Debunking the Myths - Home Lending

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DEBUNKING THE MYTHS!!! - Jon Maguire - Academy Mortgage

When it comes to obtaining a mortgage and buying a home, there are unfortunately a lot of MYTHS out there which often times dissuades people from buying a home.  And between the general Media and ever-growing Social Media often spreading information that is downright FALSE, it becomes increasingly difficult for Consumers to separate the FACT from the FICTION.  So let’s debunk a few common and current MYTHS about qualifying for a mortgage [to buy a Home]:

THE MYTH:  A person will generally need 20% (or more) as a Down Payment to buy a home.  This is utterly INCORRECT!

THE FACT:  Even TODAY, Loan Programs still exist with as little as 0% DOWN.  Additionally, Down Payment Assistance still exist as well

THE MYTH:  A person will need GOOD/EXCELLENT credit to buy a home.  This is absolutely FALSE!

THE FACT:  Right now, Consumers can potentially qualify with Credit Scores as low as 580+.  And if a person CAN do 20%+ down payment, sometimes even lower than that

THE MYTH:  Having my Credit pulled by a Bank/Lender will cause my Credit Score to plummet Significantly.  WRONG AGAIN!

THE FACT:  Having your Credit pulled by a lender will generally result in a credit score decrease of only 3 to 5 points.  And this is a TEMPORARY decrease (NOT permanent), so most people’s credit score rebounds quickly thereafter

THE  MYTH:  A person has to have a sizeable Income to qualify for a mortgage.  NOT TRUE!

THE FACT:  Qualifying for a Mortgage is never about ONLY your income; it’s about INCOME in relation to DEBT.  A person with low Income but very little Debt may be surprised at how much they can qualify for