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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5528 W Rainwater Drive Laveen, AZ 85339

$470,000
4 Beds
2 Baths
1,813 SqFt
Status Active
MLS # 6665303
Property Type Single Family Residence
Price Type --
This immaculately maintained single-story residence nestled within the charming Ellison Trails community offers the perfect blend of comfort and convenience. Situated on a desirable corner lot, this home boasts a thoughtfully designed floorplan, ensuring seamless living. Step inside to discover an inviting interior adorned with modern finishes and abundant natural light. The spacious layout encompasses 4 bedrooms, 2 bathrooms, and generous living areas, providing ample space for relaxation and entertainment. The heart of the home is the well-appointed kitchen, complete with quartz countertops, SS appliances, and ample cabinet storage. Whether you're hosting gatherings or preparing family meals, this kitchen is sure to inspire your culinary creativity. Retreat to the tranquil owner's suite offering a private oasis where you can unwind after a long day. Additional bedrooms provide flexibility for guests, home offices, or hobbies. Outside, the expansive yard offers endless possibilities for outdoor enjoyment, from al fresco dining to gardening or simply soaking up the Arizona sunshine. With a prime location just minutes from the 202 freeway, commuting is a breeze, while nearby shopping, dining, and entertainment options ensure convenience at your fingertips. Don't miss your chance to experience the epitome of comfortable living in this Ellison Trails gem. Put your offer in today and make this house your forever home!

1246 E Colter Street Phoenix, AZ 85014

$470,000
2 Beds
1 Bath
839 SqFt
Status Active
MLS # 6690098
Property Type Single Family Residence
Price Type --
*Prepare to be amazed! Come and see this beautiful, fully remodeled, single-level home located in the popular Marow Homes community in Central Phoenix. New designer kitchen with glass tile backsplash, 5 burner gas range, built in under counter microwave, Italian Porcelain tile. New roof, low E windows & doors, fresh exterior design, new water heater, plantation shutters and new upgraded bath and lighting fixtures throughout...all of this done in 2018! Huge backyard ready to enjoy for those weekend gatherings, or easily add a pool or garage if desired with side access that only a corner lot provides. Close proximity to all the great restaurants that Central Phoenix has to offer, Downtown Phoenix & Sky Harbor Airport* Make sure to see this home today!

8031 W Monterosa Street Phoenix, AZ 85033

$470,000
4 Beds
2 Baths
1,920 SqFt
Status Active
MLS # 6694053
Property Type Single Family Residence
Price Type --
Discover the beauty of Phoenix, Arizona through this exquisite property that embodies elegance and comfort. Featuring four bedrooms, two bathrooms, and a stunning diving pool, this home is the perfect place to create unforgettable memories

22462 N 180th Drive Surprise, AZ 85387

$470,000
3 Beds
2.5 Baths
1,895 SqFt
Status Active
MLS # 6699748
Property Type Single Family Residence
Price Type --
Bring all your toys! This 3bed/2.5bath/1,895sqft Courtland home has everything you need! Premium corner lot includes extra parking to store your RV or 5th wheel (HOA APPROVED!) Tandem 3-car garage boasts plenty of room for your workshop, boat or UTV. Upon entering, you'll notice the upscale wood look tile, modern paint & updated light fixtures throughout. Entertain your friends & family in the open concept floorplan. Upgraded kitchen is equipped with double ovens, electric cooktop & large island. Unwind in your personal spa. Gazebo, artificial turf & pavers make for a low maintenance backyard. Walking distance to Copper Park! Community pool, splash pad, pickleball & basketball courts, baseball & soccer fields, dog parks, the list goes on! Don't miss the chance to own your dream home!

497 N Coyote Trail Payson, AZ 85541

$470,000
2 Beds
1 Bath
1,000 SqFt
Status Active
MLS # 6574608
Property Type Single Family Residence
Price Type --
Leave the hustle and bustle of the busy suburban life and enter the cool mountain air. Here they say, ''If you are lucky enough to be in the mountains, you are lucky enough.'' The natural light fills this comfortable vacation home and as your family settles in something special happens: you start sharing time, space, stories, hikes, fishing, campfires & smores, cool drinks by a warm wood stove, movies & popcorn, warm summer swims, hunts for neat rocks and the smooth sounds a soft running stream filling your favorite swimming hole, fall meteor showers, and winter holiday snowball fights. Memories are created and bound together, all because of that special place we lovingly call ''the cabin.'' Please take this once-in-a-generation opportunity to create your fun and meaningful family time. Minimum 6 month rentals, no horses or RV storage, community well. Nearby activities include hiking, biking, ATV, geode and crystal hunting, stream and lake fishing, and so much more. This home is also designated a history property, which cuts your tax liability in approximately half!!

