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Have You Fallen Prey to the Most Common Home Buying Myths?

Posted on October 9, 2018

Although the internet can be a great resource for a variety of information, a lot of that information is incorrect. One of the most important decisions in your life, home buying, tends to circulate a lot of misinformation. Most of that misinformation is in regards to how much of a down payment you need or what your credit score needs to be. Let’s go over the real facts about buying a home and knock those myths out, so they don’t hinder your ability to purchase!

CREDIT SCORES

Though it may come as a surprise, you don’t need a perfect credit score to purchase a home. Traditional bank lenders will work with credit scores as low as 640, but your agent can also get you connected with local lenders that accept credit scores as low as 580. Although there are other required stipulations to qualify for the loan, you don’t need a perfect score in the 700’s or 800’s to get approved for a mortgage.

 

DOWN PAYMENTS

You don’t have to sell an arm and a leg to be able to purchase your dream house. There is a huge misconception that you need to pay a minimum of 20% down to buy. That information is outdated. These days, there a large variety of loan programs that only need an average of 3-5% down. Based on your income or military status, you may even qualify for mortgage programs that require 0% down. Although you’ll expect to pay an additional 3% in closing costs, which is separate from the down payment, this is still significantly less than 20% of the purchase price. If you’re in a buyer’s market, you may even be able to negotiate for the closing costs to be covered by the sellers.

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Be sure to connect with a local real estate agent to ensure you have the right facts. Don’t let online myths persuade you into thinking you can’t qualify or afford to buy a home. There are a variety of programs to help you get into your dream house. Since these vary by locality to locality, and state to state, it’s imperative to call your agent and let them fill you in on the facts.

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    ๐Ÿ’ฐIt's National Financial Awareness Day! To celebrate the day, take a moment to revisit that monthly budget, spend some time looking over your finances, and pay a little extra attention to those yearly saving goals!

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๐Ÿ‘ Big shoutout to Ann for all her hard work! Communication is key, and Ann and the entire listing team strive to keep you up to date through frequent updates and constant communication. 

Let our team give you the attention YOU deserve by being by your side every step of the way. Give us a call if we can help sell your home (434) 260-1435 ๐Ÿ“ฒ.

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p.s. Turn your volume up to rock out with us! ๐Ÿ”Š ๐ŸŽธ๐Ÿค˜ 

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    Happy weekend everyone! As we make plans to celebrate the end of the week, we're also taking a pause and reflecting on the events that occurred 5 years ago here in Charlottesville. Our hearts go out to the victims and the community as a whole as this anniversary serves as a reminder of the work we must do to heal the deep wounds of our community.

As we research, attend events, and reflect on the 2017 events, remember to take care of your mental health amid the painful memories as they arise. We will continue to care for one another as we work to heal, learn, and grow to make Charlottesville a safe place, for everyone. โค๏ธ 

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    JUST LISTED | FOUR NEW HOMES ๐ŸŽˆ 

๐Ÿ  32 Out of Bounds Road, Palmyra, Virginia 22963 | MLS #633544 | $400,000 | ๐Ÿ›๏ธ 3 bed ๐Ÿ›  2 bath | ๐ŸŽ‰ OPEN HOUSE Sunday, August 14th from 12 PM - 2 PM, hosted by Virgil!

๐Ÿ  12 Bunker Boulevard, Palmyra, Virginia 22963 | MLS #633545 | $350,000 | ๐Ÿ›๏ธ 3 bed ๐Ÿ›  3 bath | ๐ŸŽ‰ OPEN HOUSE Sunday, August 14th from 12 PM - 2 PM, hosted by Zoya!

๐Ÿ  127 Goldenrod Court, Charlottesville, Virginia 22902 | MLS #633524 | $550,000 | ๐Ÿ›๏ธ 4 bed ๐Ÿ›  2 1/2 bath | ๐ŸŽ‰ OPEN HOUSE Sunday, August 14th from 2 PM - 4 PM, hosted by Jess! 

๐Ÿ  1800 Jefferson Park Avenue, Unit #15, Charlottesville, Virginia 22903 | MLS #633521 | $225,000 | ๐Ÿ›๏ธ 2 bed ๐Ÿ›  1 bath | ๐ŸŽ‰ OPEN HOUSE Sunday, August 14th from 11 AM - 1 PM, hosted by Kristin!

๐Ÿ“ฉ Email showings@storyhouseRE.com with questions! Showings begin by appointment on Friday, August 12th.

#justlisted #Charlottesvillerealestate #StoryHouseRealEstate #StoryHouseRE #startyournextstory #Charlottesville #startyourstorywithus #newlisting
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