2 Myths That May Be Holding Back Buyers

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.

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.

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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18238 E Coronado Cave Court Rio Verde, AZ 85263

$629,783

2 Beds

2 Baths

1,678 SqFt

Status Active

MLS # 6759503

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home in the Resort Collection at Trilogy at Verde River. The Valletta offers a well thought-out layout with 2 bedrooms, 2 bathrooms, and an office. Enjoy upgraded flooring in main areas, upgraded landscape package with pavers and an upgraded outdoor pergola. The kitchen is stunning with White Arctic Shaker Painted Cabinets, Upgraded Rollout and Soft- Close Drawers in the Kitchen, and a spacious kitchen island with a breakfast bar. The great room boasts a 12 foot multi-slide door that open to the covered patio. The primary suite has a lavish ensuite with a huge tiled shower and walk-in closet. Do not miss out on this home The amenities at Verde River are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickleball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails.

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14376 W Corrine Drive Surprise, AZ 85379

$629,711

4 Beds

3 Baths

2,618 SqFt

Status Active

MLS # 6784276

Property Type Single Family Residence

Price Type --

Welcome to this beautifully upgraded 4BR, 3BA home that combines comfort and easy lifestyle. Step inside to discover a bright and open floorplan that offers a seamless flow between the living, dining, and kitchen areas, perfect for both everyday living and entertaining. The heart of the home is the large, updated kitchen featuring a generous island that serves as both a cooking space and a gathering hub. With plenty of cabinetry, modern finishes, and high-end appliances, this kitchen is a chef's dream. The spacious master suite is a true retreat, featuring a custom-designed walk-in closet and a separate dressing room that provides both ample storage and a touch of luxury. The ensuite bath offers a relaxing spa like space. Step outside into the beautifully landscaped backyard, an ideal setting for outdoor gatherings or simply unwinding in a private oasis. Whether you're enjoying the lush landscaping or entertaining guests, the backyard offers a perfect backdrop for every occasion. Other highlights include three additional well-sized bedrooms (one used as an office). Extensive upgraded security system and solar system owned. No expense was spared in making this home exceptional and a MUST SEE! Don't miss the opportunity to own this incredible home.

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4757 E Amber Sun Drive Cave Creek, AZ 85331

$629,500

5 Beds

3 Baths

2,248 SqFt

Status Active

MLS # 6708250

Property Type Single Family Residence

Price Type --

Beautiful 5 BR, 3 FULL BATH home features elegant wood-like tile, an inviting family room, vaulted great room, and *NEWLY UPDATED* kitchen with granite countertops, appliances included! The first floor also has a laundry room (with washer/dryer), a bedroom, and a remodeled full bathroom - perfect for guests or multi-generational living. Upstairs includes additional bedrooms, a remodeled bathroom, and primary bedroom with en-suite bathroom and walk-in closet. The private backyard offers a covered patio, extended paver patio, shade trees, and view fencing. Modern amenities include structured media panel, Nest thermostats, Yale Smart Lock, and Ring doorbell. Excellent school district, close to shopping, and within 20 minutes of the I-17 and 101. Don't miss this opportunity in Cave Creek!

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11225 E Ocaso Avenue Mesa, AZ 85212

$629,500

3 Beds

2 Baths

1,910 SqFt

Status Active

MLS # 6727396

Property Type Single Family Residence

Price Type --

A must see, beautiful 2 bed, 2 bath residence with a den in Sunland Springs Village. Great curb appeal complete with front patio to enjoy the sunsets, artificial turf, and a 2.5 car garage with built-in cabinets. The home has a warm and inviting great room paired with large dining areas, tall ceilings, tile floorings, and lots of natural light. You'll love the gourmet kitchen boasting stainless steel appliances, granite counters, staggered modern white cabinets, a pantry, recessed lighting, and an island with a breakfast bar. Spacious primary bedroom has an ensuite with dual sinks & a walk-in closet. Spare bedroom with double-door entry can be used an office as well. Cozy backyard offering a covered patio with extended pavers ready for you to enjoy and entertain.

