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

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.

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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

9551 E Redfield Road Scottsdale, AZ 85260

$465,000

2 Beds

2.5 Baths

1,111 SqFt

Status Active

MLS # 6675877

Property Type Townhouse

Price Type --

Welcome to this inviting property with a calming natural color palette that creates a serene atmosphere throughout. The home boasts other rooms for flexible living space, allowing you to customize the layout to suit your needs. The primary bathroom features good under sink storage, keeping your essentials organized and easily accessible. With fresh interior paint, the home feels bright and airy, ready for you to move in and make it your own. Don't miss the opportunity to make this peaceful retreat yours!

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2421 W Turtle Hill Drive Anthem, AZ 85086

$465,000

2 Beds

2 Baths

1,344 SqFt

Status Active

MLS # 6680748

Property Type Single Family Residence

Price Type --

Welcome to this beautifully upgraded home nestled in the prestigious Anthem Country Club. Featuring 2 bedrooms, 2 bathrooms, this home boasts a meticulously open airy floor plan. Enjoy the elegance of new flooring throughout, a refreshed kitchen with a new large island, granite countertops, stainless steel appliances, and remodeled bathrooms with custom tile, double headed walk-in shower in the master and a custom bathtub shower. Outside, a covered pergola that offers a perfect spot to enjoy the scenic views. With fresh paint inside and out, this home exudes sophistication. Residents also enjoy access to Anthem Country Club's prestigious amenities, including two golf courses, fitness centers, tennis courts, and more. Experience comfort, style, and resort-style living in this move-in ready

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4854 W Turquoise Avenue Glendale, AZ 85302

$465,000

4 Beds

2 Baths

2,371 SqFt

Status Active

MLS # 6680575

Property Type Single Family Residence

Price Type --

Whatta beauty! New paint, new quartz counter tops, new flooring, new bathroom vanity quartz! Your new spacious 4 bedroom home has a pool situated perfectly in a low-maintenance backyard oasis!

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3134 E Mckellips Road Mesa, AZ 85213

$465,000

3 Beds

2.5 Baths

1,414 SqFt

Status Active

MLS # 6683963

Property Type Single Family Residence

Price Type --

Charming 3 bdrm, 2.5 bath 2 car garage home in sought after Homestead on an oversized lot with lg. private pool and nicely designed backyard! Ideal for entertaining or everyday living -- with living and dining rooms, vaulted ceilings, and a formal family room with wood burning fireplace. Open concept kitchen overlooks the family room and features granite countertops, smooth-top range, built-in microwave, and LG stainless steel refrigerator with water dispenser/ ice maker. The primary suite includes dual closets, a spacious layout, soaring high ceilings, and an ensuite bath. Additionally, the home features newer paint, newer carpet, laminate flooring, and a top of the line Trane HVAC unit,. Enjoy your backyard with one of the only private sparkling swimming pools in the community. Conveniently located with easy access to the Loop 202 (and Gilbert Rd.) and plenty of shopping, dining, & restaurants nearby. A must see!

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