[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f3dic0961fyp6a":3,"$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},793,"again-you-do-not-need-20-down-to-buy-now","Again… You Do Not Need 20% Down to Buy NOW!","A \u003Ca href=\"https:\u002F\u002Fwww08.wellsfargomedia.com\u002Fassets\u002Fpdf\u002Fabout\u002Fpress\u002F2016\u002FHomeownershipSurveyupdated062016.pdf\">survey\u003C\u002Fa> by \u003Cem>Ipsos \u003C\u002Fem>found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. There are two major misconceptions that we want to address today.","","blog","https:\u002F\u002Fsimplifyingmedia\u002Fwp-content\u002Fuploads\u002F2017\u002F04\u002F03080202\u002F20170403-Share-STM.jpg","A \u003Ca href=\"https:\u002F\u002Fwww08.wellsfargomedia.com\u002Fassets\u002Fpdf\u002Fabout\u002Fpress\u002F2016\u002FHomeownershipSurveyupdated062016.pdf\">survey\u003C\u002Fa> by \u003Cem>Ipsos \u003C\u002Fem>found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. There are two major misconceptions that we want to address today.\u003C!--more-->\r\n\u003Ch4>\u003Cstrong>1. Down Payment\u003C\u002Fstrong>\u003C\u002Fh4>\r\nThe survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 40% of consumers think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less.\r\n\r\nMany renters may actually be able to \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002Fen\u002F2016\u002F04\u002F11\u002Fyou-can-save-for-a-down-payment-faster-than-you-think\u002F\">enter the housing market sooner\u003C\u002Fa> than they ever imagined with new programs that have emerged allowing less cash out of pocket.\r\n\u003Ch4>\u003Cstrong>2. FICO\u003Csup>®\u003C\u002Fsup> Scores\u003C\u002Fstrong>\u003Cstrong> \u003C\u002Fstrong>\u003C\u002Fh4>\r\nThe survey also revealed that 62% of respondents believe they need excellent credit to buy a home, with 43% thinking a \u003Cem>“good credit score”\u003C\u002Fem> is over 780. In actuality, the \u003Ca href=\"https:\u002F\u002Fcdn.elliemae.com\u002Forigination-insight-reports\u002FEllie_Mae_OIR_FEBRUARY2017.pdf\">average FICO\u003Csup>®\u003C\u002Fsup> scores\u003C\u002Fa> of approved conventional and FHA mortgages are much lower.\r\n\r\nThe average conventional loan closed in February had a credit score of 752, while FHA mortgages closed with a score of 686. The average across all loans closed in February was 720. The chart below shows the distribution of FICO\u003Csup>®\u003C\u002Fsup> Scores for all loans approved in February.\r\n\r\n\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2017\u002F03\u002F20170403-STM-ENG.jpg\">\u003Cimg class=\"alignnone wp-image-35265\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2017\u002F03\u002F20170403-STM-ENG.jpg\" alt=\"Again… You Do Not Need 20% Down to Buy NOW! | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nIf you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but are not sure if you are ‘able’ to, let’s sit down to help you understand your true options.","\r\nIf you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but are not sure if you are ‘able’ to, let’s sit down to help you understand your true options.","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2017\u002F03\u002F20170403-STM-ENG.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","2017-04-03T10:00:50Z","2017-04-03T08:02:25Z",{"id":32,"slug":33,"title":34,"featuredImage":35,"publishedAt":36,"contentType":10,"isVideo":15},792,"home-prices-up-6-15-across-the-country-infographic","Home Prices Up 6.15% Across the Country! [INFOGRAPHIC]","https:\u002F\u002F\u002F","2017-03-31T10:00:15Z",{"id":38,"slug":39,"title":40,"featuredImage":41,"publishedAt":42,"contentType":10,"isVideo":15},794,"15014-homes-sold-yesterday-did-yours","15,014 Homes Sold Yesterday… Did Yours?","https:\u002F\u002Fsimplifyingmedia\u002Fwp-content\u002Fuploads\u002F2017\u002F03\u002F23125041\u002F20170404-Share-STM.jpg","2017-04-04T10:00:10Z",{"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"]