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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43 N Dewey Drive Gilbert, AZ 85234

$524,999 - 3Br/2Ba -  for Sale in West Shore At Wind Drift, Gilbert
New
$524,999
3 Beds
2 Baths
2,031 SqFt
Status Active
MLS # 6759139
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This beautifully appointed 3-bedroom, 2-bathroom residence is nestled in the heart of the highly sought-after Gilbert area, offering both comfort and convenience. Step inside to discover a bright and airy open floor plan, featuring a spacious living room that seamlessly flows into a modern kitchen equipped with stainless steel appliances and ample counter space—perfect for family gatherings or entertaining friends. Located just minutes from local parks, top-rated schools, and the premiere vibrant shopping district of Downtown Gilbert, this home offers the perfect blend of suburban tranquility and urban accessibility. Don't miss the chance to make this charming property your own!

87 S 195th Lane Buckeye, AZ 85326

$524,999 - 5Br/3Ba -  for Sale in Blue Horizons Parcel 12 Replat, Buckeye
New
$524,999
5 Beds
3 Baths
2,913 SqFt
Status Active
MLS # 6755864
Property Type Single Family Residence
Price Type --
Welcome to this stunning 2-story gem, adorned with charming stone accents, invites you in with its warm and welcoming atmosphere. Step inside to discover an energy-efficient haven, where gorgeous wood-look floors and soft recessed lighting create the perfect ambiance for relaxation and gatherings. The open-concept living and dining areas offer plenty of space for entertaining, while the great room flows seamlessly into a gourmet kitchen that's sure to inspire your inner chef. With sleek granite countertops, stainless steel appliances, ample cabinetry and a spacious island with a breakfast bar, this kitchen is both stylish and functional. Upstairs, retreat to the tranquil main bedroom, where you'll find a calming color palette, dual sinks in the ensuite, and a large walk-in closet, offering a private escape at the end of the day. The versatile loft is perfect for a media room, home office, or a cozy reading nook. Step outside to your private oasis - the spacious backyard features a covered patio, a lovely paver seating area, and a peaceful spot to relax under clear blue skies. Whether hosting friends or enjoying quiet moments, this space is ideal for making memories. This home is move-in ready and waiting for you! Don't let this opportunity slip away - come experience it for yourself!

18926 W Desert Hills Drive Surprise, AZ 85388

$524,999
4 Beds
3 Baths
2,586 SqFt
Status Active
MLS # 6743914
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the sought-after Zanjero Trails community! This beautiful 4-bedroom, 3-bathroom residence boasts an open-concept layout that seamlessly blends natural light with spacious, modern design. Features include: Open Concept Living: Enjoy a fluid, open floor plan perfect for entertaining and daily living. Natural Light: Large windows fill the home with abundant natural light, creating a warm and inviting atmosphere. Kitchen equipped with elegant granite countertops, sleek white cabinets, and stainless steel appliances, this kitchen is both functional and stylish. Luxurious Interiors: Plush carpet adds a touch of comfort, while generously sized rooms offer ample space for relaxation and personalization. Outdoor Oasis: Step outside to a private patio with a charming charming gazebo, ideal for outdoor gatherings. The artificial grass provides a low-maintenance, lush green space that's perfect year-round. Privacy: Enjoy the seclusion provided by privacy trees, ensuring a peaceful retreat from the hustle and bustle. This home combines contemporary elegance with practical comforts, making it an exceptional place to call your own. Don't miss the opportunity to experience the best of Zanjero Trails living!

24835 N 143rd Lane Surprise, AZ 85387

$524,999
4 Beds
3 Baths
2,199 SqFt
Status Active
MLS # 6734868
Property Type Single Family Residence
Price Type --
What's hotter than a sweltering summer in the Sonoran Desert? How about a 2.5% interest rate on a sexy single-level, highly upgraded move-in ready home at 24835 N 143rd Lane in Surprise, Arizona. Yes, you read that right. The long list of features and upgrades is impressive for anyone looking for a stylish, convenient, and most importantly, affordable lifestyle. Step inside this ''better than new'' home and cool off in your energy efficient, light and bright, open floor plan, where entertaining and gathering with loved ones becomes effortless. Durable ceramic plank tile in all the right places keeps walkways in tiptop shape year-round. Inevitability, everyone gathers in the kitchen. Here, the kitchen is the heart of the home where you'll find a gorgeous waterfall kitchen island, upgrade quartz countertops, and modern tile flooring which perfectly blends style and practicality. A few more of the details you'll find within include a water softener, reverse osmosis system, and smart home features like a smart washer/dryer and WIFI-enabled thermostat that add an extra level of comfort and efficiency to everyday living. Strategically placed dimmer lights in key areas such as the kitchen, master bedroom, and master bathroom create a cozy atmosphere for relaxation and entertainment. Plus, the upgraded bedroom carpeting and elevated kitchen cabinets with soft pull drawers enhance comfort and storage solutions throughout the house. Looking outside your ever so large windows bringing in all the natural light you'll find low water use landscaping with synthetic grass, and pavers lining this ease of maintenance backyard where you can spend more time relaxing and doing whatever it is you enjoy most without worry of excessive water bills or landscape cleanup service. Please see additional remarks for a complete list of improvements.

