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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23393 W Winslow Avenue Buckeye, AZ 85326
$491,213
5
Beds
3
Baths
2,624
SqFt
Status
Active
MLS #
6638299
Property Type
Single Family Residence
Price Type
--
Perfect Layout!! Finished 5 Bedroom 3 bathroom + HUGE loft upstairs! Large Kitchen With covered patio! Stop by and ask about our whole house air purification system incorporated into the architecture of this home, or home automation that saves money on utility bills, bringing you peace of mind and unlimited freedom.
16027 W Silver Breeze Drive Surprise, AZ 85374
$491,000
3
Beds
2
Baths
2,298
SqFt
Status
Active
MLS #
6648850
Property Type
Single Family Residence
Price Type
--
Immaculate residence with a well-maintained exterior requiring minimal landscaping effort both in the front and back. Step into a welcoming ambiance with tall vaulted ceilings and a tasteful two-tone color palette. Revel in the elegance of tile and wood-like flooring in common areas, complemented by carpets in select rooms. The home is adorned with beautiful white shutters, recessed canned lighting, and ceiling fans for optimal temperature control. The kitchen is designed for entertaining, offering an eat-in area seamlessly connected to the living space, or choose to host formal dinners in the dining room. The kitchen boasts a striking Spanish tile backsplash, an island, and sleek all-black stainless appliances. The primary suite is generously sized, featuring a spacious bathroom with a double sink vanity, walk-in shower, and an expansive walk-in closet. Discover a bonus linen room/closet/pantry, versatile for various needs, even as a potential desk area. The garage includes an extra storage room catering to all your organizational requirements. Unwind in the backyard, where a pergola provides a perfect setting to enjoy breathtaking sunsets, accompanied by ample space for entertaining. Don't miss the opportunity to experience this captivating home - Must See Today!
3133 N Medallion Court Casa Grande, AZ 85122
$491,000
5
Beds
3
Baths
3,555
SqFt
Status
Active
MLS #
6692083
Property Type
Single Family Residence
Price Type
--
Welcome to this stunning 5 bedroom, 3 bathroom residence in the highly sought-after Villago neighborhood! As you step inside, you'll be greeted by soaring high ceilings and vibrant colors that create a warm and inviting atmosphere. The spacious floor plan boasts plenty of natural light, and the elegant staircase with dual entries makes a striking first impression. The extra-wide 2 car garage provides ample space for parking and storage. The picturesque property is surrounded by lush trees and features grass front and back yard, perfect for outdoor entertaining or relaxation. Additionally, the cozy loft area offers a quiet nook for reading, studying, or other small activities. With its prime location and desirable features, this home is the perfect blend of comfort, style, and convenience.
40274 W Michaels Drive Maricopa, AZ 85138
$490,995
5
Beds
3
Baths
2,570
SqFt
Status
Active
MLS #
6681266
Property Type
Single Family Residence
Price Type
--
The heart of this ranch floor plan is an open layout with a great room, a breakfast nook and a gourmet kitchen with a walk-in pantry and a center island. The owner's suite is adjacent, and showcases a generous walk-in closet and an attached bath with double sinks and deluxe shower with separate tub. 4 additional bedrooms and two baths round out the residence. A 3-car garage and a covered patio are also included!
22871 E Watford Drive Queen Creek, AZ 85142
$490,993
3
Beds
2
Baths
1,775
SqFt
Status
Active
MLS #
6632666
Property Type
Single Family Residence
Price Type
--
This is a brand new Quick Start Home under construction in Queen Creek, with a Spanish elevation. 3 bed, 2 bath, plus den. Stainless Steel Whirlpool kitchen appliances include gas range, microwave, and dishwasher. Move in anticipated for May. Homesite has desirable north/south orientation. Please ask about our special financing incentives!
4134 W Nora Drive San Tan Valley, AZ 85144
$490,610
3
Beds
2
Baths
2,232
SqFt
Status
Active
MLS #
6688554
Property Type
Single Family Residence
Price Type
--
Beautiful Ranch elevation with Gourmet kitchen, stainless steel appliances. 3 bedroom plus flex room and 8' interior doors.
