brad sells chicago: Financing for First Time Homebuyers
- 05/12/14 03:37 AM
At a recent homebuyer seminar I conducted with a couple other real estate professionals, we discovered there were several misconceptions among potential first time homebuyers in regards to homeownership. Of these, the most common of which were needing a prime credit score of 700+ and requiring at least a 20% downpayment. While this may be true to get a better mortgage rate and avoid private mortgage insurance, it is not a necessity to be qualified for a mortgage.
With the cost of education and student debt both rising, most individuals simply don't have the means for a 20% downpayment. Fortunately for … (1 comments)
At a recent homebuyer seminar I conducted with a couple other real estate professionals, we discovered there were several misconceptions among potential first time homebuyers in regards to homeownership. Of these, the most common of which were needing a prime credit score of 700+ and requiring at least a 20% downpayment. While this may be true to get a better mortgage rate and avoid private mortgage insurance, it is not a necessity to be qualified for a mortgage.
;)
;)