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220 W Fellars Drive Phoenix, AZ 85023

$629,500

3 Beds

2 Baths

1,971 SqFt

Status Active

MLS # 6762329

Property Type Single Family Residence

Price Type --

Gorgeous Single-Story Home w/3 Bedrooms Plus Large Den/Office, 2 Bathrooms & Upgrades Galore. Interior Features Diagonal Tile Flooring t/o & Carpet in Bedrooms. Great Room Style with Bright, Open Kitchen w/Large Granite Island, Breakfast Bar, SS Appliances, Chef's Gas Stove, Tons of Cabinets & Walk-In Pantry. Split Bedroom Floorplan with Large Master in Back offering Bathroom w/Step-In Shower, Double Sinks & Walk-In Closet., Exterior offers North facing Backyard w/Low Care Turf & East Side Patio for Shady Afternoons. Front Yard has EZ Care Landscaping w/Paver'd Driveway & Entry Walkway to Gorgeous Wrought Iron Security Door & RING Doorbell. Location is PRIME: Close to Shopping, Dining & Freeway Access! Community is Gated with Children's Playground in Center & in a Great School Boundary

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15221 N Clubgate Drive Unit 1031 Scottsdale, AZ 85254

$629,500

2 Beds

2 Baths

1,401 SqFt

Status Active Under Contract

MLS # 6676920

Property Type Apartment

Price Type --

This meticulously designed 2-bedroom condo in Kierland Greens offers a blend of elegance and comfort, from the captivating wood-like tiled floors to the luxurious primary suite. This home is located on the first level with NO STEPS! The unit was just recently painted inside, with new light fixtures as well as new carpet in the bedrooms. This bottom floor corner unit epitomizes luxury living with its attention to detail and sophisticated design elements, making it a desirable space for relaxation and entertaining. The convenient location offers access to a plethora of dining and shopping options, situated near the Kierland Golf Club, Kierland Commons, and Scottsdale Quarter, making it an ideal choice for those seeking a vibrant and dynamic lifestyle.

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201 S 6th Place Show Low, AZ 85901

$629,000

6 Beds

4 Baths

4,301 SqFt

Status Active

MLS # 6770835

Property Type Single Family Residence

Price Type --

Make this spacious home your own. The basement has a full kitchen,laundry, bedroom and garage access. Located in the heart of Show Low with many amenities nearby! Enjoy shopping, dining, City Parks, movie theater, BMX, skateboard park and city pickle ball courts just to name a few. This beautiful home would be a great year round home or vacation rental. This home is priced to sell and is Sold As Is. Home is currently used as VRBO. A new metal roof in 2018. 2019 - Re-routing main plumbing lines to accommodate larger groups. (An RV drain can easily be added to this new line) lighting fixtures, HVAC for main floor. In 2021 a new sump pump was installed in basement for kitchen sink. There are 2 water heaters in the home, in 2022 a new one was installed on the main floor. A new metal roof in 2018. 2019 - Re-routing main plumbing lines to accommodate larger groups. (An RV drain can easily be added to this new line) lighting fixtures, HVAC for main floor. In 2021 a new sump pump was installed in basement for kitchen sink. There are 2 water heaters in the home, in 2022 a new one was installed on the main floor.

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1350 E Gail Court Gilbert, AZ 85296

$629,000

4 Beds

3 Baths

2,237 SqFt

Status Active

MLS # 6775994

Property Type Single Family Residence

Price Type --

Move-in ready with countless upgrades including new AC, windows and can lighting! This modern single-family home boasts an open floor plan perfect for gatherings. The chef's kitchen showcases quartz countertops, shaker cabinets, and new appliances that brings both charm and modern appeal. Upstairs, a split floor plan separates the spacious secondary rooms from the primary suite. All bathrooms are upgraded with quartz countertops and chic laminate flooring. The backyard is an entertainer's dream, complete with a gazebo strung with lights, turf, and river rock. Every detail has been updated within two years! This home is ready to meet all your needs. Don't miss this opportunity to experience a truly exceptional property — it's a must-see!

