2 Myths That May Be Holding Back Buyers

2 Myths That May Be Holding Back Buyers | Simplifying The Market

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.

2 Myths That May Be Holding Back Buyers | Simplifying The Market

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.

2 Myths That May Be Holding Back Buyers | Simplifying The Market

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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5514 W Summerside Road Laveen, AZ 85339

$519,990
4 Beds
3 Baths
2,219 SqFt
Status Active
MLS # 6697288
Property Type Single Family Residence
Price Type --
Welcome to your dream single-story home, boasting 2200 square feet of modern comfort and farmhouse charm. As you approach, the inviting farmhouse front porch greets you, promising cozy evenings and warm welcomes. The paver driveway leads the way, adding rustic elegance to the exterior. Stepping inside, your eyes are drawn to the expansive living space, illuminated by natural light pouring in through the large 4-panel sliding glass door that seamlessly connects the indoor and outdoor areas. The covered patio awaits just beyond, offering the perfect spot for al fresco dining or lazy afternoons lounging in the shade. This home features four bedrooms and three full baths, providing ample space for relaxation and privacy. Not to mention a guest retreat area for that extra additional space you may need. The heart of the home is the kitchen, adorned with sleek gray backsplash tiles that complement the modern aesthetic. 42 tall white contemporary shaker style kitchen cabinets with brushed nickel hardware, large 12 by 24-inch tile planks span the floor, adding durability and style. Quartz countertops grace the kitchen surfaces, exuding an eclectic vibe that blends contemporary elegance with timeless charm. Whether you're hosting family gatherings, enjoying quiet evenings at home, or simply savoring the serenity of your own personal sanctuary, this single-story abode is sure to exceed your expectations and fulfill your every desire. Welcome home.

11022 W Wood Street Tolleson, AZ 85353

$519,990
4 Beds
2.5 Baths
2,468 SqFt
Status Active
MLS # 6699280
Property Type Single Family Residence
Price Type --
Below Market Financing Available!!!!!!!!! Homeowners will enjoy a spacious open floorplan where the Great Room, kitchen and dining room share a footprint and offer direct access to a covered patio through sliding glass doors. A versatile den is ideal for families who need a home office. Three secondary bedrooms are situated off the foyer, while the luxurious owner's suite is found at the back of the home. Photos are of a model home, not the actual home.

9314 W Pacey Road Phoenix, AZ 85037

$519,990
3 Beds
2 Baths
2,071 SqFt
Status Active
MLS # 6592111
Property Type Single Family Residence
Price Type --
Gorgeous home located in the heart of Sheely Farms. Located close to shopping. dining, and entertainment, this home boasts 3 car garage, and through the front door there is a beautiful foyer with a den/study to the right. The foyer leads to an open concept great room and a large kitchen island. The kitchen features beautiful granite counter tops and stainless-steel appliances. Down the hall, is a HUGE primary suite complete with a large en suite featuring dual vanities. There are two additional bedrooms and a full secondary bathroom also with dual vanities. The backyard had several mature fruit trees' an herb garden, and a beautiful private pool.

9439 E Steno Avenue Mesa, AZ 85212

$519,990
3 Beds
2 Baths
1,579 SqFt
Status Active
MLS # 6680739
Property Type Single Family Residence
Price Type --
The Violet is a cozy home that is 3 large bedrooms and an open space to enjoy your evening when relaxing after a busy day. There is a large 4 panel door to open up the living space to the patio plus this home also offers 8 foot interior doors. You will not believe the bedroom sizes in this home, perfect for a home office if that is what you need or secondary bedrooms for other members of the family. We have selected all options for this home with our Rockwell Premium Palette- making it easy for you to know exactly what you are getting and an easy transition moving into a brand new home, Stainless appliances including a fridge and granite in the kitchen. Beautiful tile is in all the right places and built to be an Energy efficient home for remarkable comfort. This home comes with a full size washer and dryer, blinds and a garage door motor!! Front yard landscaping and maintenance is also included You will have access to all of Eastmark's amenities!

225 N 236th Avenue Buckeye, AZ 85396

$519,990
4 Beds
3 Baths
2,836 SqFt
Status Active
MLS # 6696074
Property Type Single Family Residence
Price Type --
Open Floor plan, 4 Bedroom/ Den/ 3 Full Bathroom/ 1 Bedroom and full bathroom in the main floor, Large Kitchen with lots of cabinets space, Granite countertops with Island opens up to the Great room, stainless steel appliances, Walk-in Pantry, Formal Living Room, spacious hobby/ storage area, Updated Bathroom with tile surround, Master suite with tub and shower, double sink, Upgraded shower with tile surround, extra storage, walk-in closet, 3 Car Garage, Spacious Backyard with BBQ, pavers and full Kitchen area, low maintenance landscaping. Great location, quick access to I10, lots of shopping, hiking trails!

