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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3935 E Rough Rider Road Phoenix, AZ 85050

Open House

$515,000

2 Beds

2 Baths

1,386 SqFt

Status Active

MLS # 6695950

Property Type Townhouse

Price Type --

Located in the heart of Desert Ridge, this ground floor single story 2 Bed 2 Bath condo is beautifully situated in the prestigious gated community, Villages at Aviano. As you walk in to this immaculately kept home you will notice the open floor plan perfect for entertaining guests. This alluring home features a neutral palate, antique white kitchen cabinets, an abundance of granite counter space, travertine flooring, high ceilings with lots of light flooding in. Over 16k in recent additions (see list in documents) which includes high end security screen and gate, new window blinds throughout, epoxy in garage, carpet and light fixtures and more. Perfect for both seasonal enjoyment or as a primary home, Aviano community club house has so much to offer such as a resort style pool, work out facility, tennis and pickle ball courts, and professionally run community activities. In addition, The Villages has its own private pool for you to relax at located right across the street from the condo. Additional attractions include Desert Ridge Marketplace and High Street with so many entertainment, shopping and dining options all just minutes away! Major highways, 101 and 51, lead you to the airport in less than 30 min.

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7709 N 18th Avenue Phoenix, AZ 85021

Open House

$515,000

3 Beds

2 Baths

1,349 SqFt

Status Active

MLS # 6687048

Property Type Single Family Residence

Price Type --

Welcome home to this charming property that boasts a cozy fireplace, a soothing natural color palette, and a spacious center island in the kitchen. You'll love the nice backsplash in the kitchen, and the other rooms offer flexible living space to suit your needs. The primary bathroom features good under sink storage, and the fenced in backyard is perfect for privacy. Enjoy the private in ground pool and covered sitting area in the backyard, ideal for outdoor entertaining. With fresh interior paint and new flooring throughout the home. Don't miss out on this wonderful opportunity!

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1963 E Villa Theresa Drive Phoenix, AZ 85022

$514,999

4 Beds

2.5 Baths

2,039 SqFt

Status Active

MLS # 6687314

Property Type Single Family Residence

Price Type --

This awesome Cul De Sac home has 4 bedroom - 2 ½ baths, just minutes from the 51, 17 and 101 freeways. This home has a vaulted ceiling in the Great room flowing into the Kitchen with Granite Counters and Breakfast bar. Remodeled ½ bath downstairs for you guest to use. The Backyard is a well groomed space with a built in BBQ area and wide paved area on the side for seating. All appliance are a year old and stay with the house. Under stair storage was converted to a pantry. Updated in 2018, 14 SEER Variable Speed Trane HVAC system, Rheem smart water heater, and Lux Geo smart thermostat. Security system installed but not monitored. Garage door and dual spring set up new 2 years ago.

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40363 W Wade Drive Maricopa, AZ 85138

$514,995

5 Beds

3 Baths

3,030 SqFt

Status Active

MLS # 6693668

Property Type Single Family Residence

Price Type --

The Main floor of the inviting Ammolite plan offers a great room and well appointed kitchen with center island and roomy pantry. Upstairs, discover a central loft, a laundry and three secondary bedrooms with a shared bath. A lavish primary suite boasts an expansive walk-in closet and private bath rounds out the floor. You'll love the professionally curated fixtures and finishes selected by our design team.

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19545 W Jamestown Road Buckeye, AZ 85396

$514,995

3 Beds

2.5 Baths

2,400 SqFt

Status Active

MLS # 6686572

Property Type Single Family Residence

Price Type --

Lot 84 is the Celeste 3 Bedroom, 2.5 Bathroom, 3 Car Garage

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19555 W Jamestown Road Buckeye, AZ 85396

$514,995

4 Beds

3 Baths

2,570 SqFt

Status Active

MLS # 6686620

Property Type Single Family Residence

Price Type --

This home is a Celeste 4 Bedroom + Study, 3 Bathroom, 2 Car Garage

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12114 W Marguerite Avenue Avondale, AZ 85323

$514,990

3 Beds

2 Baths

1,985 SqFt

Status Active

MLS # 6646000

Property Type Single Family Residence

Price Type --

PACK YOUR BAGS... It's our popular Belize. 12x8 sliding glass door that leads out to your extended covered patio. Walk in shower at owner's bath. Gas appliance package including a cooktop. Kinsdale painted - Linen cabinets with rollouts at pantry and pullout trash drawer with two bins. Soft close doors and drawers in the kitchen. Quartz ''Concrete Gray'' countertops in the kitchen and at the enhanced kitchen island. Flooring includes 6x36 Magnolia Bend tile in all areas of the home except bedrooms & closets.16 SEER rated gas A/C unit and so much more. Seller to write contract. Verify all information with onsite agent.

