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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33632 N Rifleman Road Cave Creek, AZ 85331

$999,900

4 Beds

2.5 Baths

2,720 SqFt

Status Active

MLS # 6769115

Property Type Single Family Residence

Price Type --

Welcome to this beautifully designed home in a prime location offering comfort and style. BONUS: Fully owned and paid off solar for huge savings at this custom built home. Hands down best value in all of Cave Creek. This spacious design features an open-concept layout, a modern kitchen with high-end appliances, and a luxurious master suite with a walk-in closet and spa-like bathroom. Need space? This is YOUR HOME. Build a guest house, RV garage, casita, pool, so many possibilities!! Enjoy Arizona's outdoor living in the private backyard oasis. Located in a quiet, family-friendly neighborhood, this home is close to top schools, shopping, Tatum ranch golf course, and dining. Don't miss your chance to make this exceptional property yours—take your tour today!

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9026 W Villa Lindo Drive Peoria, AZ 85383

$999,900

6 Beds

3 Baths

3,669 SqFt

Status Active

MLS # 6595438

Property Type Single Family Residence

Price Type --

Acre lot paradise! North Peoria, 85383! No HOA! RV gate! RV parking! Mountain views! Private pool! Remodeled inside and out! Notice the new stucco and paint as you drive up to the house. Pull into the four-car Porte Cochere in the U-shape driveway, with space for plenty of other parking if needed. Notice all the custom wood work as you enter in through the French door main entrance. The kitchen has been fully updated with new cabinets, white marble quartz counters, stainless steel appliances, a stainless steel vent hood with a matching Farmhouse sink. As you walk to the house, you'll notice several areas with natural light from the skylights built into the ceilings and Wood-like tile making cleaning simple. The main living room has been remodeled with custom A-frame vaulted wood ceilings. The home is equipped with new HVAC, and dual pane windows, making the home very efficient. As you step into the backyard, you'll notice large open spaces with modern landscaping updates, great for entertaining! There are three pergolas, three covered patios, and a covered RV area that has been used for large events. There is a hot tub by the primary bathroom exit and an inviting pool, great for the hot summer months.

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10100 E Bell Road Scottsdale, AZ 85260

$999,900

3 Beds

2.5 Baths

2,775 SqFt

Status Active

MLS # 6724765

Property Type Townhouse

Price Type --

Welcome to the boutique enclave community of Villas Altozano located at the base of the McDowell Mountains. As you enter this highly desirable turnkey home with open floorplan offering first floor primary bedroom, great room with surround sound system and large tv, dining, kitchen and laundry, you will be engulfed in gorgeous views of the McDowells. The chef's kitchen includes wine fridge, stainless steel appliances, upgraded cabinetry, oversized island and built in appliances with beautiful quartz countertops. Enjoy our fabulous Arizona sunsets on your totally private patio complete with built-in bbq, firepit, TV and outdoor heater ~ perfect for entertaining. Spacious primary bedroom with en suite including custom barn door to bathroom which has double vanities and enlarged shower along with walk-in closet. Upstairs offers an amazing loft with built in desk, 2 large secondary bedrooms and full bath. Plenty of storage in this home as well as in garage! Enjoy the sparkling community pool and spa. Truly a slice of desert paradise. Welcome Home!

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5524 E Beverly Lane Scottsdale, AZ 85254

$999,900

3 Beds

2.5 Baths

2,036 SqFt

Status Active Under Contract

MLS # 6770688

Property Type Single Family Residence

Price Type --

This exquisitely renovated 2,036 sq ft home is the epitome of modern elegance and comfort, located on a generous 9,948 sq ft corner lot. With 3 spacious bedrooms and 2.5 baths, this home offers both style and function, perfect for families or those who love to entertain. Inside, you'll find stunning hardwood flooring throughout, smooth texture interior walls, and an open-concept layout that seamlessly connects the living areas. The gourmet kitchen is a showstopper with stainless steel appliances, a built-in fridge, 36'' range, microwave drawer, custom cabinetry, bar area, and gorgeous quartz waterfall countertops. The attention to detail continues outdoors with beautiful new landscaping and custom lighting that set the scene for your private oasis. No HOA governing this neighborhood. The backyard is designed for entertaining with a sparkling pool, built-in BBQ, pergola, and cozy fire pit - perfect for family gatherings or weekend parties. Additional highlights include a new roof, energy-efficient HVAC system, smooth stucco exterior, upgraded windows, doors, and hardware, plus an epoxy-finished garage floor that adds a sleek touch to your spacious garage. This home is truly turn-key, with every inch thoughtfully designed for comfort and style, making it ideal for entertaining or a family-friendly retreat.

