| In Realtor.com’s recent article, “Home Buyers’ Top Mortgage Fears: Which One Scares You?” they mention that “46% of potential home buyers fear they won’t qualify for a mortgage to the point that they don’t even try.”
Myth #1: “I Need a 20% Down Payment”
Buyers overestimate the down payment funds needed to qualify for a home loan. According to the First Quarter 2017 Homeownership Program Index (HPI) from Down Payment Resource, saving for a down payment was the barrier that kept 70% of renters from buying. Rob Chrane, CEO of Down Payment Resource had this to say,
Many believe that they need at least 20% down to buy their dream home, but programs are available that allow buyers put down as little as 3%. Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.
Myth #2: “I Need a 780 FICO® Score or Higher to Buy”
The survey revealed that 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO® score is necessary to qualify. Many Americans believe a ‘good’ credit score is 780 or higher. To help debunk this myth, let’s take a look at Ellie Mae’s latest Origination Insight Report, which focuses on recently closed (approved) loans. As you can see in the chart above, 53.2% of approved mortgages had a credit score of 600-749.
According to the National Association of Realtors®’ 2017 National Housing Pulse Survey, 84% of Americans now believe that purchasing a home is a good financial decision. This is the highest percentage since 2007 – before the housing crisis. Those surveyed pointed out five major reasons why they believe homeownership is a good financial decision:
The survey also revealed that the majority of Americans strongly agree that homeownership helps create safe, secure, and stable environments.
Homeownership has always been and still is a crucial part of the American Dream.
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A unique opportunity to own one of 10 homes with hundreds of acres of natural reserves behind you. The oversized lot is a private oasis in Mabury Ranch backing to Santiago Creek with walking distance to wilderness trails. Enjoy summer evenings relaxing in the professionally designed backyard with its inviting pool, spa and waterfall. The tranquil backyard offers lots of additional room ideal for your summer entertaining. The extra side yard offers a charming playhouse for the kids perfect for all the summer play dates.
By now, we all know that the tiny-house movement is anything but tiny—in fact it’s downright huge. It’s become a widespread obsession among many designers, along with the public looking to shed the unnecessary trappings of our modern life.
After all, the thinking goes, we’ve all become used to the idea of homes that are really, really small—now let’s see what we can do with the form and function of those tiny spaces.
The latest example: this tiny house located in Sheridan, WY (for now). The wood-sided home on wheels is on the market for $61,000, and it’s a mere 229 square feet. But inside it feels pretty darn roomy. Welcome to the open-concept tiny home. Read more.
Four cities in the Pacific Northwest are proving the case for living super-small — and their experiments can teach the rest of us a thing or two about building real community.
In 2001, a group of homeless people In Portland, Oregon, set up a campsite under a downtown bridge. The city didn’t have enough shelter space to accommodate its homeless population, and as the camp attracted more and more people, authorities began regular sweeps, clearing away tents and sleeping bags — which inevitably cropped right back up. Then something less predictable happened. A group of community leaders and activists teamed up with those living at the camp and hatched a plan: make the tent village permanent by developing a community of tiny homes for homeless people. Read more.
A new home means a fresh start: new paint, a new bedroom, even a fresh take on arranging your old furniture.
But your new space won’t feel so wonderful if it’s weighed down with junk you didn’t bother ditching during the move. Now’s the time to purge your home—and we’re not talking about just sifting through stacks of magazines while you binge on Netflix.
“Your possessions should have three purposes: function, aesthetic purpose, or sentimental value,” says Christina Giaquinto, a professional organizer in Franklin Lakes, NJ. “Pick up each item in your home, and ask yourself, ‘Why do I have this item? What does this item do for me?'”