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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5754 N Scottsdale Road Paradise Valley, AZ 85253

$1,025,000

3 Beds

2 Baths

1,666 SqFt

Status Active

MLS # 6763886

Property Type Townhouse

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7487 E Casitas Del Rio Drive Scottsdale, AZ 85255

$1,025,000

2 Beds

2.5 Baths

2,154 SqFt

Status Active

MLS # 6756038

Property Type Single Family Residence

Price Type --

North Scottsdale, Summit at Silverstone is a gated community offering the best of both worlds: luxury and low maintenance living in a prime location. The convenience of being close to shopping, top-rated restaurants, hiking, and golf is a huge plus, and the amenities in the gated community, like the resort-style pool and community gym, adds to the appeal of this home. An ideal single-story patio home with its split floor plan and two master suites sounds perfect for entertaining or accommodating guests. The gourmet chef's kitchen and the large island are just a few great features for those who love to cook and host gatherings. Walkability is one of the huge benefits of this property. ................ Walkability is one of the huge benefits of this property. Arizona's indoor/outdoor living is truly unique, like this home takes full advantage of that with its design. If you are looking for a place in the Valley of the Sun, that offers this would be a top contender!

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4103 E Mead Way Chandler, AZ 85249

$1,025,000

4 Beds

2.5 Baths

3,399 SqFt

Status Active

MLS # 6759559

Property Type Single Family Residence

Price Type --

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1952 E San Miguel Avenue Phoenix, AZ 85016

$1,025,000

4 Beds

3 Baths

2,412 SqFt

Status Active

MLS # 6759992

Property Type Single Family Residence

Price Type --

Motivated Sellers! Beloved Biltmore location! Totally renovated home on large lot with pool w/mountain views! Gourmet kitchen has deluxe 36'' Gas range & hood, new shaker cabs, European inspired backsplash, oversized black island with cabinetry & walk-in pantry. New Provenza wide plank flooring w/exclusive bevel edge. New Chic lighting & fans with striking fireplace. Stunning bathroom vanities, fixtures, showers, bath. 2 primary bedrooms each w/ full bath & 2 more rooms with full bath. Custom front door & back sliders, dual pain windows throughout! Fully enclosed 2 car garage, Yard is entertainers dream! New built-in BBQ & bar seating, sealed concrete and decking w/sparkling diving pool. New interior & exterior paint. New water heater, sprinkler valves, timer, pavers, rocks, plants & more (20th St. is a quieter residential street) Do not miss this amazing coveted residential neighborhood known for its mid-west charm, amazing hiking, dining, entertainment, golfing, and shopping. Close to freeways and the esteemed Biltmore Hotel and Spa, with 18-hole championship golf courses. * Full List of upgrades available in the Documents Tab*

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4129 E Burnside Trail Cave Creek, AZ 85331

Open House

$1,025,000

4 Beds

4 Baths

3,660 SqFt

Status Active

MLS # 6747266

Property Type Single Family Residence

Price Type --

*MOTIVATED SELLER* Experience the pinnacle of luxury living in this stunning residence located in the prestigious Ashler Hills Estates Gated Community. This meticulously designed home boasts a rare fully FINISHED BASEMENT complete with a theater room, perfect for movie nights and entertaining guests.The expansive Primary suite serves as a private oasis, featuring a soaking tub, walk-in shower, dual vanities, and a spacious custom-built closet. Step outside to the inviting outdoor fireplace, an ideal setting for cozy gatherings beneath the stars. With 4 bedrooms, 3.75 baths, a 3-car garage, fresh exterior paint, and owned solar panels, this home is a true treasure. It beautifully blends elegance, comfort, and modern amenities, all within one of Cave Creek's most sought-after communitie

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4644 N 74th Place Scottsdale, AZ 85251

Open House

$1,025,000

3 Beds

2 Baths

1,628 SqFt

Status Active

MLS # 6769575

Property Type Single Family Residence

Price Type --

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19691 E Estrella Road Queen Creek, AZ 85142

$1,024,995

3 Beds

3.5 Baths

3,190 SqFt

Status Active

MLS # 6731780

Property Type Single Family Residence

Price Type --

You will love this inviting Harley plan featuring 3 bedrooms, 2.5 bathrooms, a quiet study and an oversized game room. This multi-use home is great for entertaining. Fall into the 3 car garage as well as 40' RV garage. Lot is oversized with double gates on both side. All interior selections have been hand selected.