13537 W Banff Lane Surprise, AZ 85379

$470,000 - 4Br/2Ba -  for Sale in Litchfield Manor Parcel 10, Surprise
Open House
$470,000
4 Beds
2 Baths
2,261 SqFt
Status Active
MLS # 6702209
Property Type Single Family Residence
Price Type --
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9551 E Redfield Road Scottsdale, AZ 85260

$470,000 - 2Br/3Ba -  for Sale in Redfield Park Condominiums, Scottsdale
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$470,000
2 Beds
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1,111 SqFt
Status Active
MLS # 6687019
Property Type Townhouse
Price Type --
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141 W Latona Road Phoenix, AZ 85041

$469,999
4 Beds
2.5 Baths
1,456 SqFt
Status Active
MLS # 6686504
Property Type Single Family Residence
Price Type --
Ask about how to qualify for $0 down and a 4.99% interest rate! Ascend Communities proudly unveils Latona Fontaine, where 11 meticulously crafted lots offer unparalleled vistas of the majestic South Mountain. The two story Juniper floor plan features a welcoming ambiance with a cozy half bath on the ground floor for convenience. The open concept living space with 9' ceilings seamlessly blends the living, dining and kitchen areas, perfect for gatherings. Upstairs, four bedrooms offer flexibility for a growing family or a home office. The master bedroom includes a walk-in closet and en-suite bathroom with dual vanities. The remaining bedrooms share a conveniently located bathroom ensuring practicality and comfort for all occupants. Enjoy the convenience of upstairs laundry. Finishes in this home include luxury vinyl plank flooring throughout, can lighting, 40 soft-close white shaker cabinets in the kitchen, quartz countertops, gourmet kitchen backsplash, custom tile shower in the primary bathroom, black hardware throughout and pre-wiring for ceiling fans. This vibrant community boasts an unbeatable location within walking distance of picturesque hiking trails at South Mountain, perfect for adventurous family outings. As an added delight, an exclusive pedestrian gate offers seamless access to the scenic highline canal, just a stone's throw away from your residence. Nestled at the intersection of Central Ave. and Baseline Rd. Beyond nature's doorstep, enjoy seamless access to public transportation, urban conveniences, and easy connections to major freeways: Interstate 10, Interstate 17, and the 202. Embrace the best of both worlds - serene natural escapes and city accessibility, making Latona the ultimate choice for families seeking adventure and convenience.

6228 N Jessie Road Casa Grande, AZ 85194

$469,999
3 Beds
2 Baths
1,651 SqFt
Status Active
MLS # 6692828
Property Type Single Family Residence
Price Type --
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4764 E Sage Brush Avenue San Tan Valley, AZ 85140

$469,999
3 Beds
2 Baths
1,857 SqFt
Status Active
MLS # 6694562
Property Type Single Family Residence
Price Type --
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6291 W Victory Way Florence, AZ 85132

$469,999
3 Beds
2.5 Baths
2,658 SqFt
Status Active
MLS # 6698944
Property Type Single Family Residence
Price Type --
This home has gorgeous curb appeal. You'll be in awe of the impeccable features and upgrades this home has to offer. Featuring 3 bedrooms, a den, and 2.5 bathrooms, this home has plenty of space for you to enjoy! 10' Ceilings and 8' Doors throughout. Imagine making delicious meals in your gourmet kitchen that features a double oven and ample counter space. Stainless steel appliances. RO and Soft Water System is installed. Plantation Shutters throughout, Furniture negotiable, Hot Tub included (only 2 years old), Enjoy the beautiful Arizona Sunrises and Sunsets in your backyard under the extended rear covered patio. Take advantage of $1,500 Lender credit when approved financing through Blanco Mortgage.

74 S Cypress Court Chandler, AZ 85226

$469,999
3 Beds
2 Baths
1,407 SqFt
Status Active
MLS # 6703150
Property Type Single Family Residence
Price Type --
Home, sweet home! This charming 3-bedroom property awaits new owners! Nestled on a peaceful cul-de-sac, this gem offers a lush front yard and a 2-car garage. Come inside to find a welcoming living room, vaulted ceilings, a warm palette, tile flooring, wood-style vinyl flooring, a warm fireplace for cold evenings, and bountiful natural light. The eat-in kitchen provides plenty of wood cabinetry, stainless steel appliances, chic light fixtures, and sliding glass doors to the back patio. You'll love the cozy main bedroom, boasting two mirrored door closets and a private bathroom with dual sinks. Continue onto the generous backyard with a covered patio, a mature shade tree, a verdant landscape, and a refreshing pool ready to enjoy. This value won't disappoint!

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