2 Myths About Mortgages That May Be Holding Back Buyers

Dated: 08/28/2016

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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.

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Sarah Freeman

My husband and I instantly fell in love with the charming town of Prescott when we moved here with our daughter several years ago. There is an endless supply of outdoor activities – hiking, biking, ....

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