If you’ve been thinking about purchasing a home for a while, what’s holding you back? If you are like a lot of potential buyers, it could be these common misconceptions. Check out these common concerns and why you shouldn’t be afraid of them below!
Spooky Myth #1: “I need a 20% down payment to purchase a home.” Buyers often overestimate how much money they need to put down in order to qualify for a home loan. While of course it is better to have a larger down payment, it also makes sense to be putting equity into your new home instead of waiting to purchase until you can make a large payment. If you need to make a lower down payment, look into FHA or VA loans. They allow you to put as little as 3.5% down for a mortgage.
Spooky Myth #2: “My credit score is too bad to purchase a home.” A perfect credit score is not required to purchase a home. If you have a couple dings on your credit report, there is still a good chance you’ll be able to obtain a mortgage. In general, you’ll need at least a 580 credit score to qualify for a FHA loan. Wondering what your credit score is? Learn how to find it here! (link to https://www.consumer.ftc.gov/articles/0155-free-credit-reports)
Spooky Myth #3: “The house I want is too expensive.” There are many different factors behind the scenes that could be motivating a homeowner to sell. More often than not, most sellers are willing to negotiate on the listing price. Make sure you hire an experienced realtor to help you navigate the home buying process (guaranteed they have some tools to help you have the best chance of getting your offer accepted)!
Are there other factors that are holding you back from purchasing a home? Let’s talk!