Big Myths While In The Home Buying Process!

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.