Les is help out these "clueless homebuyers"...give them more info...do more research

We need to promote "Homebuyers Education"

I am one of the instructors for a Homebuyers Education course which is required for many/most of the DPA programs. It is an 8 hour "face to face" course. It's open to anyone; buyers, Realtors, Les (hey Les, come take the course, call me and I'll get you registered 239-745-5646)

In most cases the homebuyer is making the biggest financial investment of their lifetime and should take the course

because in many cases you just don't know what you don't know

or maybe Les has a point when he say's

Homebuyers are clueless about mortgages

let's try to change that