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10011 E Lakeview Circle Mesa, AZ 85209

$629,000

3 Beds

2.5 Baths

2,960 SqFt

Status Active

MLS # 6785316

Property Type Single Family Residence

Price Type --

GREAT COMMUNITY VILLAGES OF EASTRIDGE! Original owner has pride in ownership of this one. Well maintained, move in ready home with a flex floor plan, cul-de-sac corner lot 4 bedrooms, upper loft, & lower-level den/office, guest suite alongside the master. Sparkling play pool & large yard, a 3-car extended garage, double RV gate. The open kitchen with an island bar, walk-in pantry flow into the family room for easy entertainment, with wood laminate floors on the lower level. Dual A/C units 2 years old. The interior has been freshly painted, & the exterior was recently painted as well. Other features include a large covered patio, backyard fire pit, 2 storage sheds, garage cabinetry with a workbench & storage shelving. Basketball sports court, parks, playgrounds, & quick access to freeways

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1371 N Alison Way Chandler, AZ 85226

$629,000

3 Beds

3 Baths

2,037 SqFt

Status Active Under Contract

MLS # 6754121

Property Type Single Family Residence

Price Type --

* CHANDLER STUNNER * PREMIUM CORNER LOT * FORMER MODEL * ACROSS FROM COMMUNITY POOL * LIKE LIVING IN A RESORT * LOFT-STYLE HOME * QUARTZ COUNTERS * STAINLESS APPLIANCES * UPGRADED CABINETS * OVERSIZED SLIDER * WRAPAROUND BALCONY * UPGRADED RAILINGS * LOFT WITH VIEWS * MASTER SHOWER WITH TILE SURROUNDS * CASITA WITH HALF BATH * VIEWS OF SOUTH MOUNTAIN * GET IT BEFORE ITS GONE! *

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8215 W Gardenia Avenue Glendale, AZ 85303

$629,000

4 Beds

2 Baths

2,643 SqFt

Status Active Under Contract

MLS # 6761936

Property Type Single Family Residence

Price Type --

Welcome to the home that checks every box! This stunning residence offers a spacious split floor plan with 3 bedrooms, a versatile den, and a large bonus room—ideal for work, play, or relaxation. You'll have plenty of parking for all your vehicles and toys, RV Parking plus a generous 3-car garage for additional storage. Inside, the open layout connects the gourmet kitchen, with premium appliances and ample counter space, to the sunlit great room and living room. Step outside to your own resort-style oasis featuring a private pool, patio, and beautifully landscaped yard—perfect for entertaining or unwinding. With owned solar, enjoy energy savings year-round!

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14104 W Cottontail Lane Surprise, AZ 85387

$629,000

3 Beds

2.5 Baths

2,444 SqFt

Status Active Under Contract

MLS # 6779366

Property Type Single Family Residence

Price Type --

Come explore this beautiful 3 bed 2 1/2 bath cul de sac home with a massive 17, 082 sq. foot lot to build your dream yard. This home has over $100k in upgrades including iron front door, large sliding glass doors in great room, extended covered patio, quartz contertops in kitchen and bathrooms, custom backsplash in kitchen, reverse osmosis water filtration for drinking water, gas line for outdoor kitchen, upgraded kitchen cabinets, additional cabinets throughout home, GE gourmet gas cooktop, additional electrical outlets added inside and outside the home, under cabinet lighting in kitchen, surround sound, free standing tub in primary bathroom and custom tile shower with rainshower head, additional insulation in ceiling, garage and plumbing walls, custom tile, new carpet and paint.

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