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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20603 N Echo Mesa Drive Sun City West, AZ 85375

$460,000

2 Beds

2 Baths

2,103 SqFt

Status Active

MLS # 6680198

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Popular San Carlos model with 2 large bedrooms, 2 bathrooms, vaulted ceilings and HUGE utility/laundry room-perfect for crafting or if you need extra space & already plumbed. Kitchen has tons of cabinets w pull-out drawers, granite countertops, island, newer appliances and opens up to the large Arizona room. Skylights & solar tubes offer bright, natural light. You will love the rear, large 20' X 24' enclosed, screened patio room that offers space for entertaining or enjoying the beautiful weather. Desirable North/South exposure, situated in a cul-de-sac, corner lot in Echo Mesa area-close to Sun City West amenities and shopping! No HOA fees and low tax area!

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$460,000

2 Beds

2 Baths

1,252 SqFt

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MLS # 6688152

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Escape to the pines in this charming property located in the Starlight Pines Community. This home was built in 2021 and ready for its new owner! As you enter the home you will see a bright and open living room, kitchen, and dining area. The kitchen has beautiful white cabinets with an island and stainless appliances. The home has neutral paint, upgraded lighting and fixtures, laminate flooring and granite countertops throughout. The inside laundry room is oversized and includes a sink with cabinets. As you enter the Primary bedroom suite you will see a separate sliding door to the back patio. The Primary bathroom has dual sinks, a walk-in tub, a linen closet, and also a walk-in closet. Don't forget about the relaxing covered patio overlooking into nature and wildlife at its best.

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8415 N 47th Drive Glendale, AZ 85302

$460,000

5 Beds

2 Baths

2,080 SqFt

Status Active

MLS # 6683949

Property Type Single Family Residence

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Beautify and well-kept 5-bedroom 2-bathroom home with Split Plan, Porcelain tile floors throughout, spacious living room, Dining Area, Family Rooms plus hallways. Huge pebble diving pool recent replastered, Kitchen with plenty of natural light, Double Pantries. Backyard with a covered patio. Split bedroom plan offers privacy. Close to School and I-17 Freeway and NO HOA.

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630 Ringtail Road Wickenburg, AZ 85390

$460,000

4 Beds

2 Baths

1,805 SqFt

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Welcome to your dream home nestled in the heart of Wickenburg, where modern elegance meets comfort. This stunning 4-bedroom residence boasts a perfect blend of contemporary design and timeless charm, offering an exceptional living experience. Step inside to a spacious living area that welcomes you with abundant natural light, creating an inviting ambiance for gatherings and relaxation alike. Enjoy the convenience of updated appliances in the sleek, gourmet kitchen, where culinary adventures await. Outside your oversized lot offers endless possibilities for outdoor entertainment, from al fresco dining to tranquil moments basking in the Arizona sun. Marvel at fantastic views of the mountains. Conveniently located in the heart of Wickenburg, this residence offers easy access to a wealth of amenities, including shopping, dining, arenas and entertainment options. Explore the vibrant local community and discover why Wickenburg is beloved for its small-town charm and rich western heritage. Seize the opportunity to make this exceptional property your own and experience the epitome of modern living in Wickenburg.

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