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23978 S 218th Place Queen Creek, AZ 85142

Open House

$1,020,995

3 Beds

3.5 Baths

2,698 SqFt

Status Active

MLS # 6787561

Property Type Single Family Residence

Price Type --

This beautiful home was crafted for the way you live. The gourmet kitchen makes a statement with its premium finishes, upgraded cabinets, and stainless steel appliances. The open-concept kitchen flows effortlessly into the great room and dining room, making this floor plan ideal for entertaining. The spacious primary bedroom suite offers a luxurious bath and impressive closet space. Flex space on the first floor could be used as an office or a yoga room—the possibilities are endless. The home is complete with designer curated finishes. Beautifully upgraded with lavish features you have come to expect from an award-winning luxury home builder! Don't miss out on this gem!!

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6731 N 9th Drive Phoenix, AZ 85013

Open House

$1,020,832

4 Beds

3.5 Baths

2,625 SqFt

Status Active

MLS # 6759755

Property Type Single Family Residence

Price Type --

Welcome to Ocotillo Lane! Step into this contemporary two-story home featuring the Owner's Bedroom and Laundry Room on the first floor. Upstairs, you'll find a secondary en suite and two additional bedrooms, each with walk-in closets. Enjoy the gourmet kitchen with gas appliances, quartz countertops, upgraded stacked cabinetry for extra storage, and a stylish tiled backsplash. Luxury touches include tiled floors, plus tiled showers in all bathrooms. Energy efficiency is top-notch with spray foam insulation and a tankless gas water heater, achieving an impressive HERS score of 52. Visit this beautiful home today!

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19887 E Camacho Road Queen Creek, AZ 85142

$1,020,000

5 Beds

4.5 Baths

4,560 SqFt

Status Active Under Contract

MLS # 6779881

Property Type Single Family Residence

Price Type --

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15047 S 19th Way Phoenix, AZ 85048

$1,020,000

4 Beds

2.5 Baths

3,144 SqFt

Status Active

MLS # 6721117

Property Type Single Family Residence

Price Type --

VOTED 'BEST HOME' ON LUXURY HOME TOUR! Spectacular home in the highly sought after community of Cabrillo Canyon. A plethora of windows allow you to enjoy stunning mountain views & gorgeous sunsets from nearly every room. Soaring ceilings lend an air of spaciousness. The formal living and dining area provides a wonderful space for entertaining. The family room with its cozy fireplace & wet bar is perfect for relaxing. the kitchen is sure to please with its granite countertops, double wall ovens, island with flat cook top, plenty of cabinets & breakfast area. the spacious master suite boasts a large walk-in closet, double sinks, a walk-in shower & separate deep soaking tub & access to the back yard. Three more bedrooms, another bath and a den complete the picture. Step outside into your own back yard oasis with sparkling diving pool, spa, hot tub, gorgeous water feature & fire pits, built-in barbecue and best of all with only the mountain behind you can enjoy it all with maximum privacy. Located in a wonderful community with easy access to the 202 freeway, this property offers not just a home but a lifestyle.

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7157 E Rancho Vista Drive Unit 1012 Scottsdale, AZ 85251

$1,020,000

2 Beds

2 Baths

1,528 SqFt

Status Active

MLS # 6779086

Property Type Apartment

Price Type --

Discover this stunning remodel in the heart of Scottsdale, featuring a stylish open floor plan and floor-to-ceiling glass that fills the space with light. With beautiful hardwood floors and quartz countertops, the kitchen and bathrooms showcase high-end finishes. This desirable ground-floor unit includes an oversized patio surrounded by lush landscaping, perfect for outdoor relaxation and grilling. Enjoy easy access to shopping, fine dining, and vibrant entertainment just steps away. The complex offers fantastic amenities, including indoor and outdoor pools, a newly remodeled 24,000 sq ft gym, yoga room, sauna, racquetball, Pickleball, a putting green, business center, concierge service, and dining options. Experience exceptional living!

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