🏡 Freddie Mac recently released a report entitled, “Perceptions of Down Payment Consumer Research.” Their research revealed that... …Based on our recent survey of individuals planning to purchase a home in the next three years, nearly a third think they need to put more than 20% down.” • ⏺ Myth #1 ⏺ “I Need a 20% Down Payment” Buyers often overestimate the funds needed to qualify for a home loan. While many believe at least 20% down is necessary to buy the home of their dreams, they do not realize programs are available which permit as little as 3%. Many renters may actually be able to enter the housing market sooner than they ever imagined! • ⏺ Myth #2 ⏺ “I Need a 780 FICO® Score or Higher to Buy” Many either don’t know or are misinformed concerning the FICO® score necessary to qualify, believing a ‘good’ credit score is 780 or higher. To debunk this myth, let’s take a look at Ellie Mae’s latest Origination Insight Report (Swipe), which focuses on recently closed (approved) loans. As indicated in the chart above, 52.4% of approved mortgages had a credit score of 600-749. • ⏺ Bottom Line ⏺ Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Your dream home may already be within your reach. • 📲 Call me today to explore your options at 847.975.8218 ☺ • • • #downpaymentsavings #mortgage #finance #buyingahome #firsthome #firsthometogether #firsttimehomebuyer #homesweethome #myfirsthome #homebuying #homeowning #homeownership #homepurchase #piggybank #downpayment #homesavings #savings #millennialmoney #millennialhomebuyer #millennial #jolitaproperties #jolitaproperties #exprealty (at Buffalo Grove, Illinois) https://www.instagram.com/p/BylBiNlnbJ5/?igshid=152om3b148v05