21071 E Poco Calle -- Queen Creek, AZ 85142

$524,999
3 Beds
2 Baths
1,641 SqFt
Status Active Under Contract
MLS # 6719172
Property Type Single Family Residence
Price Type --
Step into this exquisite home, complete with an impressive open concept living area. The kitchen offers quartz countertops and stainless steel appliances. Fridge with ice maker and water dispenser is included. Living room offers a built in electric fireplace and entertainment center, included is an 85'' TV! Enjoy the backyard, which offers low-maintenance and pet-friendly turf, covered patio, stylish pavers, and unparalleled views that opens up to a beautiful greenway and desert scape. The home offers a 2-Car Garage equipped with an EV charging station and plenty of room for storage. Throughout the home are luxury plank tile in common areas, Moroccan hexagon tile in bathrooms and laundry, and plush carpet in bedrooms. This home is located in the desirable Hastings Farms community brimming with 17 parks, soccer fields, volleyball courts, walking trails, community activities, and more! Come feel the perfect blend of comfort and convenience in this home. Discover the lifestyle you've been dreaming of - book your tour today!

5464 W Las Palmaritas Drive Glendale, AZ 85302

$524,995 - 4Br/2Ba -  for Sale in Trevino Amd, Glendale
New
$524,995
4 Beds
2 Baths
1,840 SqFt
Status Active
MLS # 6759603
Property Type Single Family Residence
Price Type --
Everything's just where you need it in this dynamic single-story floor plan. An inviting kitchen with a walk-in pantry and generous island flows into a charming dining room—and beyond that, the great room. A sliding-glass door provides easy access to a relaxing covered patio. A central laundry and convenient mudroom are also included. The luxurious primary bedroom features a generous attached bathroom. The community standard is going to be 9 feet ceilings, soft water loop, pavers, garage service door and garage door opener. You'll appreciate the beautiful finishes selected by our design team!

17987 W Long Lake Road Goodyear, AZ 85338

$524,995
4 Beds
3 Baths
2,212 SqFt
Status Active
MLS # 6728297
Property Type Single Family Residence
Price Type --
The oversized kitchen island is the perfect centerpiece for entertaining. Upgraded trim in the dining room creates an elegant space for entertaining guests. Closets throughout the home make for abundant storage space. Gorgeous designer finishes highlight every room in this home.

35789 N Zinc Drive San Tan Valley, AZ 85144

$524,995
4 Beds
3 Baths
1,991 SqFt
Status Active
MLS # 6686649
Property Type Single Family Residence
Price Type --
This home is single-level living at its finest. The open-concept kitchen provides connectivity to the main living area with prime access to the outdoor patio. Flex space on the first floor could be used as an office or a yoga room—the possibilities are endless. Designer finishes in this home include marble kitchen countertops, tiled primary bathroom, and upgraded flooring. Pristine walking and biking trails showcase everything this community has to offer.

40259 W Michaels Drive Maricopa, AZ 85138

$524,995
3 Beds
2.5 Baths
2,500 SqFt
Status Active
MLS # 6600185
Property Type Single Family Residence
Price Type --
Maricopa Luxury! Tray ceilings at the extended entry, huge great room, breakfast nook, large gourmet kitchen w/ quartz counters, backsplash, upgraded cabinets and 12' center meet doors to the extended patio. The owner's suite is adjacent,and boasts a generous walk-in closet and large tiled walk-in shower with rain shower head. Two additional bedrooms flank a full bath. Home also has a private study with tray ceilings and powder room nearby.

17551 W Running Deer Trail Surprise, AZ 85387

$524,995
3 Beds
2 Baths
1,690 SqFt
Status Active
MLS # 6711800
Property Type Single Family Residence
Price Type --
The Bronze floor plan would certainly take home gold for design! This ranch-style home centers around an open layout with a dining area, a kitchen with a center island, and a great room with center-meet doors leading to the covered patio. The primary suite is adjacent, and showcases a generous walk-in closet and a private bath. Two bedrooms and a second bath complete the residence, which also includes an attached RV garage. You'll love the professionally curated fixtures and finishes selected by our design team!

5018 W Top Hand Trail Laveen, AZ 85339

$524,995
3 Beds
2.5 Baths
2,380 SqFt
Status Active
MLS # 6729940
Property Type Single Family Residence
Price Type --
Welcome to your new home in the heart of Laveen! Explore this exciting Elderberry home, ready for quick move-in on a homesite boasting driveway pavers. Included features: a welcoming covered porch; a quiet study; a spacious great room; an open dining area , an open impressive kitchen offering 42'' cabinets, quartz countertops, a center island and a walk-in pantry; a convenient laundry; an elegant primary suite showcasing an expansive walk-in closet and a private bath with double sinks; a covered patio and a 2-car garage with a service door. This could be your dream home!

48811 N Lula Street Gold Canyon, AZ 85118

$524,995
4 Beds
2.5 Baths
2,110 SqFt
Status Active
MLS # 6695593
Property Type Single Family Residence
Price Type --
Welcome to this stunning modern home, the Zinc floor plan, featuring the Bermuda Linen Collection with Sonoma Flat Sq - Painted Linen 42'' upper cabinetry and a gorgeous Miami Vena Quartz countertop in the kitchen. The open layout invites natural light throughout, highlighted by 6 x 35 plank tile in the main living areas. The spacious kitchen boasts a large island, perfect for entertaining. Retreat to the first-floor owner's suite, complete with a luxurious walk-in tiled shower and a generous walk-in closet. This home offers 4 bedrooms, 3 bathrooms, and a versatile loft area. Enjoy great storage space, 2 car & RV garages, and a paver driveway. Don't miss this exceptional opportunity! Electric provided by Electrical District No. 3, Water provided by Santa Cruz Water Company and Rentals are ok as long as the initial term is for 1-yr.

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