2 Major Myths Holding Back Home Buyers

Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership,” which revealed that “eighty percent of consumers either are unaware of how much lenders require for a down payment or believe all lenders require a down payment above 5 percent.”

Myth #1: “I Need a 20% Down Payment”

Buyers often overestimate the down payment funds needed to qualify for a home loan. According to the same report:

“Consumers are often unaware of the option to take out low-down-payment mortgages. Only 19% of consumers believe lenders would make loans with a down payment of 5% or less… While 15% believe lenders require a 20% down payment, and 30% believe lenders expect a 20% down payment.”

These numbers do not differ much between non-owners and homeowners; 39% of non-owners believe they need more than 20% for a down payment and 30% of homeowners believe they need more than 20% for a down payment.

While many believe that they need at least 20% down to buy their dream home, they do not realize that programs are available that allow them to put down as little as 3%. Many renters may actually be able to enter the housing market sooner than they ever imagined with programs that have emerged allowing less cash out of pocket.

Myth #2: “I Need a 780 FICO® Score or Higher to Buy”

Similar to the down payment, many either don’t know or are misinformed 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, 53.5% of approved mortgages had a credit score of 600-749.

Bottom Line

Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Your dream home may already be within your reach.

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4222 E Hunter Court Cave Creek, AZ 85331

$1,161,033

3 Beds

3.5 Baths

3,050 SqFt

Status Active Under Contract

MLS # 6736554

Property Type Single Family Residence

Price Type --

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1331 E Voltaire Avenue Phoenix, AZ 85022

$1,159,000

5 Beds

3 Baths

3,842 SqFt

Status Active

MLS # 6707762

Property Type Single Family Residence

Price Type --

Stunning 5BR/3BA home in Moonridge Golf Estates w/ spectacular views all around! Substantial remodel in 2021, w/ add'l upgrades since to include: full roof replacement, new Rheem water heater + Grundfos recirc pump, garage mini-split for climate control, epoxy garage floors, new cabinets, workbench & Omni Track tool holders, Belgard pavers, quartz counters/marble backsplash in kitchen & laundry, & quartz shower walls + ceramic tile floors in add'l baths. Floor plan provides great entertaining space downstairs incl. lg kitchen w/ oversized island & full bed/bath that could serve as guest suite or second primary. Upstairs find lg. beds all w/ walk-ins, gorgeous primary ensuite w/ mountain views + step out balcony. Backs to hillside wash providing privacy, views & those AZ sunset skies!

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7175 E Camelback Road Unit 202 Scottsdale, AZ 85251

$1,159,000

2 Beds

2 Baths

1,381 SqFt

Status Active

MLS # 6753329

Property Type Apartment

Price Type --

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11703 N 123rd Way Scottsdale, AZ 85259

$1,159,000

4 Beds

2.5 Baths

2,701 SqFt

Status Active

MLS # 6761943

Property Type Single Family Residence

Price Type --

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3788 E Gemini Place Chandler, AZ 85249

$1,156,800

6 Beds

4 Baths

4,935 SqFt

Status Active

MLS # 6787807

Property Type Single Family Residence

Price Type --

This rare basement home offers6 bedrooms, 4 bathrooms, a large bonus room, 2 lofts, and a Pool! The spacious, open kitchen features granite countertops, island, gas cooktop, wall ovens, and large great room. The home is North/South facing and includes a Pebble tec pool, covered patio and grass backyard. The main living area has an office/bedroom, a full bath and bonus room. The basement is fully equipped with a full bathroom, living area (loft), and 3 bedrooms. Upstairs, you'll find the master bedroom suite, full bathrooms, 2 more bedrooms and loft. Don't miss the chance to see this incredible home located in a highly sought-after area of the City of Chandler.

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16810 E Roy Rogers Road Rio Verde, AZ 85263

$1,155,000

3 Beds

3.5 Baths

3,433 SqFt

Status Active

MLS # 6760171

Property Type Single Family Residence

Price Type --

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3619 N 87th Street Scottsdale, AZ 85251

$1,155,000

4 Beds

2 Baths

1,993 SqFt

Status Active

MLS # 6750485

Property Type Single Family Residence

Price Type --

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34010 S State Route 89 Highway Wickenburg, AZ 85390

$1,150,000

4 Beds

4 Baths

2,836 SqFt

Status Active

MLS # 6749793

Property Type Single Family Residence

Price Type --

TO BE BUILT... Beautiful custom home on 4+ acres of horse property. Open concept floor plan with large chef's kitchen, walk-in pantry, and laundry room with sink. Main house consists of 3 en-suite bedrooms with an additional flex bedroom/office. Primary bedroom has dual vanity sinks with massive walk-in closet and oversized shower. Attached casita, accessible through the main house or separate exterior door. Casita has private kitchenette, full bathroom and walk-in closet. Giant 4-car garage with enough room for all your toys. Horse arena will be roughed in with option for homeowner to purchase complete package. Don't miss this opportunity for the perfect home in Wickenburg.

