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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 That information is outdated.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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    JUST LISTED | TWO NEW HOMES ๐Ÿก

โ€Œ ๐Ÿ  13078 Lake Front Court, Orange, VA 22960 | MLS#646019 | $410,000 | โ™ฟ๏ธ Wheelchair Accessible! | ๐Ÿ›๏ธ 2 bed ๐Ÿ› 2 bath | ๐ŸŽ‰ OPEN HOUSE Sunday, October 1st from 12 PM - 2 PM, hosted by Zoya!

๐Ÿ  803 Ridge Street, Charlottesville , VA 22902 | MLS#646021 | $350,000 | ๐Ÿ›๏ธ 2 bed ๐Ÿ› 1 bath | ๐ŸŽ‰ OPEN HOUSE Saturday, September 30th from 11 AM - 1 PM, hosted by Abby!

๐Ÿ“ฉ Email showings@storyhouseRE.com with questions!

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This beautifully renovated home is as turnkey as can be!

This 3-bed, 2.5-bath, 1380 finished sq. ft. recently renovated and freshly painted home features valuable improvements such as a brand new roof, plumping piping, hot water heater, and first-floor luxury vinyl plank flooring!

Prepare meals in the light-filled updated kitchen and dine next to the wood-burning fireplace in the formal dining room! Rest easy in the spacious primary suite featuring three closets and an ensuite primary bath!

Enjoy all new landscaping and a freshly painted rocking chair front porch and back deck! Garden in the partly-wooded, partly-fenced yard and store yard tools in the large backyard shed!

๐Ÿ“ Enjoy being conveniently located within a quiet cul-de-sac, just minutes from Barracks Road Shopping Center, UVA, and UVA Hospital!

Ready to start the next chapter in your story? Email showings@storyhousere.com with any questions and/or interest! ๐ŸŽ‰

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One of the biggest benefits of working with our team for your buying and selling needs is having a dedicated group of experts guide you through the process. Our experience, market knowledge, and expert communication allows for the smooth and seamless experience that YOU deserve!

Ready to create your own success story? Reach out to our team today! ๐Ÿ“ž ๐Ÿ”‘

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    Sep 26

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    COMING SOON | TWO NEW HOMES ๐Ÿก

๐Ÿ  13078 Lake Front Court, Orange, VA 22960 | MLS#646019 | $410,000 | ๐Ÿ›๏ธ 2 bed ๐Ÿ› 2 bath | ๐ŸŽ‰ OPEN HOUSE Sunday, October 1st from 12 PM - 2 PM, hosted by Zoya!

๐Ÿ  803 Ridge Street, Charlottesville, VA 22902 | MLS#646021 | $350,000 | ๐Ÿ›๏ธ 2 bed ๐Ÿ› 1 bath | ๐ŸŽ‰ OPEN HOUSE Saturday, September 30th from 11 AM - 1 PM, hosted by Abby!

๐Ÿ“ฉ Email showings@storyhouseRE.com with questions!

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    Sep 25

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    ๐Ÿก โญ๏ธ FEATURED LISTING | ๐Ÿ  1685 Foxtail Pines, Charlottesville, Virginia 22911 | MLS #645571 | โœจ $525,000 โœจ | ๐Ÿ›๏ธ 4 bed ๐Ÿ› 2.5 bath | ๐Ÿ˜๏ธ Forest Lakes South!

This 4-bed, 2.5-bath, 2,406 finished sq. ft. home features valuable improvements such as an EV hookup in the attached 2-car garage, brand new roof (May 2023), heat pump (June 2020), hot water heater (Jun 2020), glassed-in 3-season back porch (Nov 2021), and wrap-around Trex back deck (Nov 2021)!

Prepare meals in the eat-in kitchen featuring a center island and endless countertop space, and host friends and family for a meal in the formal dining room! Relax by the gas fireplace in the living room and rest easy in the primary suite with cathedral ceilings, a walk-in closet, and a light-filled ensuite primary bath with two sinks and a luxurious jetted soaker tub!

Work from home in the spacious first-floor bonus room or finished basement study and allow your pet to roam free in the fenced-in backyard!

๐Ÿ“Located within a private cul-de-sac within the highly sought-after Forest Lakes South neighborhood, featuring resident amenities such as a pool, walk/run trails, and more! Conveniently situated just 3-5 minutes from US-29, 7-10 minutes from the Charlottesville Airport, and 10-15 minutes from UVA and the hospital!

Ready to start the next chapter in your story? Email showings@storyhousere.com with any questions and/or interest! ๐ŸŽ‰

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