2 Major Myths Holding Back Home Buyers

2 Major Myths Holding Back Home Buyers | Simplifying The Market

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.

2 Major Myths Holding Back Home Buyers | Simplifying The Market

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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10721 E La Junta Road Scottsdale, AZ 85255

$4,500,000
5 Beds
5.5 Baths
7,208 SqFt
Status Active
MLS # 6754692
Property Type Single Family Residence
Price Type --
Indulge in the epitome of luxury at Artesano Grande, a sprawling estate meticulously maintained and upgraded with remarkable elegance. A connoisseur's dream awaits in the gourmet kitchen, featuring Viking appliances, a butler's pantry, multiple ovens, and two dishwashers. Seamlessly flowing into the great room, this culinary dream kitchen creates an ideal setting for elegant entertaining, including a stunning temperature-controlled wine room. The Multiple living areas offer versatile spaces for relaxation and rejuvenation, complemented by a dedicated home office, a serene wellness room, and a home gym/yoga studio. Each private bedroom is an oasis of comfort, complete with ensuite bathrooms and ample storage. Step outside to discover an expanded covered patio, perfect for alfresco dining and entertaining. The outdoor kitchen and shade structures create an inviting ambiance, while the new, transformed pool, featuring a spacious Baja shelf and captivating fire and water features, beckons for refreshing relaxation. Immerse yourself in breathtaking city-light and sunset views and the allure of a nearby country club. Enjoy substantial energy savings with a 2014 grandfathered whole-home solar system. Modern conveniences abound with two EV chargers, ensuring effortless charging for electric vehicles. The home is equipped with four HVAC units for optimal climate control, while the central vac system simplifies cleaning and maintenance. Discover the unparalleled lifestyle awaiting you at Artesano Grande.

4704 N 40th Place Phoenix, AZ 85018

$4,500,000
5 Beds
5.5 Baths
5,007 SqFt
Status Active
MLS # 6777137
Property Type Single Family Residence
Price Type --
Your dream home in the desirable Arcadia area of Phoenix is coming Spring 2025! Take advantage of pre-completion pricing! This stunning residence will offer unparalleled luxury & comfort across its expansive layout. This home is designed for the ultimate in spacious living. Upon entering, you are led seamlessly into the grand living spaces filled with natural light & high ceiling. The gourmet kitchen is a chef's delight, featuring Wolf/Subzero appliances, custom cabinetry, a nicely appointed back kitchen, a large island perfect for both cooking & entertaining while overlooking the backyard oasis. Adjacent is the formal dining room, ideal for hosting dinner parties & gatherings. The primary suite is a true retreat, complete w/a soaking tub, dual vanities, & a large walk-in shower for 2. Each additional bedroom includes its own ensuite. The outdoor area is an oasis unto itself, with a sparkling pool & soothing spa where you can relax & unwind. The expansive patio & landscaped grounds provide ample space for outdoor dining, lounging, & enjoying the Arizona sunshine year round. Additional features of this exceptional home include: High ceilings & an abundant of natural light throughout. A spacious family room perfect for casual gatherings. State of the art technology & smart home capabilities. Three car garage with ample storage space. Located in the Arcadia area, this home is in Hopi Elementary boundaries and a 3 minute drive to Phoenix Country Day School. offers easy access to upscale shopping, dining, & entertainment. Enjoy the nearby hiking trails of Camelback Mountain or some of the finest golf courses.

6702 E Cholla Street Scottsdale, AZ 85254

$4,500,000
5 Beds
5.5 Baths
5,320 SqFt
Status Active
MLS # 6764687
Property Type Single Family Residence
Price Type --
This stunning new build due to be completed May/June 2025, by Mistry Homes, is a timeless modern masterpiece. A sophisticated and sleek, 4266sf single story home with 1054 detached guest house has been designed with high-end finishes throughout, and is constructed with the highest standard of quality. Nestled among a well-established neighborhood, in a highly desirable location, this home is a stand out. Boasting a fresh architectural design with bold accents that create a striking silhouette against the desert landscape and mountain views. The soaring ceilings enhance the home and highlight the thoughtfully designed, dramatic living spaces. And a neutral, monochromatic pallet, is perfect for personal creation and customization. The primary house enjoys a flexible floor plan, w/ 4 generous ensuite bedrooms and an executive office with state of the art features. In addition, the detached 1,054sf guest house offers one bedroom, bath, kitchen and living area that is perfect for in-laws, a live-in nanny or possibly an office or place for your specific interest like art, yoga, or fitness. This home is in process with all selections already made. Builder estimates completion in May/June 2025.