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34146 S State Route 89 Highway Wickenburg, AZ 85390

$1,150,000

4 Beds

4 Baths

2,836 SqFt

Status Active

MLS # 6749794

Property Type Single Family Residence

Price Type --

TO BE BUILT... Beautiful custom home on 4+ acres of horse property. Open concept floor plan with large chef's kitchen, walk-in pantry, and laundry room with sink. Main house consists of 3 en-suite bedrooms with an additional flex bedroom/office. Primary bedroom has dual vanity sinks with massive walk-in closet and oversized shower. Attached casita, accessible through the main house or separate exterior door. Casita has private kitchenette, full bathroom and walk-in closet. Giant 4-car garage with enough room for all your toys. Horse arena will be roughed in with option for homeowner to purchase complete package. Don't miss this opportunity for the perfect home in Wickenburg.

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8628 W Williams Road Peoria, AZ 85383

$1,150,000

4 Beds

3 Baths

2,640 SqFt

Status Active

MLS # 6770686

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This beautiful modern ranch has been thoughtfully designed and completely remodeled from the inside out and is a must see! At 2,640 sq. ft. of living space, custom designer finishes, new roof, new low-E windows throughout, this home is ready for you and your family to move in! Open floor plan invites you into a spacious living area perfect for entertaining. The well-equipped kitchen features oversize walk-in pantry, slim shaker cabinetry and beautiful quartz countertops with custom 18'' backsplash, ready for all your culinary adventures. Whether it's hosting friends for a game night or family during the holidays. 4 spacious bedrooms and three bathrooms, including a tranquil primary suite with build-in coffee bar, split floor plan with second primary, fireplace and large mud room. The standout feature of this property is its private 1.26 acre lot and newly remodeled backyard, brand new driving pool, 3,000 sq. ft. grassy area with all new irrigation lines, large covered patio, detached 2 car garage/workshop on its own electrical panel, 200 tons of new rock, privately owned well, storage space for work trucks, boats, RVs, horses & so much more! A host of desirable features including award-winning Peoria School District, as well as being close to freeways, shopping, and entertainment makes this home a rare find in highly sought-after north Peoria.

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2308 E Blue Bell Circle Payson, AZ 85541

$1,150,000

4 Beds

3 Baths

3,367 SqFt

Status Active

MLS # 6750593

Property Type Single Family Residence

Price Type --

Experience luxury living at its finest in this breathtaking hillside home located within the prestigious private golf country club of Chaparral Pines. Overlooking the 7th fairway and offering spectacular mountain views and sunsets, this residence combines elegance with unparalleled natural beauty. The expansive great room features vaulted T&G ceilings and a fireplace with stone accents, creating a warm and inviting space perfect for relaxing or entertaining. The kitchen is a chef's delight, equipped with granite countertops, stainless GE Profile series appliances, a gas cooktop, double wall oven, and a walk-in pantry. The primary bedroom and an additional bedroom are conveniently located on the main level, offering ease of access and privacy. MORE The walk-out basement offers a wet bar, a bedroom with an ensuite, and a huge game room that can double as an additional bedroom, providing ample space for entertainment or guest accommodations. Beautiful wood windows throughout the home add warmth and character, enhancing the overall aesthetic. The rear deck features remote-controlled screens, allowing you to enjoy the stunning views and fresh air in comfort and style.

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509 E Adamanda Court Phoenix, AZ 85086

$1,150,000

3 Beds

2.5 Baths

2,191 SqFt

Status Active

MLS # 6703349

Property Type Single Family Residence

Price Type --

WOW! This charming home in the serene Desert Hills Estates sits on a spacious cul-de-sac lot, welcoming you with a circular driveway and a massive concrete extension, a massive five-car garage AND a 2400 sq ft detached garage that can be used for a RV garage. With a built-in wood shop inside this is truly the craftsman dream space. Interior features include an attractive solid red oak flooring, recessed lighting, and a spacious living room with wall niches, pre-wired surround sound, and a cozy fireplace. Family room offers a perfect space to unwind, while the well-appointed kitchen boasts ample cabinets, quartz counters, a tile backsplash and SS appliances including a wine cooler. Expansive main bedroom includes abundant cabinetry and a private bathroom with dual sinks. Outside, the tranquil backyard offers a covered patio, paver patio, built-in BBQ, and breathtaking mountain views. This exceptional horse property is a must-see!

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