Guide to Slaying Myths About The Home Buying Process:
Buying a home? First-time home buyer? When buying a home, many potential first-time home buyers believe that they have to have a perfect credit score & 15-20% for a down payment.
Arming yourself with information about what’s really going on the housing market will ensure you become the “King or Queen of Your Castle”.
Home Buying Process Guide: Down Payment
Down payments under 20% are normal, the average down payment for all buyers is 10%, with 71% of 1st time buyers putting down less than 20%, and 60% of 1st time buyers put down less than 6% in May. The average down payment for all buyers is 10%.
Home Buying Process Guide: FICO Score
Many first-time home buyers believe that they have to have a perfect credit score. The credit score requirements for a home mortgage loan approval continues to fall. See below chart of average FICO scores of approved residential home loans for the last five years.
Protect Your Hard Earned Money
According to a Rent.com survey:
88% of property managers raised their rent in the last 12 months and there does not appear to be any signs of stopping.
53% said that they were more likely to bring in a new tenant at a higher rate, than renegotiate and renew a lease with a current tenant that they already know.
Interest Remains Low…Lock-In Your Housing Cost
Source: Ellie Mae, Rent.com, Freddie Mac
- Interest rates are still below historic numbers
- 88% of property managers raised their rent in the last 12 months!
- The credit score requirements for mortgage approval continue to fall.
What’s Your Next Move
Now that you know that you do not need an 800 credit score, 20% down payment and interest rates are still low, and are a prospective home buyer who is ‘ready’ and ‘willing’ to act now, but are not sure if you are ‘able’ to, or would like to know more about available homes for sale in Woodland Hills, West Hills, Chatsworth, Canoga Park, Warner Center, Tarzana, Encino, or any other San Fernando Valley or Santa Clarita Valley real estate, please contact the real estate professional agents at HelpUSell Real Estate, Southland Realty, today at (818) 997-1000.
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