2 Myths That May Be Holding Back Buyers

2 Myths That May Be Holding Back Buyers | Simplifying The Market

Fannie Mae’s article, “What Consumers (Don’t) Know About Mortgage Qualification Criteria, revealed that “only 5 to 16 percent of respondents know the correct ranges for key mortgage qualification criteria.

Myth #1: “I Need a 20% Down Payment”

Fannie Mae’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required.

Many believe that they need at least 20% down to buy their dream home, but many programs actually let buyers put down as little as 3%.

Below are the results of a Digital Risk survey of Millennials who recently purchased a home.

2 Myths That May Be Holding Back Buyers | Simplifying The Market

As you can see, 64.2% were able to purchase their home by putting down less than 20%, with 43.8% putting down less than 10%!

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

The survey revealed that 59% of Americans either don’t know (54%) or are misinformed (5%) 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 below, 54.7% of approved mortgages had a credit score of 600-749.

2 Myths That May Be Holding Back Buyers | Simplifying The Market

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. Give me a call to get started on the path to homeownership – J.P. Cook – 602-320-4253.

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10602 W Electra Lane Peoria, AZ 85383

$1,400,000
6 Beds
5 Baths
3,386 SqFt
Status Active
MLS # 6784168
Property Type Single Family Residence
Price Type --
Welcome Home! This stunning property has it all, offering a main home with 3,035 sqft of living space, 5 spacious bedrooms, and 4.5 bathrooms, plus a separate 351 sqft bedroom and bath within the RV garage—ideal for guests or a private office suite. Step into an incredible chef's kitchen featuring a massive island and a folding glass wall that seamlessly connects indoor and outdoor living. The resort-style backyard is truly one-of-a-kind, boasting a luxurious infinity-edge pool and spa, an outdoor living area with a built-in BBQ and fireplace, and a putting green for a bit of friendly competition. The impressive RV garage, equipped with a 220 outlet, provides a 50x16.5 space on the RV side, with a large storage area above the office. This property blends elegance, convenience, and functionality to create an unforgettable living experience. Don't miss the chance to make it yours!

5516 W Melinda Lane Glendale, AZ 85308

$1,400,000
5 Beds
4.5 Baths
4,100 SqFt
Status Active
MLS # 6785183
Property Type Single Family Residence
Price Type --
Rare Find in Arrowhead Lakes! An Entertainers Dream Home by AslanHomesUSA. This forthcoming to-be-built home Includes architectural plans fully approved by HOA design committee. Buyer can take over with builder and choose all finishes. Please note, Photos provided to illustrate approximate finished appearance. Back yard photos are from a neighboring home for reference. Nestled against the mountainside, this coveted lot offers a perfect blend of natural beauty and urban convenience. Your backyard? A serene mountain escape with hiking and biking trails steps away. Stunning views of the city skyline, sparkling lakes, and majestic mountains. Close to world-class golf, top-tier shopping, and vibrant entertainment, this location is unbeatable.

12776 N 78th Street Scottsdale, AZ 85260

$1,400,000
4 Beds
3 Baths
3,175 SqFt
Status Active Under Contract
MLS # 6781005
Property Type Single Family Residence
Price Type --
Nestled in the heart of the Buenavante neighborhood is a fantastic home that offers a great split floor plan that checks a lot of boxes.Enter through the double doors into a spacious living/dining room w/ views to the back gardens. A separate family room with cozy fireplace makes room for everyone. Updated kitchen with lots of storage & great island for easy prep & a place for guest to hangout. The primary is a dream w/ a fireplace, nice sitting area & access to the pool. Primary bath is wonderful w/ separate tub/shower & separate vanities & closets. The Jack & Jill bathroom between 2 of the bedrooms makes for a great kid setup plus there is a 3rd full bath for guest. South facing backyard w/ an inviting pool & established landscaping. Bonus - No Short Term Rentals allowed in subdivsion.

