2 Myths About Mortgages That May Be Holding Back Buyers

2 Myths About Mortgages That May Be Holding Back Buyers

Fannie Mae’s “What do consumers know about the Mortgage Qualification Criteria?” Study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home.

Myth #1: “I Need a 20% Down Payment”

Fannie Mae’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report,76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required.

Many believe that they need at least 20% down to buy their dream home. New programs actually let buyers put down as little as 3%.

Below are the results of a Digital Risk survey of Millennials who recently purchased a home.

Sarah Freeman Headshot
Author:
Phone: 928-925-4072
Dated: August 28th 2016
Views: 82
About Sarah: My husband and I instantly fell in love with the charming town of Prescott when we moved here with o...

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