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7631 Baldwin Lane Taylor, AZ 85939

$999,500

4 Beds

3.5 Baths

3,038 SqFt

Status Active

MLS # 6716352

Property Type Single Family Residence

Price Type --

Beautiful secluded 8 acre property, private well, gorgeous grounds at the end of the street. Unobstructed sunsets to the west (20 acre parcel w/ creek to the west). Further privacy provided by acreage to the south, the rock mountain (horse turn out /fenced) 8 acre parcel is dividable -see document section. Custom great room floorplan with flagstone wood burning fireplace - all large rooms, 4 bedrooms, office, oversize bonus room. Separate room with own entrance/Exit with plumbing for sink. Master bedroom & bonus room have separate private entrances.

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34008 N 141st Place Scottsdale, AZ 85262

$999,500

4 Beds

3 Baths

3,024 SqFt

Status Active

MLS # 6763232

Property Type Single Family Residence

Price Type --

ESCAPE THE CITY LIFE! WELCOME HOME TO YOUR PRIVATE, DESERT, RETREAT! QUALITY BLT. CUSTOM HOME NESTLED ON A PRIVATE 1.25 ACRE, MT. VIEW LOT! UPGRADES GALORE! GRANITE COUNTER TOPS, SOLID KNOTTY ALDER DOORS & CABINETS,GOURMET EAT-IN KITCH.,VIKING REFRIG.,COOK TOP, DBL OVENS, TUMBLED TRAVERTINE STONE FLOORS, ROUGH SAWN BEAMS, DRAMATIC STACKED STONE FIREPLACE & ENTERTAINMENT CENTER IN FAMILY RM & MASTER SUITE.RESORT STYLE ''DOUBLE'' INFINITY EDGE, PEBBLE TEC POOL,PAVESTONE FRONT & BACK,VIEW DECK. NICE HORSE SET-UP w/COVERED STALLS, TURNOUT,AUTO WATERS,HAY STORAGE.360 DEGREE MT.VIEWS. STEPS AWAY FROM THE SCOTTSDALE PRESERVE & NEAR TONTO NATIONAL FOREST. ENJOY HORSE BACK RIDING,HIKING,MT. BIKE RIDING & OFF ROADING.PROPERTY APPROVED W/EPCOR, 99 YR. ASSURED WATER SUPPLY. Click on tab for more... Well was in use for several years. Pump broke off when trying to pull it for repair. House is currently on hauled water. Homeowner just installed their own 5000 gallon, underground, storage tank. Buyer can set up auto water fill account w/local hauled water company. EPCOR approval letter under the document tab of the listing. EPCOR insures 99 year water supply.

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397xx N 3rd Street Phoenix, AZ 85086

$999,000

4 Beds

3 Baths

3,500 SqFt

Status Active

MLS # 6643098

Property Type Single Family Residence

Price Type --

CUSTOM HOME TO BE BUILT, PURCHASE EARLY AND YOU CAN DECIDE THE COLORS AND SPECIAL FEATURES TO MAKE IT YOUR HOME. BUILDER HAS BUILT HOMES IN THE AREA AND OWNS THIS LOT. ENJOY THE BREATHTAKING SUNSETS FROM YOUR BEAUTIFUL HOME. RV GARAGE CAN BE ADDED. HOME PRICING INCLUDES STAINLESS STEEL APPLIANCES, WHITE CABINETS, QUARTZ COUNTERTOPS,TILE WALK IN SHOWERS, 8 FI DOORS, 12 FOOT CEILINGS AND A FIREPLACE AND A TANKLESS WATER HEATER. ROAD IN FRONT WILL BE ASPHALT AT CLOSING AGENT IS RELATED TO SELLER

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22 County Road N2319 -- Nutrioso, AZ 85932

$999,000

2 Beds

1.5 Baths

1,105 SqFt

Status Active

MLS # 6780502

Property Type Single Family Residence

Price Type --

This 20 acre ranch property is tucked away at the foot of Escudilla Mountain in Nutrioso, AZ just off of Highway 180. The main building is a 1 bedroom home atop a 6 stall barn, (barndominium). There are cross fenced corrals, hay barns, chicken coop, storage areas, etc. as would be typical of a ranch. Power is solar, with propane generator & wind generator as well. The propane tank on the main building is leased with two owned 45 gallon tanks on the separate Casita. The well is shared with the adjacent 20 acre Cabin property which may be purchased together (MLS#253570) for a price discount. Property may be used for a variety of ranch, farm, RV park, hunter retreat or other creative scenarios. Turkey, deer, elk abound. Buyer must be accompanied by his agent to enter property. Owner/Agent

