May 06, 2020 at 2:25pm | Michael Hunter
The 2020 home buyer report shows how this generation is not really any different from previous ones when it comes to home ownership goals:
"Majority of millennial's not only want to own a home, but 85% of millennial's in 2019 considered it a major part of the american dream!"

Unfortunately, myths surrounding home ownership – especially those related to down payments and FICO scores – might be keeping many buyers out of the arena. Also reveals:
"Millennials have to navigate a lot of obstacles to be able to own a home, according to the 2020 survey saving for a down payment is the biggest barrier for 55% of millennial's."

Millennial or not, unrevealing two of the biggest myths that may be standing in the way of home ownership among all generations is a great place to start the process.

Myth 1: "A  20% Down Payment Is Needed”

Many buyers often overestimate what they need to qualify for a home loan.  

While many buyers still think they need to put at least 20% down for a new home, they don’t realize how many assistance programs are available with as little as 4% down. With a bit of research, many renters may be able to enter the housing market sooner than they ever think.

Myth 2: “I Need a 790 FICO® Score or Higher”

In addition to down payments, buyers are also often confused about the FICO® score it takes to qualify for a mortgage, believing they need a credit score of 790 or higher.


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