{"id":295,"date":"2019-11-19T00:19:33","date_gmt":"2019-11-19T00:19:33","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=295"},"modified":"2019-11-19T00:19:35","modified_gmt":"2019-11-19T00:19:35","slug":"2-myths-holding-back-home-buyers","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/2-myths-holding-back-home-buyers\/","title":{"rendered":"2 Myths Holding Back Home Buyers"},"content":{"rendered":"\n
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In a recent article, First American<\/em><\/a> shared how millennials are not really any different from previous generations when it comes to the goal of homeownership; it is still a huge part of their American Dream. The piece, however, also reveals,<\/p>\n\n\n\n

\u201cSaving for a down payment is one of the biggest obstacles faced by first-time home buyers. Dispelling the 20 percent down payment myth could open the path to homeownership for many more.\u201d<\/em><\/p><\/blockquote>\n\n\n\n

Myth #1: \u201cI Need a 20% Down Payment\u201d<\/strong><\/h4>\n\n\n\n

Buyers often overestimate how much they need to qualify for a home loan. According to the same article:<\/p>\n\n\n\n

\u201cAmericans still overestimate the qualifications needed to get a mortgage, resulting in qualified potential buyers not even considering homeownership. Indeed, the Urban Institute report revealed that 16 percent of consumers believed that the minimum down payment required by lenders is 20 percent or more, and another 40 percent didn\u2019t know at all.\u201d<\/em><\/p><\/blockquote>\n\n\n\n

While many potential buyers still think they need to put at least 20% down<\/a> for the home of their dreams, they often don\u2019t realize how many assistance programs are available with as little as 3% down. With a little research, many renters may actually be able to enter the housing market sooner<\/a> than they ever imagined.<\/p>\n\n\n\n

Myth #2: \u201cI Need a 780 FICO\u00ae Score or Higher\u201d<\/strong><\/h4>\n\n\n\n

In addition to down payments, buyers are also often confused about the FICO\u00ae score<\/a> it takes to qualify for a mortgage, believing a \u2018good\u2019 credit score is 780 or higher.<\/p>\n\n\n\n

To debunk this myth, let\u2019s take a look at\u00a0Ellie Mae\u2019s<\/em>\u00a0latest\u00a0Origination Insight Report<\/em><\/a>,<\/em>\u00a0which focuses on recently closed (approved) loans.<\/p>\n\n\n\n

As indicated in the chart above, 50.23% of approved mortgages had a credit score of 500-749.<\/p>\n\n\n\n

Bottom Line<\/strong><\/h3>\n\n\n\n

Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Believe it or not \u2013 your dream home may already be within your reach.<\/p>\n\n\n\n

Contact us:
PHP Houses<\/a>
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com<\/a><\/p>\n\n\n\n

Let’s Connect:
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<\/p>\n","protected":false},"excerpt":{"rendered":"

In a recent article, First American shared how millennials are not really any different from previous generations when it comes to the goal of homeownership; it is still a huge part of their American Dream. The piece, however, also reveals, \u201cSaving for a down payment is one of the biggest obstacles faced by first-time home buyers. Dispelling… Finish Reading 2 Myths Holding Back Home Buyers<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[36],"tags":[38,15,18,27,57,52,25,9,49,40,31,20,24,48,13,19,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/295"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=295"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/295\/revisions"}],"predecessor-version":[{"id":297,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/295\/revisions\/297"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}