11011 N Zephyr Drive Fountain Hills, AZ 85268
$490,500
2
Beds
2
Baths
1,460
SqFt
Status
Active
MLS #
6685647
Property Type
Apartment
Price Type
--
**STUNNING CONDO WITH MOUNTAIN VIEWS** Discover the allure of Fountain Hills living in this inviting condo boasting breathtaking Four Peaks Mountain views from its spacious back patio. Enjoy cozy evenings by the propane fireplace and grill, or retreat to the master bedroom featuring wood tile floors, patio access, and a luxurious en-suite bathroom featuring a duvet. The open floor plan encompasses a modern kitchen with a brand new dishwasher and an electric fireplace in the living room. Community amenities include a pool and hot tub. Don't miss out on this Fountain Hills gem
17706 W Hatcher Road Waddell, AZ 85355
$490,010
3
Beds
2.5
Baths
2,052
SqFt
Status
Active
MLS #
6674723
Property Type
Single Family Residence
Price Type
--
This Gorgeous sprawling floor plan has 2052 SF , w/3 bedrooms, 2.5 bathrooms, and a 3 car tandem garage! Almost ready for you! Est COE in Jun/Jul 2024. This home features a fresh, neutral color palette, offering 36'' white shaker cabinetry, a large kitchen island, white quartz countertops, 9' ceilings and tile flooring. It also includes features you'll love like a soft water loop, under cabinet lighting in the kitchen, dual pane low-E windows, multi-zone thermostat, and a smart home system. The exterior features front yard landscaping, a covered patio and private backyard. Conveniently located off the 303, this gated community is near Costco, Walmart, and shopping. **Finishes may vary from sample photos and virtual tour.
889 W Old Stewart Road Willcox, AZ 85643
$490,000
3
Beds
2
Baths
1,202
SqFt
Status
Active
MLS #
6385022
Property Type
Manufactured Home
Price Type
--
Begin your homestead/farm today! House has a private well, there is also an irrigation well. Property is fully fenced, and cross fenced for animals. Use the acreage for grazing cattle, or to grow crops. Bordered on 3 sides by paved roads. Enjoy beautiful views in all directions and wide open spaces. Property is a total of 4 parcels being sold together, totaling 266 acres.
6438 W Mercer Lane Glendale, AZ 85304
$490,000
3
Beds
2.5
Baths
1,570
SqFt
Status
Active
MLS #
6628488
Property Type
Single Family Residence
Price Type
--
This home is the absolute definition of ''turn-key''. From solar panels and a brand-new roof to new carpet, paint and appliances the list of improvements are too long to list in this description (ask for the list)! With over 90k worth of improvements this home sits ready to go on a corner lot and with NO HOA. With one of the larger lots in the Montara community, you will find yourself walking distance to a fantastic neighborhood green belt and community parks. Welcome home!
40637 W Hopper Drive Maricopa, AZ 85138
$490,000
3
Beds
2
Baths
2,288
SqFt
Status
Active
MLS #
6644751
Property Type
Single Family Residence
Price Type
--
Incredible single level home on a huge lot with a pebble-tec pool! This home has been meticulously cared for and boasts a split floor plan with 3 bedrooms, 2 bathrooms, den, formal living, dining room, huge great room and oversized 3 car garage! The kitchen features granite countertops, a new stainless steel stove, new microwave, new dishwasher, and a new RO system that feeds into the refrigerator and the sink! And there's more...the HVAC is only 4 months old and the tile floors were recently stripped and resealed! The sparkling pool was drained and media blasted last summer, and the new 6x8 shed will convey with the sale! The desert landscaping is not only beautiful but low maintenance. Come see this home today because this one won't last!
20813 W Minnezona Avenue Buckeye, AZ 85396
$490,000
3
Beds
3
Baths
1,771
SqFt
Status
Active
MLS #
6653557
Property Type
Single Family Residence
Price Type
--
This home has an Energy Star rating for energy efficiency. Located within the award winning community of Verrado & the active adult neighborhood of Victory, this well kept 3 bedroom, 2 bath, 3 car garage home has nice views of both the Whitetank & Estrella mountains. The 3rd bedroom has double doors that allow it to be an office or den. It is one level home, tile floors, beautiful cabinets & just a few years old. Landscaping is low maintenance & the driveway is pavers. Come look at this wonderful home that is ready for you to move in now. Washer, Dryer & refrigerator are included. Verrado has medical services, eateries, CVS pharmacy, multiple grocery stores, over 60 parks, established hiking trails, vet services & more. The Victory HOA also has a gym for active adult residents