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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16375 W Windcrest Drive Surprise, AZ 85374

$515,000
2 Beds
2 Baths
2,035 SqFt
Status Active
MLS # 6599509
Property Type Single Family Residence
Price Type --
This remarkable home has undergone a stunning remodel that is sure to impress. Step inside and be greeted by the elegance of new vinyl floors that seamlessly flow throughout the space. The kitchen has been beautifully updated with white cabinets that provide ample storage while creating a bright and inviting atmosphere. The countertops in both the kitchen and bathrooms have been upgraded to sleek Quartz, adding a touch of luxury to your everyday life. In addition to the impressive interior, this home boasts an office space, allowing you to effortlessly manage your professional and personal tasks from the comfort of your own home. What sets this home apart is its incredible community that features a golf course. Golf enthusiasts and nature lovers alike will find solace in this unique setting. Convenience, elegance, and a touch of luxury define this exceptional property!

10219 E Superstition Range Road Gold Canyon, AZ 85118

$515,000
3 Beds
2 Baths
2,122 SqFt
Status Active
MLS # 6606685
Property Type Single Family Residence
Price Type --
NO SHORT TERM RENTAL RESTRICTIONS!! Priced to sell BELOW MARKET value! This home embodied elegance and modern sophistication. Built with meticulous attention to detail, it promises longevity and efficiency with premium 2X6 construction. Located in the heart of Gold Canyon, it offers a mix of privacy, serenity, and stunning beauty. Stepping outside, you'll find a private sanctuary designed like a high-end resort. The backyard features a covered patio, state-of-the-art built-in BBQ, and detailed stamped concrete and travertine tile. Lush turf, elevated patio areas, and breathtaking mountain vistas create an entertainer's dream. Inside, the open floor plan has 22'' porcelain tiles, eliminating the need for carpets. The gourmet kitchen includes a gas cooktop, exotic granite counters a stylish tile backsplash, and a commodious counter-height island and a brand new Kinetico whole house water system (over $10,000!). The rich 42 solid maple cabinets, enhanced with rollout shelves, and state-of-the-art stainless steel appliances, add to the culinary experience. Meanwhile, the ambient recessed lighting sets the perfect mood for a cozy dinner or a grand feast. Master Suite Retreat: The expansive master suite is designed for both relaxation and functionality. With its contemporary quartz counters, spacious walk-in closet, and a luxuriously appointed bathroom featuring a separate tub and shower, every day feels like a spa day. And for those who require additional storage or a workspace, the custom stone creek Murphy bed & built-in shelving provide ample versatility. Additional Features: Recent upgrades amplify the home's appeal - a brand new roof was installed in 2020, and a fresh coat of paint brightens both the exterior & garage as of 2021. As you approach the home, you're greeted by a generously sized front courtyard that exudes warmth and welcome. New solar installed 12-2022 with LOW assumable payments at 0% interest! SAVE SAVE SAVE!!

1716 Alpine Meadows Lane Prescott, AZ 86303

$515,000
2 Beds
2 Baths
1,687 SqFt
Status Active
MLS # 6628402
Property Type Townhouse
Price Type --
Step into luxury with this fully furnished 2BD/2BA Hassayampa condo, boasting a private office, elevator, and 2-car garage. Gaze out at the golf course and Thumb Butte from the deck, cozy up by the gas fireplace, or cook in style in the kitchen with custom cabinets and granite countertops. The master suite offers ample wardrobe space, while central air and a built-in washer and dryer add convenience. This gated community gem is the perfect Prescott haven, ready for you to move in and enjoy...

330 W Verano Place Gilbert, AZ 85233

$515,000
4 Beds
2 Baths
2,123 SqFt
Status Active
MLS # 6630025
Property Type Single Family Residence
Price Type --
CORNER LOT OF A CUL DE SAC! Nestled in the middle of a quiet neighborhood, close to freeways and downtown Gilbert. Floorplan features split bedrooms, a family room, formal living and dining area. Backyard has a fountain and an extra building w/ 220/115 that would be a nice workshop. The 2nd bathroom has an exit to the patio that is a great asset to entertaining. Garage features built in closets and a work bench w/a vise. Extra parking slab to right of driveway. Lots of upgrades. Lots of tile, vaulted & 10' ceilings and skylights. Washer, Dryer and Refrigerator conveys. Buyer(s) and Buyer Agent to verify all information.

