[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f2owinen7i80xc":3,"$ffeh0925h8cuz":43,"$fbwk2pqjjqsc7":47},{"item":4,"previous":31,"next":37},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":29,"updatedAt":30},631,"2-myths-about-mortgages-that-may-be-holding-back-buyers","2 Myths About Mortgages That May Be Holding Back Buyers","\u003Cem>Fannie Mae’s \u003C\u002Fem>\u003Ca href=\"http:\u002F\u002Fwww.fanniemae.com\u002Fportal\u002Fabout-us\u002Fmedia\u002Fcommentary\u002F121015-palim.html\">\u003Cem>“What do consumers know about the Mortgage Qualification Criteria?”\u003C\u002Fem>\u003C\u002Fa> \u003Cem>Study\u003C\u002Fem> revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home.","","blog","https:\u002F\u002Fsimplifyingmedia\u002Fwp-content\u002Fuploads\u002F2016\u002F08\u002F01161119\u002F2-Myths-STM-Featured.jpg","\u003Cem>Fannie Mae’s \u003C\u002Fem>\u003Ca href=\"http:\u002F\u002Fwww.fanniemae.com\u002Fportal\u002Fabout-us\u002Fmedia\u002Fcommentary\u002F121015-palim.html\">\u003Cem>“What do consumers know about the Mortgage Qualification Criteria?”\u003C\u002Fem>\u003C\u002Fa> \u003Cem>Study\u003C\u002Fem> revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home.\u003C!--more-->\r\n\u003Ch4>\u003Cstrong>Myth #1: “I Need a 20% Down Payment”\u003C\u002Fstrong>\u003C\u002Fh4>\r\n\u003Cem>Fannie Mae’s\u003C\u002Fem> survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required.\r\n\r\nMany believe that they need at least 20% down to buy their dream home. New programs actually let buyers put down as little as 3%.\r\n\r\n\u003Cem>Below are the results of a Digital Risk survey of Millennials who recently purchased a home.\u003C\u002Fem>\r\n\r\n\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2016\u002F08\u002F20160823-ENG-STM1.jpg\">\u003Cimg class=\"alignnone wp-image-34041\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2016\u002F08\u002F20160823-ENG-STM1.jpg\" alt=\"2 Myths About Mortgages That May Be Holding Back Buyers | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>\r\n\r\nAs you can see, 64.2% were able to purchase their home by putting down less than 20%, with 43.8% putting down less than 10%!\r\n\u003Ch4>\u003Cstrong>Myth #2: “I need a 780 FICO Score or Higher to Buy”\u003C\u002Fstrong>\u003C\u002Fh4>\r\nThe survey revealed that 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary to qualify.\r\n\r\nMany Americans believe a ‘good’ credit score is 780 or higher.\r\n\r\nTo help debunk this myth, let’s take a look at the latest \u003Cem>Ellie Mae \u003C\u002Fem>\u003Ca href=\"http:\u002F\u002Fwww.elliemae.com\u002Forigination-insight-reports\u002FEllie_Mae_OIR_JULY2016.pdf\">\u003Cem>Origination Insight Report\u003C\u002Fem>\u003C\u002Fa>, which focuses on recently closed (approved) loans. As you can see below, 54.1% of approved mortgages had a credit score of 600-749.\r\n\r\n\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2016\u002F08\u002F20160823-ENG-STM2.jpg\">\u003Cimg class=\"alignnone wp-image-34042\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2016\u002F08\u002F20160823-ENG-STM2.jpg\" alt=\"2 Myths About Mortgages That May Be Holding Back Buyers | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nWhether buying your first home or moving up to your dream home, knowing your options will definitely make the mortgage process easier. Your dream home may already be within your reach.","\r\nWhether buying your first home or moving up to your dream home, knowing your options will definitely make the mortgage process easier. Your dream home may already be within your reach.","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2016\u002F08\u002F20160823-ENG-STM1.jpg",false,[17,21,25],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},11,"First-Time Buyers","first-time-buyers",{"id":26,"name":27,"slug":28},38,"Move-Up","move-up","2016-08-23T10:00:37Z","2017-01-09T18:15:43Z",{"id":32,"slug":33,"title":34,"featuredImage":35,"publishedAt":36,"contentType":10,"isVideo":15},630,"whether-you-rent-or-buy-youre-paying-a-mortgage","Whether You Rent or Buy, You’re Paying a Mortgage","https:\u002F\u002Fsimplifyingmedia\u002Fwp-content\u002Fuploads\u002F2016\u002F08\u002F01161205\u002F20160822-STM.jpg","2016-08-22T10:00:57Z",{"id":38,"slug":39,"title":40,"featuredImage":41,"publishedAt":42,"contentType":10,"isVideo":15},632,"housing-market-slowing-down-dont-tell-builders","Housing Market Slowing Down? Don’t Tell Builders!","https:\u002F\u002Fsimplifyingmedia\u002Fwp-content\u002Fuploads\u002F2016\u002F08\u002F01161155\u002F20160824-STM-Share.jpg","2016-08-24T10:00:53Z",{"cover":44,"open":45,"shareSpread":46},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[48,52,53,57,61,65,69,70,74,78,79,83,87,91,95,99,103,107,111,115,119,123,127,131,135,139,143,147,151,155],{"id":49,"name":50,"slug":51},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":54,"name":55,"slug":56},6,"For Sellers","sellers",{"id":58,"name":59,"slug":60},7,"Foreclosures","foreclosures",{"id":62,"name":63,"slug":64},8,"Infographics","infographics",{"id":66,"name":67,"slug":68},9,"Home Prices","home-prices",{"id":22,"name":23,"slug":24},{"id":71,"name":72,"slug":73},34,"Senior Market","senior-market",{"id":75,"name":76,"slug":77},35,"Mortgage Rates","mortgage-rates",{"id":26,"name":27,"slug":28},{"id":80,"name":81,"slug":82},41,"For Sale by Owner","for-sale-by-owner",{"id":84,"name":85,"slug":86},42,"Featured","featured",{"id":88,"name":89,"slug":90},45,"New Construction","new-construction",{"id":92,"name":93,"slug":94},52,"Luxury \u002F Vacation","luxury--vacation",{"id":96,"name":97,"slug":98},53,"Rent vs. Buy","rent-vs-buy",{"id":100,"name":101,"slug":102},80,"Time-sensitive","time-sensitive",{"id":104,"name":105,"slug":106},81,"Outdated","outdated",{"id":108,"name":109,"slug":110},147,"Internal","internal",{"id":112,"name":113,"slug":114},148,"Do Not Autopost","do-not-autopost",{"id":116,"name":117,"slug":118},320,"Inventory","inventory",{"id":120,"name":121,"slug":122},321,"Agent Value","agent-value",{"id":124,"name":125,"slug":126},322,"Affordability","affordability",{"id":128,"name":129,"slug":130},323,"Buying Tips","buying-tips",{"id":132,"name":133,"slug":134},324,"Downsize","downsize",{"id":136,"name":137,"slug":138},325,"Economy","economy",{"id":140,"name":141,"slug":142},326,"Equity","equity",{"id":144,"name":145,"slug":146},327,"Forecasts","forecasts",{"id":148,"name":149,"slug":150},328,"Selling Tips","selling-tips",{"id":152,"name":153,"slug":154},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":156,"name":157,"slug":158},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]