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12057 W Ashby Drive Peoria, AZ 85383

$514,990

4 Beds

2.5 Baths

2,160 SqFt

Status Active

MLS # 6670687

Property Type Single Family Residence

Price Type --

Vibrant Vistancia Village Home Now on Market! This tremendously popular floorplan is situated on a larger corner lot in the high-demand master-planned community as well as the very popular 85383 ZIP code, giving access to the lifestyle sought in the greater north Valley of the Sun! From indoor & outdoor living as well as access to shopping, dining, education & other amenities, this home cannot be beat. The forward-thinking versatile layout is great for a first-time owner or move-down or even a seasonal lock & leave home as the dual living areas allow for room to spread out while still feeling connected! All appliances convey, plus durable finishes plus upgraded master bath & new carpet in living areas & master suite round out the upgrades for this gem - come & see!

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1358 E Joseph Way Gilbert, AZ 85295

$514,950

3 Beds

2 Baths

1,735 SqFt

Status Active

MLS # 6671319

Property Type Townhouse

Price Type --

Welcome to the Spectrum community at Val Vista! This completely renovated and newly updated two-story home offers a perfect blend of modern amenities and serene surroundings. As you step inside, you'll notice the fresh, new, and clean finishes. The home has been meticulously renovated inside and out! Upstairs, you'll find comfortable bedrooms filled with natural light. Nice new designer ceiling fans snd new carpet. The bathrooms have also been updated with sleek fixtures and framed mirrors. But the beauty of this home doesn't stop at the front door. Step outside into your private backyard. A perfect space for intimate gatherings, or moments of quiet reflection. Whether you're sipping your morning coffee on the patio or enjoying a cozy evening, you'll love the tranquility that surrounds you including a nice water features, artificial turf and mature landscape. There's a lot more in this home like epoxy garage floors, beautiful vinyl wood plank floors and other custom designer features. You owe it to yourself to see this home before it is gone!!

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31709 N 164th Street Scottsdale, AZ 85262

$514,900

3 Beds

2 Baths

1,644 SqFt

Status Active

MLS # 6680711

Property Type Single Family Residence

Price Type --

Enjoy spectacular panoramic Mountain Views in Northeast Scottsdale!!! Your BRAND NEW energy efficient three bedroom home on OVER ONE ACRE with plenty of room for additional structures and toys awaits. Buy NOW and select all your interiors from the builders included options or go semi-custom. No HOA! Trailheads close and minutes to Bartlett Lake. Nearby restaurants and shopping with more development in the works. Perfect for outdoor and golf enthusiasts! Views of Four Peaks, Troon Mountain, Elephant Butte and Pinnacle Peak! Renderings are representation of elevation. Options displayed may vary. Advertised plan can be customized to add or subtract square footage. Street address listed may differ once assigned. Refer to APN. Additional plans available.

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16459 E Morning Vista Lane Scottsdale, AZ 85262

$514,900

3 Beds

2 Baths

1,644 SqFt

Status Active

MLS # 6680723

Property Type Single Family Residence

Price Type --

Enjoy spectacular panoramic Mountain Views in Northeast Scottsdale!!! Your BRAND NEW energy efficient three bedroom home on OVER ONE ACRE with plenty of room for additional structures and toys awaits. Buy NOW and select all your interiors from the builders included options or go semi-custom. No HOA! Trailheads close and minutes to Bartlett Lake. Nearby restaurants and shopping with more development in the works. Perfect for outdoor and golf enthusiasts! Views of Four Peaks, Troon Mountain, Elephant Butte and Pinnacle Peak! Renderings are representation of elevation. Options displayed may vary. Advertised plan can be customized to add or subtract square footage. Street address listed may differ once assigned. Refer to APN. Additional plans available.

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2609 W Orangewood Avenue Phoenix, AZ 85051

$514,900

1 Bed

2 Baths

1,008 SqFt

Status Active

MLS # 6693224

Property Type Single Family Residence

Price Type --

Property with a big lot, with permits with city of Phoenix to built two garages in the back. Great Potential for Multifamily income property.

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