5 Myths About Homeownership

Below are some misconceptions about buying a home.  Paying your bills on time and having a decent credit score are still important, but if any of the following is preventing you from taking the next step towards homeownership, give me a call.

You need GREAT credit to become a homeowner.

FALSE.  You may still be able to buy a home with less than perfect credit.  There are many loan products available for Buyers today.  So, you'll want to check with your lender and discuss the options, choosing the program that best fits your financial comfort level.

You need at least 20% down payment to buy a home.

FALSE.  There are many types of mortgage products and programs that allow low and no down payments.  Some of the programs include the Nehemiah Down Payment Assistance Program, Bond Money Programs and Good Neighbor Program.  Check with your lender to see which one you might qualify for.

If you don't have a bank account or credit cards, you can't qualify for a mortgage.

FALSE.  Having a bank account and credit cards helps, but there are other ways to establish your credit history such as rent, utility and car payment records.

You can't get a mortgage if you have changed jobs.

FALSE.  Even though you changed jobs, you may still be able to get a loan to buy a home.  Everyone's situation is different.  Depending on the particulars of your situation, income, stability, and other factors, your lender can check the programs available for you to qualify for a home loan.

It's cheaper to keep renting.

Not necessarily.  When you figure in the tax benefits of homeownership and the fact that your money is going towards your home, which typically increases in value, owning a home vs. renting is by far a better choice.  With homeownership, you're building wealth over time.

If you're considering a new home, give me a call.  Together we'll weigh out the pros and cons and determine if now is the right time for you to make your move.