- “It’s impossible to get low down payment loans.” – MYTH! FHA down payments are as low as 3.5% for a credit score of 580 or higher. USDA may have 0% down options available in some areas. FNMA has 3% down payment options. Freddie Mac has the Home Possible Advantage program at 3% if your credit score is 660 or better. Also there may be options in your area for down payment assistance through non-profits, government programs or local charities.
- “It takes perfect credit to get a loan.” - MYTH! There is a relationship with lenders where having a good or better credit score can get you better rates but by reviewing your credit report you may be able to clear up some items or get them corrected or cleared. Only by talking with a reliable lender will you know for sure. CONTINUE READING FOR MORE MYTHS DE-BUNKED--->
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