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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17279 W Dartmouth Street Surprise, AZ 85388

$573,500

2 Beds

2 Baths

1,530 SqFt

Status Active

MLS # 6763149

Property Type Single Family Residence

Price Type --

COME SEE THIS SMITHFIELD SPANISH HOME NESTLED ON A CORNER LOT WITH AMAZING MOUNTAIN VIEWS AT STERLING GROVE GOLF & COUNTRY CLUB IN SURPRISE, ARIZONA! IMMACULATE HOME WITH GREAT ROOM OPEN FLOOR PLAN, 10' FOOT CEILINGS, TILE FLOORING THROUGHOUT, GORGEOUS CHEF'S KITCHEN WITH GAS COOKTOP, BUILT IN WALL OVEN AND MICROWAVE, KITCHEN ISLAND WITH QUARTZ COUNTERTOPS, BEAUTIFUL KITCHEN CABINETS, BACKSPLASH AND MORE! MASTER BATHROOM WITH HIS & HER SINKS, WALK-IN SHOWER, AND WALK-IN CLOSET. SPACIOUS BACK PATIO AND YARD TO ENTERTAIN FAMILY & FRIENDS! Sterling Grove Golf & Country Club is a Gated Community w/24 Hour Guard Post. Great Opportunity to Enjoy on a daily basis so many Wonderful Amenities and Beautiful Views of the White Tank Mountains, Lakes, Ponds and Gorgeous Greens on your Walks, Jogs, Bike Rides! Amenities: TROON Managed Jack Nicklaus Design 18 Hole Golf Course, Tennis Courts, Pickleball Courts, Country Club, Resort Style Pools, Fitness Center, Spa, Restaurants, and Much More!

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7950 E Queensborough Avenue Mesa, AZ 85212

$573,315

4 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6676004

Property Type Single Family Residence

Price Type --

MLS6676004. Ready Now! PRICE REDUCTION! The Edmonton at Hawes Crossing Discovery presents a charming single-story residence boasting 4 bedrooms, 2 baths, a 2-car garage, and two dining areas. As you step inside, the foyer effortlessly guides you towards the dining and kitchen space, providing abundant room for culinary endeavors. Revel in the spacious and welcoming ambiance of the casual dining and great room area, seamlessly connected to the outdoor living space and backyard, perfect for hosting gatherings. The generously proportioned primary suite offers a serene retreat with its private bathroom featuring double sinks and a walk-in closet. Structural options include: paver front porch, garage service door, and extended owner's suite.

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374 E Citrus Hollow Way Queen Creek, AZ 85140

$573,088

2 Beds

2.5 Baths

1,678 SqFt

Status Active

MLS # 6605086

Property Type Townhouse

Price Type --

Welcome to a brand new Valletta model. It has an expansive layout and this home is illuminated by an abundance of natural light. The kitchen stands fully equipped with modern stainless steel appliances and elegant granite countertops. With a culinary connoisseur's dream at its heart, including a gas cooktop, it's an ideal setting for hosting and delighting your guests. Both bathrooms have undergone exquisite upgrades, featuring tile surrounds and elevated fixtures. A few upgrades include quartz countertops at kitchen and bathrooms, huge sliding door at patio, gourmet kitchen appliances and a large smart space. Start living the good life at Encanterra today!

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12003 W Parkway Lane Avondale, AZ 85323

$572,995

4 Beds

3 Baths

2,480 SqFt

Status Active

MLS # 6761530

Property Type Single Family Residence

Price Type --

The heart of this ranch-style home is an open floor plan with a family room, a breakfast nook and a large gourmet kitchen. The adjacent primary suite offers a walk-in closet and an attached bath. You'll also find two additional bedrooms and a bath, as well as a quiet study and complete with a living area, bedroom, and private bath. Includes covered patio and a 3-car-garage!

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16400 W Avenida Del Sol -- Surprise, AZ 85387

$572,995

4 Beds

3 Baths

2,570 SqFt

Status Active

MLS # 6686225

Property Type Single Family Residence

Price Type --

4 bed 3 bath Elev B 2570 SQ FT 2 Car Garage. Has Gourmet Kitchen, Deluxe Master bath with walk in shower. Garage service door, 10ft ceilings at entry. Gas cooktop/range, Gas stub at Patio, 42'' White upper cabinets with 2-1/2'' molding. Wood looing tile through out and carpet in bedrooms.

