[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f1ffk9aopnmnrx":3,"$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},928,"no-you-do-not-need-20-down-to-buy-now","No… You Do Not Need 20% Down to Buy NOW!","The \u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Freports\u002Faspiring-home-buyers-profile\">\u003Cem>Aspiring Home Buyers Profile\u003C\u002Fem>\u003C\u002Fa> from the \u003Cem>National Association of Realtors (NAR) \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. The results of the survey show that non-homeowners cite the main reason for not currently owning a home, as not being able to afford one.","","blog","https:\u002F\u002Fsimplifyingmedia\u002Fwp-content\u002Fuploads\u002F2017\u002F09\u002F22104817\u002F20171009-Share-STM.jpg","The \u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Freports\u002Faspiring-home-buyers-profile\">\u003Cem>Aspiring Home Buyers Profile\u003C\u002Fem>\u003C\u002Fa> from the \u003Cem>National Association of Realtors (NAR) \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. The results of the survey show that non-homeowners cite the main reason for not currently owning a home, as not being able to afford one.\u003C!--more-->\r\n\r\nThis brings us to two major misconceptions that we want to address today.\r\n\u003Ch4>\u003Cstrong>1. Down Payment\u003C\u002Fstrong>\u003C\u002Fh4>\r\n\u003Cem>NAR’s \u003C\u002Fem>survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 39% of non-homeowners say they believe they need more than 20% for a down payment on a home purchase. 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\u002F2017\u002F04\u002F24\u002Fhow-fast-can-you-save-for-a-down-payment\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>\u003C\u002Fh4>\r\nAn \u003Cem>Ipson \u003C\u002Fem>survey 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_AUGUST2017.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 August had a credit score of 752, while FHA mortgages closed with a score of 683. The average across all loans closed in August was 724. The chart below shows the distribution of FICO\u003Csup>®\u003C\u002Fsup> Scores for all loans approved in August.\r\n\r\n\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2017\u002F09\u002F20171009-STM-ENG.jpg\">\u003Cimg class=\"alignnone wp-image-36248\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2017\u002F09\u002F20171009-STM-ENG.jpg\" alt=\"No… 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\u002F09\u002F20171009-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","2017-10-09T10:00:07Z","2017-12-11T13:27:48Z",{"id":32,"slug":33,"title":34,"featuredImage":35,"publishedAt":36,"contentType":10,"isVideo":15},927,"the-mortgage-process-what-you-need-to-know-infographic-2","The Mortgage Process: What You Need to Know [INFOGRAPHIC]","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2017\u002F10\u002F05103803\u002F20170428-Share-STM.jpg","2017-10-06T10:00:40Z",{"id":38,"slug":39,"title":40,"featuredImage":41,"publishedAt":42,"contentType":10,"isVideo":15},929,"millionaire-to-millennials-buy-a-home-now","Millionaire to Millennials: Buy a Home Now!","https:\u002F\u002Fsimplifyingmedia\u002Fwp-content\u002Fuploads\u002F2017\u002F10\u002F05105452\u002F20171010-Share-STM.jpg","2017-10-10T10:00:40Z",{"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"]