744 W Royal Palm Road Phoenix, AZ 85021

$1,400,000
3 Beds
3.5 Baths
3,547 SqFt
Status Active Under Contract
MLS # 6784881
Property Type Single Family Residence
Price Type --
If you're a fan of natural light and wide open spaces, this is the home for you! Classic 3 bed, 3.5 bath home on a half acre, irrigated, corner lot in the Royal Palm neighborhood. Tons of flex space - 2 office areas and 3 living spaces as well. Gorgeous views from nearly everywhere in the house. All 4 bathrooms have been remodeled, and the kitchen updated with white shaker cabinets, quartz countertops, and stainless appliances. Beautiful hardwood oak floors recently refinished. Inviting front patio welcomes friends and neighbors, and expansive back covered patio will be the pool party hub. Room for an urban farm too - chicken run area on side yard, as well as lots of fruit trees - 3 massive pecans, apricot, peach, rosemary, basil. Room for all your people, and your ideas!

2432 Leisure World -- Mesa, AZ 85206

$1,400,000
4 Beds
4.5 Baths
3,800 SqFt
Status Active
MLS # 6784370
Property Type Single Family Residence
Price Type --
A rare opportunity! Custom built 4 bedroom , 4.5 bathroom home on a quiet cul-da-sac in Leisure World. Located on the fifth hole of Coyote Run Golf Course and overlooking holes twelve and thirteen. A large great room, a formal dining room, an office , four bedrooms with there own bathrooms plus a half bath, Indoor kittchen features top of the line appliances and a breakfast bar.Access the martini bar via a spiral staircase to the upper level with a fantastic view of the valley. The side yard has a summer kitchen with a retractable awning top and side awnings, The golf course patio is accessible by opening the 20 foot wide electric patio door. The home also features a double garage and a double golf cart garage. Fully Furnished.

39791 N Country Lane San Tan Valley, AZ 85140

$1,400,000 - 5Br/3Ba -  for Sale in Sun Valley Farms, San Tan Valley
New
$1,400,000
5 Beds
3 Baths
3,595 SqFt
Status Active
MLS # 6788522
Property Type Single Family Residence
Price Type --
Huge rate buydown incentive!!! Horse property in highly sought after neighborhood w/ a basement, pool & flood IRRIGATION. This 3.3 acre lot property offers a circular driveway, fully extended porch & mature trees. The equestrian amenities feature 6 covered stalls w/ auto waters, tack room, RV hook up, hay barn & newer 4 rail fencing. Stepping out to your backyard you'll find a gorgeous pool surrounded by professionally designed landscaping, built-in fireplace & an extended covered patio, perfect for entertaining. The laundry room offers plenty of storage & extra refrigerator space. In addition, ground water rights are owned by the Property Owners. This is a true rare find in one of the most desired horse property communities around.

28847 N Royce Road San Tan Valley, AZ 85144

$1,400,000
3 Beds
3 Baths
2,915 SqFt
Status Active
MLS # 6782003
Property Type Single Family Residence
Price Type --
Rare, turn-key & exceptional fully fenced, custom horse property nestled on an oversized 5-acre lot! Great curb appeal w/ stone accent details, desert landscape, low maintenance artificial turf, RV gate, 6 horse stalls, 4-car garage & private well. Open floor plan w/ plantation shutters, light & bright neutral palette, & tile in common areas. Designed for everyday living & entertaining featuring a formal dining & spacious great rooms w/surround sound! Gourmet kitchen boasts 42'' cabinets, SS appliances, granite counters, mosaic tile backsplash, & oversized island w/breakfast bar. Walk-in pantry & staggered cabinetry w/ ample storage. Enjoy the majesty & adventure of living w/ in 3 miles of San Tan Regional Park. Nearby shopping 2.5 miles away, QC Marketplace w/ in 20 minutes. The double doors open to the owner's suite, featuring a lavish bathroom with two walk-in closets, two vanities, a tiled step-in shower, & a soaking tub. Laundry room with a sink & cabinetry for added convenience. The HUGE backyard has been tastefully divided! Relax under the full-length covered patio & paver-Ramada while enjoying the unobstructed tranquil vistas. Beyond the fence, you have an expansive open space with a run-in shed for your horses. Bring your toys, trucks, RVs, & other animals - this property has plenty of space! Don't miss this fantastic opportunity!

