4 Common Down Payment Myths

There are many myths around the home buying process, probably because it has changed drastically over the years. Down payment myths are certainly on the list!

Confusion and misconceptions surrounding down payment requirements may be one of the greatest barriers to home ownership, according to the National Association of REALTORS®. Does this open some doors for you?

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Loan programs are constantly changing, with new programs coming online and older programs phasing out. As availability changes, so too may your ability to qualify. And you may qualify now – or in the near future – even if you haven’t qualified in the past.

Should you find that you still do not currently qualify for a mortgage, a quality lender should be able to give you advice as to how to raise your credit score, or how much extra you will need to save to set aside and keep in savings, beyond your down payment.

If you are looking for information about renting vs. buying and whether or not you should wait, visit this post I wrote back in 2010. The examples still hold, and in fact are even truer today as we are now in a rising interest rate environment.

Contact your REALTOR® to receive a recommendation for a reputable local lender that can help!

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