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16348 W Avenida Del Sol -- Surprise, AZ 85387

$572,995

4 Beds

3 Baths

2,480 SqFt

Status Active

MLS # 6727605

Property Type Single Family Residence

Price Type --

This home features a lovely Guest Suite as well as dramatic 10' ceilings throughout and a tray ceiling at entry; a gourmet kitchen with quartz countertops, 42'' cabinets, a spacious open great room with a multi-slide door; a beautiful primary suite with a generous walk-in closet. The walk-in shower features a rain shower head. This home offers stylish pavers at driveway/walkway.

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16355 W Avenida Del Sol -- Surprise, AZ 85387

$572,995

4 Beds

3 Baths

2,480 SqFt

Status Active

MLS # 6718951

Property Type Single Family Residence

Price Type --

This home features a lovely Guest Suite as well as dramatic 10' ceilings throughout and a tray ceiling at entry; a gourmet kitchen with quartz countertops, 42'' cabinets, a spacious open great room with a multi-slide door; a beautiful primary suite with a generous walk-in closet. The master bath features a drop-in tub and a shower. This home offers stylish pavers at driveway/walkway.

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3070 E Bellerive Drive Gilbert, AZ 85298

$572,990

3 Beds

2 Baths

1,760 SqFt

Status Active

MLS # 6774476

Property Type Single Family Residence

Price Type --

This charming single-story home offers a thoughtfully designed open floor plan with 9-ft. ceilings, a large great room, and beautiful vinyl plank flooring throughout the common areas. The modern kitchen is a standout, featuring sleek quartz countertops, a center island prewired for pendant lighting, a walk-in pantry, and extended 42-in. upper cabinets. The spacious primary suite, located at the back of the home for added privacy, includes an en-suite bath with a walk-in shower, dual-sink vanity with WaterSense® labeled faucets, and a linen closet with ample storage space. Additional highlights include a soft water loop, ceiling fans in the great room, bedrooms, and covered patio, a convenient side-access door to the garage, and a Wi-Fi-enabled ecobee smart thermostat.

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4320 Sawbuck Way Wickenburg, AZ 85390

$572,671

2 Beds

2 Baths

1,648 SqFt

Status Active

MLS # 6770325

Property Type Single Family Residence

Price Type --

Welcome to the Dream Floor Plan, thoughtfully personalized in the Shea design studio. This 1,648 sq ft residence offers 2 beds & 2 baths, featuring GE built-in stainless steel appliances, including a gas cooktop, & brushed nickel accents throughout. The primary bath boasts a heavy glass shower enclosure & upgraded granite countertops in both the kitchen & baths. Enjoy custom mosaic tile details, 42'' kitchen cabinets with pullouts, soft-close cabinets & drawers, under-cabinet lighting, & a 15ft sliding glass wall in the living room. Additional highlights include prewired fans in the den & patio, upgraded electrical, smart home features, an extended covered patio, & a 250-gallon underground propane tank. Visit the Shea sales office for current incentives.

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1724 S Rockwell Street Gilbert, AZ 85295

$572,400

4 Beds

2 Baths

2,085 SqFt

Status Active

MLS # 6781274

Property Type Single Family Residence

Price Type --

**$5K flooring credit for the new owner from the seller!** Welcome to Lyons Gate! Enjoy the charm of a spacious setting without the upkeep, as you step outside to an HOA-maintained field ideal for kickball, tag, or cozy evenings by the renovated patio for s'mores. Just a short walk from your front door brings you to one of multiple community pools, a basketball court, and a playground. Inside, you'll find an extra-deep garage with fantastic storage solutions, and in the backyard, an included spa awaits your relaxation. You get all of this PLUS great access to the freeway, Mesa Gateway Airport, schools, AND amazing restaurants! Come experience this home and neighborhood for yourself!

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16380 W Avenida Del Sol -- Surprise, AZ 85387

$570,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6701706

Property Type Single Family Residence

Price Type --

The gorgeous Cassandra floor plan offers 10-foot ceilings with a tray at entry, gourmet kitchen with quartz countertops and 42 inch cabinets, a huge walk-in pantry, a multi-slide door at great room and a slider at Nook, walk-in Shower with rain shower, and pavers at driveway/walkway, the lot is nearly 8000 square feet and it is North/South exposure.

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11937 W Parkway Lane Avondale, AZ 85323

$570,995

3 Beds

2.5 Baths

2,400 SqFt

Status Active

MLS # 6760074

Property Type Single Family Residence

Price Type --

Explore this eye-catching Celeste home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; a gourmet kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a double oven, a walk-in pantry and a center island; an open dining area; a large great room boasting center-meet doors leading onto a tranquil covered patio; an elegant primary suite showcasing an expansive walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a mudroom and a 3-car tandem garage. This home also offers additional windows and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.

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