Though most Americans say they’d like to own their own home one day, there are a number of misconceptions about the buying process and current market that cause many to believe they won’t be able to get financing or can’t afford homeownership. According to a recent article from Christina Boyle, Freddie Mac’s vice president and head of single-family sales and relationship management, not being able to come up with a 20 percent down payment is the top myth keeping Americans from entering the market. Boyle says, though a lender may ask for 20 percent down, it isn’t always a necessity and, in general, you should expect to have a down payment of about 5 or 10 percent. Another common assumption is that you’ll need a perfect credit score in order to get a mortgage. While you’ll definitely have more options with a higher credit score, your score doesn’t need to be perfect to secure a loan. Boyle also points to recent increases in mortgage rates and the belief that homeownership is too expensive as reasons potential home buyers stay on the sidelines. But despite recent rate increases, mortgage rates are still well below historical norms and, according to recent research, owning a home is actually cheaper than renting in the 100 largest metropolitan areas across the country.
Author:Lora Reynolds Phone: 317-496-6291 Dated: September 30th 2014 Views: 1,029 About Lora: ...
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"Lora was extremely knowledgable and knows her business very well. From the first contact, she had nothing but the best information for me and how it related to buying my first home. She is enthusiastic, knowledgable, honest and a great person to work with. She listened to what I was wanting in a home and adjusted the search to fit my needs and wants. Her negotiating skills are superb, and was able to get me more than I thought of out of my home, and price! bfetty, Bought a Single Family home in 2014 for approximately $150K in Greenwood, IN."