Buy a Home NOW with a 3% Down Payment or LESS!

Again… You Do Not Need 20% Down to Buy NOW! | Simplifying The Market

A survey by Ipsos found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. There are two major misconceptions that we want to address today.

1. Down Payment

The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 40% of consumers think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less.

Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.

2. FICO® Scores 

The survey also revealed that 62% of respondents believe they need excellent credit to buy a home, with 43% thinking a “good credit score” is over 780. In actuality, the average FICO® scores of approved conventional and FHA mortgages are much lower.

The average conventional loan closed in February had a credit score of 752, while FHA mortgages closed with a score of 686. The average across all loans closed in February was 720. The chart below shows the distribution of FICO® Scores for all loans approved in February.

Again… You Do Not Need 20% Down to Buy NOW! | Simplifying The Market

Bottom Line

If you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but are not sure if you are ‘able’ to, let’s sit down to help you understand your true options.  Give me a call – J.P. Cook – 602-320-4253.

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7009 E Acoma Drive Scottsdale, AZ 85254

$449,000
2 Beds
2 Baths
972 SqFt
Status Active
MLS # 6636670
Property Type Apartment
Price Type --
Location, location...Beautiful end unit with Private Garage. The Exclusive Plaza Residences offers resort style living in the upscale Kierland Quarters area of Scottsdale. Walking distance to Kierland shopping, fine dinning, parks, walking/biking paths, golf, Scottsdale Airpark & much, more...Condo is close to well appointed club house, fitness center, game room, lap pool & spa. New flooring & A/C unit installed within the last few years. Located in a very quiet area. Condo offers 2 spacious split master bedroom suites. inside laundry, fabulous open floor plan, fireplace, large Balcony with storage area. Modern well appointed kitchen with granite counter tops, stainless appliances. The condo also has one of limited garages. ''Keep car out of the hot sun and protecte 2 hours notice for showing.....occupied condo

7452 E Keats Avenue Mesa, AZ 85209

$449,000
3 Beds
2 Baths
1,521 SqFt
Status Active
MLS # 6658703
Property Type Single Family Residence
Price Type --
Move-in ready home with POOL is situated on prime interior N/S lot across from neighborhood park. The home feels clean and fresh- new carpet and interior paint, updated lighting, fans, appliances, faucets, toilets, door hardware. The garage is pristine with fresh paint and a new epoxy floor. Home chefs will love cooking on the 5 burner gas range/convection oven and the abundant cabinets and counter space. The home has vaulted ceilings and a spacious great room floor plan. The primary bath offers dual sinks, separate tub/shower, walk-in closet & handy exit to patio. Backyard oasis with refreshing pool, covered patio, large side yard and shed ticks all the boxes. Convenient access to dining, shopping, golf and freeways. Solar panels w/grandfathered net metering. Solar lease in documents tab

515 W Atlanta Avenue Phoenix, AZ 85041

$449,000
4 Beds
2 Baths
1,780 SqFt
Status Active
MLS # 6641462
Property Type Single Family Residence
Price Type --
Back on Market! Minutes from Downtown Phoenix! Beautiful new 2023 Build with no HOA, RV Gate and an inside laundry room! Home was built in 2023 and is a true Gem. This home has an open floor plan with a large kitchen that has an oversized island and breakfast nook. This home has 4 spacious bedrooms with all the bells and whistles. There are several new builds being built in area and area is going through a gentrification process. Location is perfect just minutes to downtown, airport and all the great restaurants south Phoenix has to offer. this home will not last bring your buyers today! There are multiple new builds being built in surrounding area. Act Fast! Easy to show!

7313 N 21st Drive Phoenix, AZ 85021

$449,000
4 Beds
3 Baths
1,616 SqFt
Status Active
MLS # 6644482
Property Type Single Family Residence
Price Type --
Stop the car! Don't miss this 4 bedroom 3 bath home. As you pull up, notice the charming stone accents, a carport space, a cozy front porch, an extended driveway, & a large front yard with swaying shade trees. Discover a delightful great room accentuated with flooring, tall ceilings, & sliding glass doors to the backyard. The spotless kitchen is fully equipped with recessed lighting, granite counters, & white cabinetry. The expansive main suite highlights a brick-wall fireplace, a sitting area, a walk-in closet, outdoor access, & a sliding barn door leading to the private bathroom w/dual vanities. Don't miss the the backyard where you have a covered patio, a gazebo with a built-in grilling station, additional carport space, & a rear RV gate with additional yard. Hurry home!

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