40160 N 105th Place Scottsdale, AZ 85262

$4,500,000
5 Beds
5.5 Baths
5,334 SqFt
Status Active Under Contract
MLS # 6766192
Property Type Single Family Residence
Price Type --
Very private yet open space feel with fantastic city light, sunset and mountain views. Step inside this outstanding all ONE LEVEL contemporary home and experience Arizona living at its finest. The warmth of the courtyard with linear fireplace sets the stage for the ultimate indoor/outdoor living experience. Once inside, a captivating see-through wine structure and main living areas continue through glass telescoping wall to the outdoors combining the inside and outside into one entertaining experience. The two inviting gathering areas with full size bar are open to the gourmet kitchen featuring Wolf and Sub Zero appliances, a large island and hidden walk-in pantry. The dining / morning room is sure to please with its opening up to the front courtyard. Outdoors features negative edge pool, spa, barbecue, conversation area with fireplace, lounging and dining patios areas to relax and enjoy with family and friends. Conveniently located mid-mountain and within walking distance to the Sonoran Fitness Club. Primary suite includes French oak plank floors, a floor-to-ceiling linear fireplace. The primary bath vanity with plenty of storage, a freestanding tub, extra-large walk-in shower and two expansive designer closets. Three en-suite guest bedrooms with private patios. A separate casita opens to the courtyard and provides ample room for family and guests. Shell of home was built in 2007, 2019 all new interiors, finishes, mechanical and more. Listing includes vacant lot rear of pool preserving views.

7550 N 21st Place Phoenix, AZ 85020

$4,500,000
6 Beds
5.5 Baths
7,975 SqFt
Status Active
MLS # 6715842
Property Type Single Family Residence
Price Type --
Experience the pinnacle of luxury living with this exceptional Mid-Century Modern hillside estate, meticulously crafted by renowned architect Arthur Froehlich. As you step into this architectural marvel, you're greeted by a stunning curved staircase that gracefully floats over a tranquil reflection pool, setting the stage for the extraordinary beauty that awaits. This residence embodies sophistication, boasting expansive windows and soaring ceilings that frame breathtaking skyline views, seamlessly blending the magnificence of nature with contemporary design. Revel in the harmonious fusion of indoor and outdoor living with two sprawling green spaces meticulously integrated into the mountainside, offering a serene oasis for both relaxation and entertainment. Encompassing over 7900 square feet, this estate features 6 bedrooms, 5.5 baths, and an array of amenities that redefine opulent living. Nestled beneath the main residence, the pool house beckons you to unwind by the shimmering pool, rock waterfall, and inviting patio, perfect for hosting gatherings and creating lasting memories. Retreat to the luxurious primary bedroom suite, surrounded by private patios and a deck offering panoramic vistas of the entire valley, ensuring a tranquil escape from the everyday hustle and bustle while enjoying 360-degree breathtaking views. Indulge in ultimate relaxation with three indoor fireplaces, an outdoor fireplace, and one in the pool house, along with an indoor steam room, sauna, and a hand-tiled indoor spa that exudes a resort-like ambiance. Immerse yourself in a botanical wonderland with rare plants and mature trees gracing the property, including majestic King Palms and fragrant Plumeria, creating a serene environment that soothes the soul. Every corner of this estate tells a story of luxury and elegance, with water features scattered throughout the grounds and picturesque walkways inviting exploration of this architectural gem. Discover the legacy of Arthur Froehlich, known for his iconic designs that transcend industries, from world-class horse race tracks to iconic structures in Hollywood, showcasing his unparalleled creativity and vision.

