You Don't Need 20% Down to Buy a Home in Sarasota NOW!

Real Estate Agent with PalmerHouse Properties Florida - 941-882-0322 | Serving Sarasota, Manatee & Charlotte Counties

You Don't Need 20% Down to Buy a Home in Sarasota NOW!

Again… You Do Not Need 20% Down to Buy NOW! | MyKCM
A survey by Ipsos found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. There are two major misconceptions that we want to address today.

1. Down Payment

The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 40% of consumers think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less. Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.

2. FICO® Scores 

The survey also revealed that 62% of respondents believe they need excellent credit to buy a home, with 43% thinking a “good credit score” is over 780. In actuality, the average FICO® scores of approved conventional and FHA mortgages are much lower. The average conventional loan closed in February had a credit score of 752, while FHA mortgages closed with a score of 686. The average across all loans closed in February was 720. The chart below shows the distribution of FICO® Scores for all loans approved in February. Again… You Do Not Need 20% Down to Buy NOW! | MyKCM

Bottom Line

If you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but are not sure if you are ‘able’ to, let’s sit down to help you understand your true options.

Considering Buying? Wondering if You Qualify for a Loan?

Please understand that not all mortgage lenders are created equal. We can help you when it comes to choosing a good mortgage lender on Sarasota’s Suncoast. If you’re curious about buying, call Julie Larson at 941-882-0322 or complete the form below…
~Keeping Current Matters

Comments (7)

Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

There are several loan options available in our area that don't require a 20% down payment.

Apr 04, 2017 08:33 AM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

HI Julie Larson Realtor® Sarasota FL 941-882-0322 - Buyers need to contact you to understand their financing needs for Sarasota FL.  Very nice presentation!!

Apr 05, 2017 07:08 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Julie

There are plenty of myths out there about down payment amounts and credit scores. This is a great resource to help clarify some of these. Sarasota area buyers will appreciate this information, and will benefit from your assistance and guidance in their purchases.


Apr 11, 2017 07:15 AM
Patricia Feager, MBA, CRS, GRI,MRP
Selling Homes Changing Lives

A wise buyer will contact Julie Larson Realtor® Sarasota FL 941-882-0322 for their next home!

Apr 12, 2017 02:55 AM
Julie Larson Realtor® Sarasota FL 941-882-0322
PalmerHouse Properties Florida - 941-882-0322 | Serving Sarasota, Manatee & Charlotte Counties - Sarasota, FL
When you're thinking of

Thank you, Patricia Feager!!!

Apr 12, 2017 04:21 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Julie Larson,  So many first time buyers still think they need 20% down.  Good for you to get the word out.

Apr 14, 2017 07:03 AM
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

Julie, This is great information for home buyers in Sarasota! I love how you broke down the basic loan requirements. There are a lot of people out there paying someone else's mortgage instead of investing in their own. 

Apr 20, 2017 05:11 AM