9618 W Staghorn Road Peoria, AZ 85383

$1,400,000
4 Beds
3.5 Baths
3,768 SqFt
Status Active
MLS # 6781096
Property Type Single Family Residence
Price Type --
Simply Stunning! Trophy Home. For the discriminate home & lifestyle seeking owner desiring Uniques Finishes Unmatched by other homes. Situated on a premium lot in this gated community, this formidable first-class residence features rarely seen to never impeccable classic 'MasterCraft' spectacular finishes that could be described as a work of art. This lovely property also boasts premium cabinetry & unparalleled finishes throughout this residence. The bright open concept offers grandeur and luxury & is purely ideal for entertaining. Enjoy the resort-like backyard. Built by Maritage Homes, it is built smarter - it features energy efficiency & promotes a low HERS industry standard rating with sustained excellence. Claim this property as yours. Community playground, fitness stations, ramadas & trails. It's more than a residence, it's a lifestyle.

10417 N 180th Drive Waddell, AZ 85355

$1,400,000
4 Beds
3 Baths
3,799 SqFt
Status Active
MLS # 6730289
Property Type Single Family Residence
Price Type --
Welcome to your dream retreat! This exceptional 4 + bedroom 3 bathroom, single story residence is situated on a spacious 1 acre corner lot in the gated community of Cortessa Laureates Estates. This exceptional luxury home is perfect blend of elegance, comfort, and convenience, making it an ideal escape for those seeking a winter haven or a year-round sanctuary. Property Highlights: Breathtaking Indoor Design and Amenities: This 3,799 sq ft home features an exquisite design with custom tailored finishes and meticulous attention to detail.From the grand entrance to the spacious living areas, every inch of this home exudes sophistication and style. The gourmet kitchen is a chef's delight, featuring ample space for culinary creations. The master suite is a private retreat with a spa-like bathroom and a spacious walk-in closet. Multiple guest suites ensure that your visitors experience the same level of comfort and luxury. Outdoor Oasis: Immerse yourself in the tranquility of the beautifully landscaped grounds. The expansive outdoor living space comes complete with a pristine pool - perfect for cooling off during warm Arizona days and an elevated spa for ultimate relaxation. After sunset, the ambiance easily transforms into a nighttime oasis with permanent gemstone and landscape lighting throughout; ensuring this homes appeal will shine no matter the occasion. Perfect for Entertaining: Host unforgettable gatherings and create cherished memories in a setting that combines elegance and warmth. The open-concept floor plan and seamless indoor-outdoor flow make this home ideal for entertaining. The oversized outdoor patio features a custom-built island with an outdoor kitchen. Enjoy alfresco dining under the stars or sipping wine gathered around the firepit with plenty of built in seating. Prime Location: Experience the best of Arizona living with easy access to everything you need. Situated in the coveted community of Cortessa Laureates Estates, this home offers proximity to Sterling Grove Golf Course and the White Tank Regional Park; perfect for the outdoor enthusiasts. Only 10 minutes from some of Arizona's most popular restaurants, shopping, and entertainment including Costco, Fat Cats Family Fun Center, Sprouts, OHSO Brewery, Barrio Queen, Cold Beer and Cheeseburgers, Firebirds Steak House, Cooper's Hawk Winery and much more. Easy highway access, only 15 minutes from the Seattle Mariners Spring Training Center, and 35 from Phoenix Sky Harbor International Airport. Turnkey Convenience: This property comes with an array of services already in place to ensure a worry-free lifestyle. Housekeeping, pool maintenance, and yard care teams that know the property inside and out, so you can focus on enjoying your time in paradise. Additionally, they will even go as far as starting your car while you're away, ensuring your battery stays charged and ready for your next adventure. Whether you're seeking a seasonal retreat or a permanent residence, this property offers the perfect blend of elegance, comfort, and convenience. Book your private tour and discover unmatched beauty and luxury of this Arizona gem!

