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