Home Buying Myths

Real Estate Broker/Owner with The Victoria Copeland Team 328511

Although the internet can be a great resource for a variety of information, a lot of that information is incorrect. One of the most important and expensive decisions in your life, home buying, tends to circulate a lot of misinformation. Most of that misinformation is in regards to how much of a down payment you need or what your credit score needs to be. Let's go over the real facts about buying a home and knock those myths out, so they don't hinder your ability to purchase!  


Though it may come as a surprise, you don't need a perfect credit score to purchase a home. Traditional bank lenders will work with credit scores as low as 640, but your agent can also get you connected with local lenders that accept credit scores as low as 580. Although there are other required stipulations to qualify for the loan, you don't need a perfect score in the 700's or 800's to get approved for a mortgage. 


You don't have to sell an arm and a leg to be able to purchase your dream house. There is a huge misconception that you need to pay a minimum of 20% down to buy. That information is outdated. These days, there a large variety of loan programs that only need an average of 3-5% down. Based on your income or military status, you may even qualify for mortgage programs that require 0% down. Although you'll expect to pay an additional 3% in closing costs, which is separate from the down payment, this is still significantly less that 20% of the purchase price. If you're in a buyer's market, you may even be able to negotatie for the closing costs to be covered by the sellers. 



I specialize and helping buyers find grant money and down payment assistant.  Please give my office a call at 229-241-1885 to set up an appointment with one of our buyer's specialist or stop by our office at 3314 Bemiss Rd, Valdosta, GA 31605 to sign up for our next home-buyer's class. 


At Your Service, On Your Side!


Comments (6)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Victoria Copeland welcome to ActiveRain, and congratulations on successfully posting your first blog on this site.

Sep 27, 2018 03:25 PM
Victoria Copeland

Thank you for the warm welcome

Sep 30, 2018 08:08 AM
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Myths are often Limiting Beliefs that keep us from owning our Dream Home !!!

Sep 28, 2018 12:19 PM
Victoria Copeland

You are so right

Sep 30, 2018 08:08 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Welcome to active rain. Good luck in achieving your goals 

Sep 29, 2018 06:09 AM
Victoria Copeland

Thank you so much.


Sep 30, 2018 08:08 AM
The Woodland Team of Texas
The Woodland Companies - Austin, TX
Land Specialists

Welcome to ActiveRain, I hope that you participation here helps your business to grow.

Oct 16, 2018 01:07 AM
Tonya R. Taylor
SavvyBizBuilder.com - Columbia, MD
Tell me 1 thing you want to learn about marketing?

Thanks for the info.

Congratulations on your first blog and welcome to Active Rain. Keep those blog post coming. Happy writing!

Oct 23, 2018 06:20 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Welcome to Active Rain, looking forward to reading many more of your posts, let me know if there is anything that I can do to help as you get started here.
All the best of success to you.

Oct 31, 2018 11:07 AM