Mortgage Myth #1: You MUST put down 20% to purchase a home.
Truth: There are loan programs that you can put down as little as 3%! If you are a Veteran or have VA benefits, you may not be required to put down anything at all. We will help you choose the right loan program to fit your financial needs.
Mortgage Myth #2: You MUST be WITHOUT debt to purchase a home.
Truth: You can qualify to buy a home if you have outstanding debts such as car payments, credit cards, and student loans. How much home you can afford is calculated by how much debt you have relative to your total income. We have financial options such as debt consolidation that can benefit you in the purchase of your dream home, etc.
Mortgage Myth #3: You NEED to have EXCELLENT Credit to buy a home.
Truth: There are alternate ways to purchase a home without a perfect credit score, such as adding an additional borrower or making a bigger down payment.
Mortgage Myth #4: You CAN'T buy a home after filing for bankruptcy or after undergoing a short sale or foreclosure.
Truth: The truth is that people that have gone through these situations in the past can purchase, however, patience is key. You will have to go through a waiting period depending on your situation and the loan program that you are most interested in. It will be a process, however, we will be with you every step of the way!
Mortgage Myth #5: The down payment is your only upfront cost.
Truth: While the down payment is typically your largest upfront expense when buying a home, it is not the only expense you will have. Closing costs also need to be considered and can add up to about 3-5% of the loan amount. Closing costs normally include charges for title insurance, property taxes, homeowner’s insurance, government taxes, recording fees, escrow costs, appraisal fees, etc.