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17807 E Silver Sage Lane Rio Verde, AZ 85263

$999,000

2 Beds

2.5 Baths

2,316 SqFt

Status Active

MLS # 6674808

Property Type Single Family Residence

Price Type --

Introducing the charming 2316 sqft Brasada model, a Spanish-style 2022 build residence ideally situated on a corner lot offering Picturesque mountains and Amazing Four Peaks views. Experience the beauty of the fully landscaped front courtyard and backyard, complete with synthetic grass, pavers, and flourishing fruit trees. Inside, the home features a sophisticated upgraded built-in SS Monogram kitchen with roll out Pantry and an additional hobby room perfect for versatile use. Upgraded tile flooring that seamlessly extend into the spacious patio via the large Stack Slider door and connect the indoor and outdoor for stunning sunrise views. Convenience is key with included washer and dryer units, while the interior design showcases a harmonious blend of neutral grays and whites throughout.

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15056 E Marathon Drive Fountain Hills, AZ 85268

$999,000

3 Beds

2 Baths

1,575 SqFt

Status Active

MLS # 6697256

Property Type Single Family Residence

Price Type --

Welcome to modern living in scenic Fountain Hills, AZ. This stunning 3 bedroom, 2 bath home boasts contemporary updates throughout, offering a sleek and inviting ambiance. Entertain in style with a spacious living area, perfect for gatherings. The gourmet kitchen features stainless steal appliances and quartz counters. Step outside to your own private oasis, where a large backyard awaits. Enjoy endless days of relaxation by the sparkling pool and rejuvenate in the soothing spa. Practice your golf skills on the custom putting green, adding a touch of luxury to your outdoor experience. Nestled in a prime location, this home offers convenience and tranquility, with easy access to local amenities and breathtaking mountain views. Don't miss out on the opportunity to make this dream home yours There is a NPOA even though this is not a HOA there is a transfer fee and disclosure fee.

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12856 W Calle De Baca -- Peoria, AZ 85383

$999,000

4 Beds

2.5 Baths

3,216 SqFt

Status Active

MLS # 6764194

Property Type Single Family Residence

Price Type --

Own a fantastic home in one of Peoria's most sought-after communities! This gorgeous residence in Blackstone at Vistancia truly shows pride of ownership with its exquisite curb appeal, professionally manicured landscape, and gated courtyard. Discover a spacious formal living/dining room ideal for hosting holiday feasts. The sizable den has wood floor and a desk, making it perfect for an office. Tall ceilings, neutral paint with custom color accents, tile flooring, plantation shutters, ceiling fans, and recessed lighting are found throughout. The massive open family room boasts a corner fireplace with stone accents & pre-wired surround sound. The large chef kitchen features white cabinets with crown moulding, tile backsplash, granite counters, SS appliances, an oversized island with breakfast bar, and a breakfast nook with stylish pendant light. The primary bedroom with outdoor access hosts a fabulous ensuite with two vanity sinks, glass-block windows, a tub, a step-in shower, and a huge walk-in closet. The extended 3 car garage offers epoxy floor, shelving, and custom-built cabinets & workbench, providing a neat workspace. The outdoor Oasis offers a covered patio, cobblestone floors, a built-in BBQ, putting green, a raised patio with a firepit & built-in bench, a spa, and a sparkling blue pool. This breathtaking home has it all! It's within a short walk to the community park. Let's not forget this prestigious community offers resort-like amenities! Act now before it's gone!

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601 N Grapevine Drive Payson, AZ 85541

$999,000

3 Beds

4 Baths

3,382 SqFt

Status Active

MLS # 6784898

Property Type Single Family Residence

Price Type --

Experience majestic mountain views and pristine privacy at this hilltop retreat! You will be greeted by panoramic views of the Mogollon Rim as you enter the foyer, which continue throughout the great room, dining area, Chef's Kitchen, and the main bedroom. These spaces offer walkout access to a large, covered deck, allowing you to enjoy all four seasons that Rim Country has to offer. Spend your evenings watching the sunset over the mountains from the step-down wet bar. Additionally, there is a charming office or potential guest room on the main level with access to a private patio that is perfect for your pets. The lower level features a spacious family room with walkout access to a large, covered patio, a guest suite with walkout access, and an additional guest room and bathroom. New New roof is currently being installed! This home is ideal for either full-time residence or a weekend getaway, providing the perfect place to unwind in every space.

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