Buy a Home NOW with a 3% Down Payment or LESS!

A survey by Ipsos found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. There are two major misconceptions that we want to address today.

1. Down Payment

The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 40% of consumers think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less.

Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.

2. FICO^® Scores 

The survey also revealed that 62% of respondents believe they need excellent credit to buy a home, with 43% thinking a “good credit score” is over 780. In actuality, the average FICO^® scores of approved conventional and FHA mortgages are much lower.

The average conventional loan closed in February had a credit score of 752, while FHA mortgages closed with a score of 686. The average across all loans closed in February was 720. The chart below shows the distribution of FICO^® Scores for all loans approved in February.

Bottom Line

If you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but are not sure if you are ‘able’ to, let’s sit down to help you understand your true options.  Give me a call – J.P. Cook – 602-320-4253.

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17047 W Butler Avenue Waddell, AZ 85355

$460,243

4 Beds

2 Baths

1,897 SqFt

Status Active

MLS # 6660133

Property Type Single Family Residence

Price Type --

Let the Sabino floor plan welcome you home with ample room for the whole family. With four bedrooms, two bathrooms with a expansive primary bedroom, you're primed to live in domestic bliss. Kitchen features Benton White cabinets with 42″ uppers, Frost quartz counter-tops and Marazzi Artezen backsplash! Tile throughout the home in a Vicinity Natural color! Our High Performance Homes come standard with home automation technology, a Remo Halo Air Purification system designed with you in mind to keep you more comfortable in your new home. This home is conveniently located close to the 303 and northern parkway!

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19610 W Cambridge Avenue Buckeye, AZ 85396

$460,193

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6676082

Property Type Single Family Residence

Price Type --

Explore this must-see Slate home, ready for quick move-in on a homesite boasting front yard landscaping and driveway pavers. Included features: an inviting covered entry; an impressive kitchen layout offering 42'' cabinets, stainless-steel appliances, quartz countertops, a center island and a roomy pantry; an open dining area; a spacious great room; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms.

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2629 S Equestrian Drive Gilbert, AZ 85295

$460,005

3 Beds

2.5 Baths

1,812 SqFt

Status Active

MLS # 6617577

Property Type Townhouse

Price Type --

Remarkable new 2-story condo offering 3 bedrooms, 2.5 bathrooms, and an attached garage. This Spanish-style property is move-in ready! Located in the Towns of Annecy, home owners enjoy gated access, a community pool and spa, a playground, and walking and biking paths, perfect for taking in the lake views. The condo features designers selections and upgrades throughout including Nutmeg Shaker Winstead stained brown cabinets, a Delta Trinsic Faucet Collection, ''Frost'' Quartz countertops in the kitchen, and Matte Black cabinet and door hardware. The kitchen boasts a stainless GE dishwasher, microwave, and slide in electric range. 6'' x 36'' Floor Tile in the living, kitchen, and dining area in addition to the carpeted bedrooms. Ample storage throughout. Soft water loop pre-plumb only.

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Avenida Ostiones Sec 6 Lot 20 -- Outside Of Usa 00000

$460,000

4 Beds

3.5 Baths

2,551 SqFt

Status Active

MLS # 6621817

Property Type Single Family Residence

Price Type --

Nestled in the serene coastal community of Las Conchas, this beautiful under-construction custom home with scheduled completion for Summer 2024 offers a rare opportunity to live the ultimate beachside lifestyle. The home's architecture is a harmonious blend of modern design and coastal charm. Clean lines, large windows, and high ceilings create a sense of space and light throughout. The home offers two primary suites located on the second and first floors. On the first floor, a two car gararge, a primary suite with a walk-in shower and a generously sized walk-in closet, two secondary bedrooms, a laundry room, a full bathroom, and a living room. The upstairs features an open space living-dining room, a kitchen fully equipped with cabinetry, and a spacious island perfect for casual dining or entertaining guests. Also, a half bathroom and a second primary suite with access to the main terrace overlooking the ocean, a spa-like bathroom with a walk-in shower, and a generously sized walk-in closet. Lastly, a relaxing rooftop terrace with glass railing to enjoy the beautiful sea of Cortez. Take advantage of our pre-construction pricing now!

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