8726 N 182nd Lane Waddell, AZ 85355

$519,900
3 Beds
2.5 Baths
2,614 SqFt
Status Active
MLS # 6687342
Property Type Single Family Residence
Price Type --
Spacious POOL HOME just in time for the hot summer days! This stunning move in ready home boasts freshly painted interior with modern and timeless finishes with 3 car garage on oversized lot in White Tank Foothills community! New HVAC!!! This thoughtfully updated beauty is what you have been waiting for! All new LVP runs throughout the main level and new carpeting in bedrooms. The welcoming family room flows into the nicely appointed kitchen with island, new SS appliances and stone countertops. The dining area has views of the pool and expansive yard. Upstairs you pass the giant bonus room on the way to the Primary Suite with lots of natural light and serene bath that boasts a separate tub and shower, dual sinks and water closet. The secondary bedrooms are enormous! Upstairs laundry too

16036 N 11th Avenue Phoenix, AZ 85023

$519,900
4 Beds
3 Baths
2,270 SqFt
Status Active
MLS # 6693759
Property Type Single Family Residence
Price Type --
Located in the prestigious Moon Valley Villas Community, this stunning home features a Large Family Room & Living Room, Kitchen and Dining space main floor. One Bedroom and Full Bathroom main floor. Primary Bedroom and 2 additional Bedrooms upstairs. Gated Access Community, with Community Pool & Spa, Children's Play Area. All this in desirable North Phoenix, close to Moon Valley area Dining, Schools, Entertainment, Golfing, Hiking, and so much more. Don't Miss Out! This beauty will go FAST!

3648 E Caleb Way Gilbert, AZ 85234

$519,900
3 Beds
2 Baths
1,884 SqFt
Status Active
MLS # 6700813
Property Type Single Family Residence
Price Type --
Welcome home to this stunning 3-bedroom gem in the coveted Carol Rae Ranch community of Gilbert, where luxury meets comfort. This single-level residence offers both space and functionality, with 2 additional rooms providing endless possibilities for a 5-bedroom setup, a home office, workout area, or cozy den. Step outside into your own private oasis, complete with a sparkling pool, perfect for cooling off on hot Arizona days. Embrace the ease of desert living with front and back covered patios and low-maintenance landscaping, ideal for outdoor entertaining or simply unwinding in tranquility. Inside, the spacious floorplan boasts natural light, creating an inviting ambiance throughout. The kitchen is a chef's delight with newer appliances, ample cabinets, and a convenient breakfast bar for casual dining. Retreat to the main bedroom suite, where a luxurious walk-in closet, upgraded dual sink vanity, large oval tub, separate shower, and enclosed toilet area await your indulgence. With desirable North/South exposure and a 2.5 car garage providing ample storage, this home offers both comfort and convenience.

206 E Manhatton Drive Tempe, AZ 85282

$519,900
3 Beds
2 Baths
1,522 SqFt
Status Active
MLS # 6566653
Property Type Single Family Residence
Price Type --
Turn-key, beautifully remodeled 3 bedroom & 2 bathroom single-level home in Tempe w/ North/South exposure & a 2-car garage w/ multiple storage areas, & no HOA! Beautiful grante countertops w/ waterfall edge. Newly tiled shower & new paint inside & out. SS appliances convey to the buyer. Centrally located right off of the 60 FWY for easy access to Mill Ave., ASU, Scottsdale, Sky Harbor airport, & Phoenix. Owner/Agent.

114 W Adams Street Phoenix, AZ 85003

$519,900
2 Beds
1 Bath
1,200 SqFt
Status Active
MLS # 6640461
Property Type Apartment
Price Type --
Urban Elegance in the Heart of Phoenix: Discover the epitome of urban downtown living in this prestigious MOVE-IN-READY 2-Bedroom, 1-Bath loft, within the historic Orpheum Lofts Art Deco building that seamlessly combines timeless elegance with modern amenities. This unit offers an exquisite blend of classic charm and contemporary comfort. The open-concept design showcases red-brick walls and exposed ductwork, and a stunning wall of windows overlooking the courtyard, providing a stylish industrial edge that's as unique as it is inviting. A full kitchen with a complete appliance package and the convenience of a washer and dryer in-unit ensures that your daily life flows with ease. Built in 1931 as office space and completely renovated in 2005 into this fabulous residential community, this historic building stands as a testament to Phoenix's rich heritage, offering a timeless atmosphere that is truly one-of-a-kind. This unit provides an elegant interior and is privy to a suite of top-tier amenities. Enjoy the luxury of a heated pool and spa, a sauna and steam room, additional storage, and a well-equipped fitness center. The spacious clubroom and office center make remote work and meetings a breeze, and a 24-hour doorman adds an extra layer of security and convenience. Location is everything, and this loft's prime spot puts you within walking distance of some of Phoenix's most beloved attractions. The Orpheum Lofts is just steps away from exquisite entertainment, culinary delights, sporting venues, grand theaters, and the ever popular Roosevelt Row making it easy to enjoy the vibrant cultural and sporting scene that the city offers. If you're seeking a residence that blends historic charm, contemporary comfort, and unbeatable location, this Orpheum Lofts 2-bedroom loft is the perfect choice. Don't miss the chance to call this unique and inviting space your home. Make an offer today!

