One of the commonly cited reasons why homebuyers remain on the sidelines is that they think they need to have a 20 percent downpayment in order to get a mortgage. This is another mortgage myth that is easily busted when you stop to think about the facts.
Recent statistics from the National Association of Realtors show that the number of first-time buyers is increasing. It is common knowledge that most first-time buyers don't have large downpayments, so they couldn't possibly all be putting 20 percent down.
Low-downpayment loans are still readily available. Just the other day, I heard about a 25 year-old man who purchased his first home using a Weichert Sales Associate, and got a loan through Weichert Financial Services requiring only 3 percent down.
Help us bust this mortgage myth. Reach out to your book of business and let them know it remains a great time to buy and that good loans with low downpayments are still available, despite what they may have heard.
Remember, Weichert has the financing to provide a mortgage for the homes we sell.
Jim Weichert
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate
Ford: I have not had a buyer tell me that they thought they needed a 20% down payment for over twenty-five years. That is extremely outdated information.
Nov 17, 2008 01:26 AM
Windermere Peninsula Properties - Belfair, WA
Your NorthWest "Real Estate Solution"
Buyers do stay on the fence and I agree that they must think that you have to have some huge amount of money down or that they need to have an excellent credit score, but it is just a myth I have had 1 close this year at 0 down 635 credit score and quite a few others that went FHA with 3% down.
Nov 17, 2008 01:31 AM
Craven & Company REALTORS - Concord, NC
I have definetly had more then a handful of buyers who think they need 20% down. I chalk it up to lack of education. They see so much TV and read so much junk knowledge that they don't even think about getting a home because of the cost. I hihglyu reccomend that you partner with a mortgage broker or banker and let the people know in your area that they can get a house and it's not going to cost them all their savings to get it!
Nov 17, 2008 02:54 AM
Fairway Independent Mortgage Corporation - Charlotte, NC
I would certainly not limit buyers to one particular mortgage company or lender. Any realtor out there who doesn't keep at least 3 experienced and highly qualified lender contacts to whom he can refer a client is really doing his customer a dis-service. After all, doesn't the buyer have the right to shop for the best deal and shouldn't the realtor assist with that?
Nov 20, 2008 01:47 AM
Craven & Company REALTORS - Concord, NC
This is certainly true J.R. I keep about 5 in my pocket at all times personally. Actually one of your cohorts with 1st Metro, Jeff Gilmore, is one of them. Weichert Financial, obviously from the post, has money available to help you and your clients out. As I know a lot of others do too. We just had a mortgage banker, not a broker, come in to talk to our company the other day. I believe it was Cunningham and Associates and they said they had plenty of money available too. I believe the main difference in mortgage brokers and mortgage bankers is that the bankers have their own money available and have their own in house underwriters. Anywho, if you need financing options definetly give me a call. I'm sure we can find a broker or a banker that can fit you into the right program. Thanks for the response J.R.
Nov 20, 2008 02:18 AM
Clark Properties - Sacramento, CA
I do agree with the post by 1st Metropolitan Mortgage. Even though our office has an in house mortgage broker, it doesn't hurt to have a few others in your back pocket. Especially if your client is not working with someone. Though our lending world is changing every day, now's the time to deal with competant loan officers who have been in the business for a while now.
Nov 20, 2008 06:01 PM
Bridgeview Bank Mortgage - Tampa, FL
Purchase Specialist... www.joshdavid.us
Hi Ford, 3% down is the norm, but a true 100% financing strategy is my forte. this is a grey area, but it far from fraud. If you are intersted I would love to speak to you. I am closing business coast to coast w/o any trouble. I also specialize in negotiating short sales for realtors, I would love to network.
Happy Holidays,
JD
Dec 04, 2008 11:00 AM
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