I’ve seen many articles about why people think they cannot buy their own home. And most agree on two reasons.
- Over seventy percent of millennial buyers think that they need to wait. Their reasoning is that they cannot afford to buy. To this I say Baloney. I’ve written numerous blog posts in the past where I stated and proved that it is cheaper to purchase a home than it is to rent. And if you want to see the reasoning and the proof, read some of the previous blog posts I have written. Yet so many of these millennials still are of the opinion that they cannot afford to purchase their own home, and they continue to rent.
If they can continue to pay rent, they can make their mortgage payment. It will in all likelyhood be a smaller monthly payment. As to the down payment, previous posts have stated that many homes are purchased with as little as 3.5% down payment.
- And twenty nine percent of millennial buyers think that their credit score is too low, and they will not qualify for a mortgage. The key word here is think. They think they will be denied and therefore they don’t even try to apply for a mortgage. But all that is required today is minimum credit score of 580!
Many potential buyers are disqualifying themselves from the buying a home.
You Don’t Need a 750 Credit Score and 20% Down to Buy A Home!
Actually over 52% of buyers these days have a credit score which is under 750.
It doesn’t cost anything to speak with a mortgage rep. After a short conversation you will know whether or not you can purchase a home. And if yes, you will know how much you can afford to spend.
For a recommendation to a good mortgage rep, give us a call at 732-598-7700. We can help.
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