6202 E Mckellips Road Mesa, AZ 85215

$519,900
2 Beds
2 Baths
1,633 SqFt
Status Active
MLS # 6652379
Property Type Single Family Residence
Price Type --
Introducing a Stunning 2 Bedroom, 2 Bath Residence with an Open Floor Plan!! Step into this exquisite 2-bedroom, 2-bathroom home that offers the perfect blend of modern elegance and comfort. Bathed in natural light, this property is designed to provide a spacious and welcoming atmosphere that you'll love coming home to. Key Features: 1. **Open Floor Plan**: The heart of this home is its open floor plan, seamlessly connecting the living, dining, and kitchen areas. This layout not only creates an expansive feel but also encourages interaction and entertaining. 2. **Abundant Natural Light**: Large windows and well-thought-out design ensure that natural light floods every corner of the living space. Enjoy a warm and inviting ambiance throughout the day. 3. **Open Kitchen**: The kitchen is a culinary enthusiast's dream come true. With an open design, it is perfect for both cooking and socializing. It features modern cabinetry, ample countertop space, and a breakfast bar, making it the ideal spot for gatherings and meal prep. 4. **Tile Flooring**: Beautiful tile flooring runs throughout the home, adding a touch of sophistication and durability. It's not only aesthetically pleasing but also easy to maintain. 5. **Stainless Steel Appliances**: The kitchen is equipped with high-quality stainless steel appliances that not only enhance the visual appeal but also provide the functionality you desire. From the refrigerator to the stove and dishwasher, your culinary adventures will be a breeze. 6. **Two Bedrooms**: The two spacious bedrooms are perfect for relaxation and rest. The ample closet space ensures you have room for all your belongings, and the natural light adds a cheerful ambiance. 7. **Two Bathrooms**: Both bathrooms are elegantly designed, with modern fixtures and finishes. One features an en-suite design for added convenience. 8. **High Speed internet through the HOA**: Perfect for those who work from home This property offers a contemporary and inviting living space that combines style with practicality. Whether you're looking for a cozy retreat or a space to entertain, this 2-bedroom, 2-bathroom home is designed to meet all your needs. Don't miss the opportunity to make it your own!

6615 E Sierra Morena Street Mesa, AZ 85215

$519,900
3 Beds
2 Baths
2,007 SqFt
Status Active
MLS # 6680171
Property Type Single Family Residence
Price Type --
Welcome Home to this Well Maintained 3 Bedroom 2 Bath home in Red Mountain Ranch, Open-Concept w/ Vaulted Ceilings, Tile & Laminate Throughout, providing an ideal space for everyday living and entertaining. Large Open Kitchen w/ Island, Granite Countertops, Great Storage, and White Appliances, Primary Bedroom w/ Private Ensuite Bathroom with Walk-In Shower, Tub, 2 Sinks and a Large Walk-In Closet. Two Nice sized Guest Bedrooms, Freshly painted two-car garage with storage cabinets and workbench. Enjoy the Arizona sunshine in the south facing backyard, perfect for outdoor gatherings, Recent updates include a New Roof (October 2023) New Water Heater (January 2024), Conveniently located near top-rated schools, shopping, dining, and recreational amenities, Unwind in the comfort of the Primary Suite, which offers a tranquil retreat complete with a private ensuite bathroom with Walk-In Shower and a Large Walk-In Closet. Two additional bedrooms provide versatility for guests, a home office, or a growing family. Freshly painted two-car garage with storage cabinets and workbench. Enjoy the Arizona sunshine in the south facing backyard, perfect for outdoor gatherings or simply relaxing in the fresh air. Recent updates include a New Roof installed in October 2023 and a new water heater installed in January 2024, providing peace of mind and added value to the home. With tile and laminate flooring throughout, maintenance is a breeze, allowing you to spend more time enjoying your home and less time worrying about upkeep. Conveniently located near top-rated schools, shopping, dining, and recreational amenities, this home offers the perfect blend of comfort and convenience. Don't miss out on the opportunity to make this pristine property your own.

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