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You are here: Home / Blog / Tips for Home Buyers

Are mortgage myths holding you back from buying a home?

September 5, 2022

Getting a mortgage might be more attainable than you originally believed.

A recent survey from Fannie Mae finds that a huge percentage of Americans are overestimating what it takes to secure a mortgage — and those misconceptions about mortgage qualifications could be holding people back from purchasing their dream home.

Fannie Mae’s survey aimed at exploring how well consumers understand the basic requirements for obtaining a mortgage. And what they found were a lot of misconceptions.

For example, the average consumer believes you need at lease a 10 percent down payment and a credit score of 650 to secure a mortgage — when, in reality, you only need a down payment of 3 percent and a credit score of 580 to qualify. Most consumers (a whopping 77 percent) aren’t even aware that low down payment mortgage programs exist.

The Takeaway: Don’t let your misconceptions about mortgages hold you back from buying your dream home. Getting a mortgage might be more attainable than you originally believed — even if you have a less-than-perfect credit score or a smaller down payment.

Filed Under: Tips for Home Buyers Tagged With: Credit, Down Payment, FICO Scores, Home Loans

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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and Quail Creek resident. Whether you’re buying or selling a home in Quail Creek, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
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This site is not affiliated with Robson Communities or the Quail Creek Country Club Property Owners Association.
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