2 Myths That May Be Holding Back Buyers

Fannie Mae’s article, “What Consumers (Don’t) Know About Mortgage Qualification Criteria,” revealed that “only 5 to 16 percent of respondents know the correct ranges for key mortgage qualification criteria.”

Myth #1: “I Need a 20% Down Payment”

Fannie Mae’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required.

Many believe that they need at least 20% down to buy their dream home, but many programs actually let buyers put down as little as 3%.

Below are the results of a Digital Risk survey of Millennials who recently purchased a home.

As you can see, 64.2% were able to purchase their home by putting down less than 20%, with 43.8% putting down less than 10%!

Myth #2: “I need a 780 FICO Score or Higher to Buy”

The survey revealed that 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary to qualify.

Many Americans believe a ‘good’ credit score is 780 or higher.

To help debunk this myth, let’s take a look at Ellie Mae’s latest Origination Insight Report, which focuses on recently closed (approved) loans. As you can see below, 54.7% of approved mortgages had a credit score of 600-749.

Bottom Line

Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Your dream home may already be within your reach. Give me a call to get started on the path to homeownership – J.P. Cook – 602-320-4253.

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18983 N 259th Lane Buckeye, AZ 85396

New

$459,000

2 Beds

2 Baths

1,569 SqFt

Status Active

MLS # 6694613

Property Type Single Family Residence

Price Type --

Better than New, immaculate Hideaway Model with Smart Home Features. 2-bed/2-bath, split floor plan w/ upgraded plank tile flooring and ''leather'' granite countertops. Designer light fixtures & custom window treatments. Open concept living offers plenty of room for dining & entertaining. Extended height, soft close cabinets, SS appliances & walk-in pantry. The spacious primary bedroom has a large bathroom, dual sinks, walk in shower & walk-in closet. Charming guest bedroom w/adjacent bath. Enjoy the beautiful landscape from the extended back patio with privacy wall and pavers. 2 car garage with tandem 4ft extension, great for a golf cart, or additional storage. Additional features: Soft water system, tankless water heater, security door, additional iron fencing with gate access on both sides of the house. Front & backyard pavers & drip system for landscaping. Sun City Festival is an active adult community with plenty of activities. Complete gym, pickleball court, group classes, 27-hole golf course, 2 resort-style pools, onsite rec center, walking trails, and an indoor walking track. Don't miss the opportunity, come see this home today.

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8723 E Sandtrap Court Gold Canyon, AZ 85118

$459,000

2 Beds

2 Baths

1,812 SqFt

Status Active

MLS # 6553229

Property Type Townhouse

Price Type --

Price reduction and seller willing to do below market rate seller financing. Contact agent for details. Welcome to this beautiful 2-bed, 2-bath Townhome in the gated Fairway Views! A paver courtyard and a 2-car garage w/attached cabinets are just the beginning. Inside the previous owner completely remodeled the interior of this home in 2021. New vinyl flooring, interior paint, custom Stone Creek cabinets in kitchen, bathrooms, laundry, and dry bar. New quartz countertops with travertine backsplash, baseboards, doors, custom showers and bathtub, new water heater/RO/water softner and Pella sliding doors. New light fixtures/fans, faucets and supply lines, Whirlpool print resistant appliances, Zephyr wine and beverage cooler with separate temperature settings and lots more! Home has desirable open layout, layered crown molding, a skylight, neutral paint and tons of natural light. Master bedroom has backyard access and an ensuite with dual sinks, travertine step-in shower, & a walk-in closet. Secondary bedroom also includes a private bathroom for added comfort. Enjoy the private backyard offering a covered patio, pavers, built-in BBQ, & exterior fireplace for chilly nights! You MUST see it!

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3007 E Woodland Drive Phoenix, AZ 85048

$459,000

3 Beds

2 Baths

1,242 SqFt

Status Active

MLS # 6614031

Property Type Single Family Residence

Price Type --

NEW ROOF March 2024! Welcome to Mountain Park Ranch! This gem won't be around long, so be sure to plan your visit today! The seller has taken great care and added many improvements such as the kitchen renovation in 2017, the master bathroom remodel was completed in 2023, and the exterior was painted in 2020! The property is North/South facing, has an RV gate, is a corner lot and nearby the 202 freeway for an easy commute! The community offers lakes, parks, walking paths, there are multiple community pools nearby, and the house is kitty corner from Vista Canyon Park! There is plenty of shopping nearby such as Trader Joes, Dutch Brothers, Starbucks, Frys grocery store along with plenty of dining options!

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12002 N Rio Vista Drive Sun City, AZ 85351

$459,000

2 Beds

2 Baths

1,999 SqFt

Status Active

MLS # 6629615

Property Type Single Family Residence

Price Type --

WELCOME HOME TO THIS BEAUTIFULLY REMODELED TWO BEDROOM TWO BATH HOME. LOOKIG FOR AN ENTERTAINER'S KITCHEN BOASTS GRANITE COUNTER TOPS, UPDATED APPLIANCES, INDUCTION STOVE TOP, TONS OF STORAGE, KNOTTY ALDER CABINETS. THE BATHROOMS HAVE BEEN UPDATED WITH BEAUTIFUL WALK IN TILE SHOWERS. ENJOY THE BEAUTIFUL GOLF COURSE VIEWS AND SUNSETS IN YOUR SCREENED IN PATIO. ALL MAJOR TICKET ITEMS HAVE BEEN REPLACED WITHIN THE LAST 3 YEARS.

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