9127 N Vista Verde Court Fountain Hills, AZ 85268

$4,500,000 - 5Br/7Ba -  for Sale in Firerock Parcel 1, Fountain Hills
Open House
$4,500,000
5 Beds
6.5 Baths
7,672 SqFt
Status Active
MLS # 6783916
Property Type Single Family Residence
Price Type --
Experience Unparalleled Mountain views and Luxury living Nestled at an exclusive hilltop location, this 1.66 acre gated estate offers breathtaking desert landscapes, set at an elevation of almost 2000 feet. Enjoy panoramic views of city lights and Arizona's most iconic mountains, including four peaks, Red Mountain, and camelback, from every room of this meticulously crafted 5 bedrooms, 6.5 bath home. Designed for those who cherish natural beauty and modern convenience, this home boasts an open floor plan that fills each space with light. The seamless flow between the gourmet kitchen, expansive living areas and covered outdoor patios makes it an entertainer's dream. Step outside and be transported to a private oasis, complete with a sparkling saltwater pool, a new Sundance Optima spa and built in BBQ area. Thoughtfully landscaped for both beauty and ease, the backyard provides lush and low maintenance greenery and unparalleled views of the golf course and surrounding mountains. Key features · Majestic mountain views from every window · Resort style backyard with saltwater pool, spa and BBQ area. · Spacious and bright open floor plan · Prime location on one of Firerock's most coveted streets · Close to luxury amenities and Arizona's fines outdoor recreation Discover a true Arizona gem where every detail has been crafted to offer elegance, comfort and awe-inspiring scenery.

11988 E Larkspur Drive Scottsdale, AZ 85259

$4,500,000 - 6Br/6Ba -  for Sale in Ancala, Scottsdale
Open House
$4,500,000
6 Beds
6 Baths
8,904 SqFt
Status Active
MLS # 6671869
Property Type Single Family Residence
Price Type --
Step into your exquisite sanctuary nestled within the esteemed gated Ancala Country Club golf community. This exceptional custom home is perched on a sprawling hillside lot, commanding awe-inspiring views of the city lights below. Indulge in the artfully crafted interior, where every detail exudes sophistication and elegance. From the high-end finishes to the opulent amenities, no expense has been spared in creating a space that is as luxurious as it is inviting. With six bedrooms, an office, a theatre, bonus room, and fitness center that can easily be converted to an in-law suite, five full baths, three powder baths, this home is designed to exceed every expectation of comfort, style, and luxury. Retreat to the sumptuous primary suite, a haven of relaxation boasting a spa-like bathroom, spacious his and her walk-in closets, and a private balcony offering a serene escape with breathtaking views. Outside, a resort-style paradise awaits, featuring a glistening pool, a tranquil spa, a cozy firepit and fireplace, gas bbq, perfect for unwinding or entertaining guests against the backdrop of the stunning landscape. Located up the mountain in Ancala Country Club, where you have the option to join the club if you wish, including a social or full golf membership.

6302 E Hillcrest Boulevard Scottsdale, AZ 85251

$4,500,000 - 4Br/5Ba -  for Sale in Camelback East, Scottsdale
Open House
$4,500,000
4 Beds
5 Baths
5,376 SqFt
Status Active
MLS # 6745655
Property Type Single Family Residence
Price Type --
At the base of Camelback Mountain and on the Phoenician golf course sits this premier 4 bedroom, 5 bathroom coastal modren estate. With vaulted, exposed beam ceilings, skylights, wood paneled walls, large glass sliders, and hardwood flooring throughout this open concept living, dining, and kitchen. Chef's kitchen includes windows that open to the backyard, dual islands, Sub-Zero & Wolf appliances, multiple ovens, pantry and separate wet bar with built-in wine fridge. Multiple exterior areas perfect for entertaining; custom heated pool and spa with expanded pool deck, covered patio with built-in BBQ, sink, TV, putting green with artificial turf with large desert palms. Primary suite includes dual sink vanities, oversized shower, freestanding bathtub & outdoor private shower. Additional features include 3 en suite bedrooms and 3 car garage with electric charging station. Located only minutes away from Fashion Square, Old Town Scottsdale, and the best resorts, golf, dining, and shopping in Scottsdale and Arcadia.

4861 E Marston Drive Paradise Valley, AZ 85253

$4,499,999
4 Beds
4 Baths
5,892 SqFt
Status Active
MLS # 6742885
Property Type Single Family Residence
Price Type --
SELLER MAY CARRY! No rental restrictions! Priced under $800/sqft, this elegant home sits on a large lot with stunning views of Camelback Mountain and Camel's Head. It features soaring ceilings, marble floors, and a private courtyard surrounded by lush landscaping. The resort-style backyard offers a sports court, putting green, cactus garden, and pool with new plumbing and digital pumps. Recent upgrades total $150k including paint, concrete finishes, and a new irrigation system. The gold leaf front door and chandeliers appraised & insured for $200k+. 4-car garage with carport make this home a rare find!