4525 N 66th Street Scottsdale, AZ 85251

$515,000
2 Beds
2 Baths
1,962 SqFt
Status Active
MLS # 6633331
Property Type Townhouse
Price Type --
This STUNNING REMODEL has a unique, open floorplan that will be the envy of everyone! Owner has created a home that is open. light and bright, with designer touches everywhere! Beginning with the new tile flooring & reconfigured chef's kitchen, enjoy the raised ceilings, gorgeous two-toned cabinets, sparkling quartz countertops & glass backsplash tile, and all new kitchen island & ''smart'' Thermador stainless appliances! This open kitchen is truly one-of-a-kind and it opens beautifully to the adjacent family room providing a wonderful layout to relax or entertain guests! The family/dining area also has raised ceilings, and a wall of windows that brings in lots of light, and views to the beautifully landscaped backyard! The home office/den connects to the family room, and easily converts to a 3rd bedroom! Step into the master bedroom & bath, again featuring gorgeous new modern tile finishes and cabinetry, and a new walk-in shower! Master bdrm includes a large walk-in closet, and views to the professionally landscaped front yard & garden. The second bathroom is also completely remodeled with gorgeous tile & glass, perfect for spoiling your guests! Step outside to the expansive covered patio and enjoy a large lot with professionally landscaped & maintained yard & gardens! This outdoor space is perfect for relaxing, entertaining and enjoying your pets! This amazing guarded-community offers tons of ammenities including 3 pools, tennis & gaming courts, a workout facility and event space, and peace-of-mind with complete exterior maintenance of the home! All these amazing home features PLUS its perfect location in the heart of Scottsdale with quick access to Fashion Square Mall, Old Town Scottsdale, tons of restaurants, golf and hiking...you don't want to miss this incredible home!

18156 W Desert Willow Drive Goodyear, AZ 85338

$515,000
4 Beds
3 Baths
2,672 SqFt
Status Active
MLS # 6642500
Property Type Single Family Residence
Price Type --
Nestled in the heart of Goodyear, Arizona, 18156 W DESERT WILLOW DR stands as a testament to comfort, style, and modern living. This meticulously designed residence is more than just a house; it's an invitation to a lifestyle where every detail has been carefully considered to create a haven that truly feels like homeAs you step through the front door, you are greeted by an open and inviting atmosphere. Sunlight streams through large windows, bathing the living spaces in warmth. The thoughtful layout seamlessly connects the living, dining, and kitchen areas, creating a harmonious flow that is perfect for both everyday living and entertaining guests. The kitchen, the heart of any home, is a chef's dream. Modern appliances, ample counter space, and tasteful finishes make this space as functional as it is beautiful. Whether you're preparing a quick weekday meal or hosting a dinner party, this kitchen is sure to inspire culinary creativity.

17850 N 68th Street Phoenix, AZ 85054

$515,000
2 Beds
2.5 Baths
1,590 SqFt
Status Active
MLS # 6650560
Property Type Townhouse
Price Type --
Location! Location!! Lowest price per sq. ft for sale in the community!!! Welcome to the highly sought after Gated Luxury Community of Monterey Ridge. Beautifully updated 2 Bedroom/2.5 bathroom in Scottsdale with a 2 car garage LISTED BELOW APPRAISED VALUE. New custom window shutters, New hot water heater, New dishwasher, New paint and Much more... Master bedroom has its own private Den as well as each bedroom/bath has its own floor for privacy. Property is close to the 101 fwy, Mayo Hospital as well as walking distance or a nice bike ride to shopping and delicious well known restaurants. Come enjoy the North Scottsdale Lifestyle! * No-one lives above you or below you and you do not live on top of a garage or a neighbors garage like some other floor plans* Very charming property.

