Myths that May Stop You From Buying A House
Myth # 1 Saving for a downpayment can be one of the most diffucult things when you're starting thinking about buying a house. In a recent poll from the Urban Institute, 56% of people who were polled thought that you must have 20% for downpayment.
Well the truth is, you can buy a house with as little as 3%. There are all kinds of different loan products that you can look at if you're considering buying a house. If you think you don't have enough money, think again. On a home that's worth $500,000, a 20% down payment would be $100,000. That's a lot of money to save up. But if you are only putting down 10%, that's $50,000. That feels more doable. You have plenty of options.
Myth # 2 Most people that you need a very high credit score. In fact, when polled, people thought that they needed a credit score of over 780. But that's not true! Did you know that over 50% of the mortgages that were written this year were for people who had credit scores between 500 an 749. So if you think about it, if your credit score is righ within that range, you might be able to get a mortgage. Homeownership is really within your grasp!
If you're thinking about buying a home please don't hesitate to call me. I'm Judy Mitchell with William Pitt Sotheby's Realty, 203-239-0039.