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There are a lot of false presumptions regarding the requirements for purchasing a home. For some, the dream of homeownership remains just that, a dream, due to some common myths.
While some misconceptions were previously correct, many are no longer relevant today. With the facts, dreams can turn into reality.
Having great credit does make financing a home easier, and allows for lower interest rates, but those with less than perfect credit can still get financed. Several sites provide credit scores free of charge for those unsure of their score.
If you have a credit score of at least 580, financing is possible. For those with a score lower, there are steps you can take right now to work on repairing or creating credit, such as paying your bills on time, keeping balances below 30% of available credit, not opening new credit cards or applying for new loans, and working on paying off debt.
The mere thought of coming up with a substantial down payment is intimidating for buyers of most income levels. For some, taking years of saving to meet the down payment requirement seems daunting. Since most conventional loans require a down payment, many homebuyers think there is a down payment requirement for all loans, which is not always the case.
There are ways to purchase a home with zero money down. Homebuyers may be eligible for government-backed loans that require little to no money down, zero or reduced closing costs, and a few additional incentives to homeownership.
These same government-backed loan programs are very lenient on credit scores and have assisted countless homeowners.
Purchasing a home is overwhelming for some, and it is the most significant financial transaction of most people’s lives. Luckily, there is an entire profession ready to assist. Real estate agents discuss the process from start to finish, often providing a detailed buyer’s guide whether you decide to work with them or not.
In working with a real estate agent, you will leverage the wealth of knowledge and network your agent/broker possesses. They know the ins and outs of the process, and will even refer reputable lenders to assist in getting you the financing you need.
Knowledge is the key to a successful transaction. Getting the facts right and working with real estate professionals is the first step to dispelling myths and becoming a homeowner.
If you have questions about the home buying process in the Lakeville or Apple Valley area, please reach out to me. Let’s discuss your goals and help make your dream of homeownership a reality.
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