3500 E Torrey Pines Lane Chandler, AZ 85249

$515,000
2 Beds
2 Baths
1,516 SqFt
Status Active
MLS # 6650176
Property Type Single Family Residence
Price Type --
**Golf course lot**Charming property in the 55+ community of Springfield Lakes/Solera Chandler with fresh interior paint, new granite counter tops, sink & disposal. Spacious great room floor plan w/rich espresso cabinets, modern built-in appliances, pantry, island-breakfast bar for casual dining. Serene main bedroom w/private bathroom, dual sinks and 2 walk-in closets**. Dbl-doors den is perfect for an office. Garage has attached cabinets for extra storage. Oasis of newly redone backyard, covered patio and ample space for lively barbecues or peaceful afternoons. This property is not just a house; it's a gem waiting to be your perfect home! Come take a closer look**some furnishings available on separate Bill of sale.

5755 W Ivanhoe Street Chandler, AZ 85226

$515,000
3 Beds
2.5 Baths
1,873 SqFt
Status Active
MLS # 6667917
Property Type Single Family Residence
Price Type --
Nestled in the serene neighborhood of Mays Pond in Chandler, AZ this beautiful 2-story home offers a perfect blend of comfort and style. Boasting a freshly painted interior, 3 beds & 2.5 baths, granite kitchen countertops, this charming residence provides ample space for both relaxation and entertainment. The open floor plan on the main level seamlessly connects the living room, dining area, and kitchen, creating a welcoming atmosphere for gatherings with family and friends. Upstairs features updated flooring, the spacious bedrooms offer a peaceful retreat, with the master suite featuring a private en-suite bathroom for added convenience. Great location with easy access to shopping, dining, & entertainment options, as well as top-rated schools & beautiful community park, paths plus more!

15074 W Bloomfield Road Surprise, AZ 85379

$515,000
4 Beds
2.5 Baths
2,483 SqFt
Status Active
MLS # 6660394
Property Type Single Family Residence
Price Type --
This move-in ready beauty is just waiting for you to call it home! Prime location close to schools, shopping, walking trails, entertainment and easy freeway access. Bright and airy home has 10 foot ceilings, wood-grain tile on ground floor and ceiling fans throughout. Kitchen boasts large island, granite countertops & backsplash, SS appliances and ample pantry space for all your hosting needs. Upstairs you'll find a loft perfect for den, office or playroom and master with huge walk-in closet. The backyard oasis includes extended patio with pavers, mature landscaping, grass, garden area and sparkling pool with baja shelf for ultimate relaxation. Updates include: new HVAC, garage door motor, irrigation timer and pool filters.

13867 N 159th Drive Surprise, AZ 85379

$515,000
5 Beds
3 Baths
2,583 SqFt
Status Active
MLS # 6662699
Property Type Single Family Residence
Price Type --
This home has so much to offer, the floor plan is so spacious; 5 Bedrooms with 3 full bathrooms + a den/office; Very large Master bedroom (upstairs);Large Master bathroom has double sinks, vanity and separate shower and jet tub, with a walk in closet; 3 more large bedrooms upstairs with a full Hall bathroom;1 bedroom and a full bathroom downstairs; Granite counter tops in the kitchen;Ceiling Fans in all the rooms;Both AC units replaced within the last 5 years;Newer water heater & Pool Pump; Cul-da-sac lot;Oversized pie shaped lot;Fenced Play pool with lots of pool deck;Beehive Gas fireplace with gathering area to enjoy the outdoors both in winter and Summer;Close to the 303; shopping and Restaurants

16022 S 18th Lane Phoenix, AZ 85045

$515,000
3 Beds
2 Baths
1,620 SqFt
Status Active
MLS # 6663127
Property Type Single Family Residence
Price Type --
Price Adjustment! Great motivation to dive into summer with a splash! Spectacular foothills living at the base of South Mountain. Near trails and winding roads. This is your NextHome- Single level with pool in serene community. Split floorplan ,vaulted ceilings. Open floorplan that flows amazingly in this home. You will like the kitchen/great room and extended covered patio. Watch each sunset while relaxing in the pool. Gas Fire Pit and plumbed for Gas BBQ in yard. Truly an entertainers home. The back patio extends the width of the home exterior. Just amazing. Primary Suite is spacious w/Walkin closet, dbl vanity sink. Community Clubhouse too! If you have never viewed Ahwatukee Foothills area-you must! This home is ready for quick move in.HVAC/Water Heater in 2019. Roof inspected 3/24

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