Get In The Game!

Right now, it’s a seller’s market and there are many buyers competing for the few homes listed. Buyers need a competitive edge more than ever. Buyers who get pre-qualified are one step ahead, but getting pre-approved demonstrates to sellers that you’re in the game and serious about your offer.

Buyer’s Down Payment Myth

How much do you think is required for a down payment? The vast majority of young renters surveyed said they plan to buy a home at some future point. So, what is preventing them from taking the plunge? A big part of it is the perception that they can’t.

Millennials consider down payment a top obstacle in getting a mortgage. Three-quarters of consumers are not aware of low down payment programs (3% to 5%), which means that many potential homebuyers are taking themselves out of the market – not because they can’t get a mortgage to buy a home, but because they believe they can’t.

It’s no surprise, in that survey, that lenders and real estate agents were the two most influential sources of information on getting a mortgage. So, together let’s tackle the information gap that is preventing Millennials from participating in homeownership.

Worried About Your Credit Score?

Many potential homeowners don’t look at purchasing a home because they have incorrect information about credit scores which keep them from enjoying homeownership today. Did you know that:

Over 80% of consumers say they’ve seen their credit score, but when asked what their score is, almost half of them either say they ‘don’t know’ or they provide a number that is outside of the 300–850 score range.

Over 50% of consumers either didn’t know or got wrong the minimum credit score required for a home loan (Fannie Mae’s minimum requirement is 620; the average consumer response was 652).