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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1468 N Hamilton Place Chandler, AZ 85225

$515,000 - 3Br/2Ba -  for Sale in Stonegate Crossing Unit 2, Chandler
New
$515,000
3 Beds
2 Baths
1,632 SqFt
Status Active
MLS # 6704681
Property Type Single Family Residence
Price Type --
Check out this 3-bed, 2-bath Chandler remodel in the heart of Stonegate Crossing located perfectly across from Stonegate Park! NO HOA! Fantastic Location with no neighbors behind! RV gate/parking, 2-car garage w/built-in cabinetry, & extra-long driveway allow you to bring all your vehicles! The light & bright floor plan features a welcoming entryway, arched doorways, vaulted ceilings, a fireplace, & thick baseboards. The L-shaped great room & cozy family room provide endless entertainment possibilities! Cook delicious meals in the ample kitchen showcasing built-in appliances, wood cabinetry, a breakfast bar, & a pantry. Oversized main bedroom has dual closets & an ensuite w/grab bar in the shower & an L-shaped vanity w/double sinks. Discover a backyard w direct park access. Plus solar.

16286 W Scarlet Canyon Drive Surprise, AZ 85374

$515,000
2 Beds
2 Baths
2,035 SqFt
Status Active
MLS # 6599560
Property Type Single Family Residence
Price Type --
This recently upgraded gem boasts new lustrous vinyl flooring that adds a touch of modern elegance to the interiors. The entire space has been thoughtfully painted, creating a fresh and inviting atmosphere throughout. Prepare to be amazed by the brand-new white cabinets gracing both the kitchen and bathrooms. These cabinets not only offer ample storage but also lend a clean and sophisticated look to the living spaces. The countertops have been upgraded to luxurious quartz, adding a touch of class and durability to your living experience. With an office included in the layout, this home caters to the needs of remote work or a quiet study space, providing the perfect blend of comfort and functionality. As part of a wonderful community, you'll have access to a golf course that is sure to delight golf enthusiasts. Imagine leisurely rounds of golf against the backdrop of the stunning Arizona landscape. Experience modern living combined with tasteful design in a community that offers both convenience and recreational amenities!

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!

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.

19331 W Jefferson Street Buckeye, AZ 85326

$515,000
5 Beds
4 Baths
3,661 SqFt
Status Active
MLS # 6655681
Property Type Single Family Residence
Price Type --
Welcome to this beautiful corner lot residence featuring a spacious 3-car garage in Vista de Montana! Fall in love with an impressive interior offering charming living areas, neutral tile floor, & designer palette throughout. The well-appointed kitchen boasts a plethora of wood cabinets adorned with crown moulding, a pantry, granite counters, SS appliances, recessed lighting, & a convenient center island. Discover a versatile loft perfect for anything you'd like! Double doors open to the main retreat comprised of plush carpet in all the right places, a private bathroom with dual sinks, & a walk-in closet. The serene backyard, complete with covered & open patios, will be your new favorite spot for entertaining! What are you waiting for? Create new memories in this fantastic home!

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.

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

21144 E Creekside Drive Queen Creek, AZ 85142

$515,000
5 Beds
2.5 Baths
2,294 SqFt
Status Active
MLS # 6670209
Property Type Single Family Residence
Price Type --
Updated 5 bedroom 2 1/2 bathroom home in Hastings Farm. New exterior and interior paint, updated bathrooms, extra recess can lighting, ceiling fans in all rooms, artificial turf backyard with 2 putting greens, and new hot water heater! Has 1 bedroom on the main floor.

8537 E Natal Circle Mesa, AZ 85209

$515,000
3 Beds
2 Baths
2,267 SqFt
Status Active
MLS # 6675592
Property Type Single Family Residence
Price Type --
This Pulte-built former model home has 3 bd, 2 ba, a fully enclosed AZ Room & a 2+ CG. This 1-story, split floor plan home has some nice extras and is ready for its New Owner! It is a must see! The AZ Room and Garage both have Neo Plasma Split AC units to cool them efficiently. Eye catching curb appeal with a Flag Stone walkway, front porch entry area and easy to maintain desert landscaping. The decorative Security Door leads into the dream home with Plantation Shutters & Tile throughout. The formal dining room and Great room offer all the space you need for entertaining. The spacious kitchen has a huge island, pantry, and breakfast bar/area. Your master suite has a wonderful 4ft. deep bay window, separate tub & beautiful, upgraded shower (2023).

17839 W Ivy Lane Surprise, AZ 85388

$515,000
4 Beds
2.5 Baths
3,220 SqFt
Status Active
MLS # 6677433
Property Type Single Family Residence
Price Type --
Welcome to this spacious and completely remodeled 4 bedroom, 2.5 bath home conveniently located off the 303 and Greenway in the heart of Surprise Farms. This one includes a completely remodeled kitchen with all new white shaker cabinets, stainless steel appliances, quartz countertops with waterfall edge, new luxury plank flooring through the entire home, new 5' square baseboards, and much more. The large open great room flows off the kitchen and dining room which includes a full wet bar! Upstairs you will find a huge master suite and large secondary bedrooms. This large backyard has a grassy area, covered patio and vegetation for a private backyard experience. This is a must see for you and your family.

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