Buying a home can feel intimidating when you’re working from assumptions about down payments or credit. Requirements vary by program and lender, so it is worth asking about your actual options rather than deciding from a headline or someone else’s experience.
- 40% of millennials who purchased homes this year have put down less than 10%.
- 76.4% of loan applications were approved last month.
- The average credit score of approved loans was 724 in September.
Everyone’s situation is different. That is why it is extremely helpful to work with excellent real estate professionals. Choose a Realtor who will listen to your goals and work within your budget, and a mortgage lender who will consider all the relevant facts of your situation when determining how much you qualify to borrow. I work with several excellent local lenders who do just that.
The Bottom Line
If you believed some of these myths, rest assured that you are not alone. Before making decisions based on possibly outdated or incorrect understanding, call on a team of real estate professionals who can set the record straight and help you reach your goals. When you know the facts, buying a home isn’t scary!
A lender must review your circumstances and current program requirements. A low down payment may still leave closing costs and other cash needs. I can introduce you to lenders who will explain the numbers, and I’ll help you work within the budget you choose.