6902 N Highlands Drive Paradise Valley, AZ 85253

$4,499,999
4 Beds
5.5 Baths
5,509 SqFt
Status Active
MLS # 6753805
Property Type Single Family Residence
Price Type --
THE BEST KNOCKOUT VIEWS AT A STEAL OF A PRICE! Where else can you get ALL THIS: One-of-a-kind hillside with UNOBSTRUCTED panoramic views of Camelback, Phoenix Skyline, Mummy Mountain, and PV fireworks. Your family and guests will be amazed by 5 view decks and the heated infinity pool & spa that let you feel like you're swimming into a limitless Arizona horizon. Perfectly positioned for privacy: no neighbor directly on top of you. Quiet dead-end street. And the desert hillside is a fortress that naturally shades & cools the house in the afternoons. All bedrooms are en suite with balcony/patio access including TWO Primary Suites! Floor-to-ceiling windows, two-story waterfall, 3 fireplaces, 2 wet bars, and temp-controlled pantry/wine room. WATCH THE VIDEO and SEND YOUR OFFERS! *** 8 AVMs (Automatic Valuation Models) value this home at an average of $5.05 MILLION! (Accessed 9/1/24: ATTOM, Movoto, Chase, Home Valuation, Realtordotcom, Public Data, Pennymac, and Wells Fargo). Don't miss this incredible opportunity to own a premium trophy location in Arizona's most prestigious ZIP code at a HUGE discount.

6112 E Cortez Drive Scottsdale, AZ 85254

$4,499,900
5 Beds
4.5 Baths
5,266 SqFt
Status Active
MLS # 6769489
Property Type Single Family Residence
Price Type --
STUNNING ESTATE in the exclusive 24/7 Guard gated community of Equestrian Manor! This gorgeous designer infused remodel features an amazing open floor-plan with vaulted ceilings, wide plank white oak wood flooring, an exquisite kitchen with custom Rift White Oak cabinets, Babylon Quartzite counter-tops, updated lighting, coffee bar and high-end appliances, marble wrapped fireplace with real wood beams in the family room, all secondary bathrooms have decorative marble flooring, Rifted White Oak Cabinets with Quartz and Caesarstone counter-tops and mosaic tile & marble wrapped showers, formal living room has oversized bar, fireplace and grand sliders to the back patio, unbelievable primary bathroom with a HUGE tile wrapped shower and separate stand alone soaking up, dual vanities with Casablanca Quartzsite counter-tops, his and her separate toilets, spacious walk-in closet with endless custom shelving, new roof, synthetic stucco, fresh interior & exterior paint, designer millwork throughout, New Pella windows and doors, new paver circular driveway, new garage R18 insulated doors and more. The backyard boasts Greenwich Herringbone laid brick on patio, extended patio awning with tongue and groove wrapped patio ceiling, Sparkling Pebble Tech pool with travertine pool decking, Ramada with exterior fireplace and BBQ, basketball court, synthetic turf in the front and back yard, front and back yard perimeter installed Ficus columns for added privacy, new landscaping water system and LED landscape lighting and this house is on sought after Cul-De-Sac lot on the one of the best streets in the community! Motivated Sellers!

8760 E Hackamore Drive Scottsdale, AZ 85255

$4,499,500
4 Beds
5.5 Baths
6,240 SqFt
Status Active
MLS # 6726473
Property Type Single Family Residence
Price Type --
Welcome to this luxurious 4-bedroom, 5.5-bathroom home with a separate guest house, located in a stunning Scottsdale location. This exquisite property boasts sprawling wood floors and offers breathtaking city light and mountain views. The main property sits at 5,371 square feet w/ a gorgeous guest house that is 869 sqft The interior is adorned with numerous upgrades, including elegant wainscoting and a huge kitchen featuring a massive island with granite counters, custom fixtures, and top-of-the-line Sub-Zero appliances. Step outside to your resort-style oasis, complete with a stunning pool, travertine patio decking, and a built-in patio area, perfect for entertaining and relaxing. Don't miss the opportunity to own this exceptional home in one of Scottsdale's most desirable areas

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