11411 E Gamble Lane Scottsdale, AZ 85262

$1,400,000
4 Beds
3 Baths
2,800 SqFt
Status Active Under Contract
MLS # 6757454
Property Type Single Family Residence
Price Type --
Lock & leave perfection. Remodeled inside & out in transitional style, this property has everything you're looking for w/in-demand finishes. Wood-look tile floors offer a continuous character of nature in addition to the use of travertine stone & alder wood. Spacious window-filled great room features views of Pinnacle Peak plus a cozy fireplace & bar w/wine fridge. Large fireplaced dining room is equally view-oriented & opens to beautifully appointed kitchen. Grand owner's suite offers a luxurious retreat w/its gorgeous ensuite bath & closet-of-your-dreams. Three additional bedrooms & two full baths complete this versatile floor plan. Outside is deep patio w/pavers leading to gas firepit, sitting area & relaxing hot tub for enjoying stunning mtn views, sunsets & starlit skies.

14072 E Desert Cove Avenue Scottsdale, AZ 85259

$1,400,000 - 4Br/4Ba -  for Sale in Paloma Paseo, Scottsdale
Open House
$1,400,000
4 Beds
3.5 Baths
3,705 SqFt
Status Active
MLS # 6778417
Property Type Single Family Residence
Price Type --
FABULOUS HOME WITH VIEWS in every direction situated on over 1/3 acre. Spacious primary suite with huge custom closet. Primary bath w/walk-in shower, double sinks & soaking tub. Kitchen, family room, living & dining rooms are bright & open with 20 foot plus ceiling. KITCHEN w/GAS COOKTOP, generous cabinets & counter space, NEWER 48'' SS KITCHEN AID REFRIGERATOR. granite counters, tile backsplash & FRENCH DOOR to BACKYARD RESORT! Inviting pool w/waterfalls, built-in BBQ & firepit and separate spa. BACKYARD overlooking NAOS. Upstairs loft and spacious office with built in desks and bookcases & French doors to balcony w/CITY & MOUNTAIN VIEWS 3 additional bedrooms upstairs 2 full baths. Plantation shutters, Trane A/C, extra ceiling insulation, 3.5 CAR GARAGE w/cabinet. Award winning Scottsdale schools including BASIS. Convenient to restaurants, shopping, parks, hiking trails, golf, Mayo Clinic & 101 Freeway and all that Scottsdale has to offer!

33945 N 57th Place Scottsdale, AZ 85266

$1,400,000 - 4Br/4Ba -  for Sale in Los Alisos, Scottsdale
Open House
$1,400,000
4 Beds
3.5 Baths
3,451 SqFt
Status Active
MLS # 6777620
Property Type Single Family Residence
Price Type --
Nestled in a highly sought-after, gated community in the Cave Creek/North Scottsdale area, this stunning property sits on a desirable corner lot, boasting breathtaking views of Black Mountain, sunsets, & a lush park nearby. This 4-bedroom, 3.5-bathroom home with an additional office space spans 3,451 sq ft on a 0.261-acre lot, thoughtfully reimagined inside & out to meet every modern comfort. High ceilings soar 12 ft, creating an open & airy feel throughout. Gas cooktop. Split floorplan features a master retreat complete w/a custom closet w/ceiling-high storage & a luxurious, spa-inspired bathroom showcasing dual rain shower heads. The spacious master suite includes a private sitting area w/a sliding door leading directly to your outdoor oasis. No stairs, NEW ROOF & AC's, STR available! .....to the serene backyard. The redesigned kitchen seamlessly connects with both the family and living rooms, making it ideal for entertaining. With a built-in bar, wine rack, and sink, it's perfectly set up to host any gathering. The family room is equipped with built-in media cabinetry, accommodating TVs of any size, and is wired for sound with built-in speakers indoors and on the patio. Step outside to find a beautiful pool, an inviting outdoor fireplace, a built-in grill, and a shaded pergola. Additional features include a low-maintenance backyard, an RV gate, and energy-efficient upgrades throughout, including premium plantation shutters, a luxurious silk carpet in all bedrooms, Sherwin Williams Cashmere paint, an epoxy-finished garage floor, and ample storage options. This home is crafted for comfort, convenience, and elevated style in one of the area's most desirable neighborhoods.

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