Are Home Buying Myths Keeping Your Dream Of Buying A Home From Coming True?
June is National Homeownership Month... too many people who dream of buying a home are afraid to because of misconceptions about their ability to qualify for a mortgage to do so.
Myth vs Reality
Two of the biggest myths about buying a home are that you need to have virtually perfect credit scores and that you need 20% of the purchase price to put down to qualify for a loan. Believing these myths is keeping too many people from attaining the American Dream of homeownership... uneccesarily so.
The reality is that in the past year the average FICO credit score of mortgage borrowers is 722 and for FHA borrowers even lower at around 680. And you certainly don't need 20% to put down. On average, firsttime borrowers had a down payment of just 6%. Even repeat borrowers didn't put down 20%, but averaged 14%.
If you're gainfully employed and have a decent credit rating, there is no reason to avoid buying a home because of myths about credit scores and down payments... and the time to buy is NOW, Home prices will continue to increase, as will interest rates, as will rental rates. NOW is the time to lock in your housing costs for years to come.
Additional Articles On Why Home Buying Myths Should Not Hold You Back From Attaining The American Dream of Homeownership
Your Friends Are Crazy If They Are Telling You Not To Buy
5 Reasons Homeownership Makes Cents
2 Major Myths Holding Back Home Buyers
69% of Buyers Are Wrong About Down Payment Needs
Buying A Home Is Cheaper Than Renting In Most Of The USA
If you're a Charlotte metro area renter, who'd like to make the transition from renter to homeowner, contact Nina Hollander with RE/MAX Executive.
I can help you turn your rent payments into mortgage payments as well as to help you "Find Your Place!"
I'd also love an opportunity to earn your business, exceed your expectations, and to prove to you that:
"The Right Broker Makes All The Difference."
SEARCH ALL CHARLOTTE METRO AREA HOMES HERE
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