I don't know about you, but I'm more than a little tired of hearing newscasters, day in and day out, giving listeners bum scoop about mortgages. The press needs to do a little more research before airing information about loan programs available, in particular down payment requirements, to potential homebuyers.
One recent example of inaccurate information televised by the networks is a case where a well-known financial advisor stated in a September interview that homebuyers "need 20% to put down on a home purchase. That's just the way it is." It's bad press like this that is causing a portion of the housing lull.
We, as mortgage and real estate professionals, know there are still loan programs available with low rates that do not require 20% down. But what about individuals dreaming of home ownership and the discouragement they get when bad information is given to them by the media? It is essential we get the word out that low down payment options are still available to potential homebuyers with credit scores below 720. Home ownership can still be a reality to many regardless what the networks are broadcasting.
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