[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f30ac79m9r9q5":3,"$ffeh0925h8cuz":39,"$fbwk2pqjjqsc7":43},{"item":4,"previous":27,"next":33},{"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":25,"updatedAt":26},1114,"you-do-not-need-20-down-to-buy-your-home-now","You DO NOT Need 20% Down to Buy Your Home NOW!","The \u003Cem>\u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Freports\u002Faspiring-home-buyers-profile\">Aspiring Home Buyers Profile\u003C\u002Fa> \u003C\u002Fem>from the\u003Cem> National Association of Realtors \u003C\u002Fem>(NAR) 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 the main reason why non-homeowners do not own their own homes is because they believe that they cannot afford them.","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2018\u002F06\u002F21141026\u002F20180625-Share-STM.jpg","The \u003Cem>\u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Freports\u002Faspiring-home-buyers-profile\">Aspiring Home Buyers Profile\u003C\u002Fa> \u003C\u002Fem>from the\u003Cem> National Association of Realtors \u003C\u002Fem>(NAR) 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 the main reason why non-homeowners do not own their own homes is because they believe that they cannot afford them.\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\nA recent \u003Ca href=\"https:\u002F\u002Fwww.laurelroad.com\u002Fpress_release\u002Fsurvey-knowledge-gap-contributing-to-housing-market-and-affordability-concerns-cautiousness\u002F\">survey\u003C\u002Fa> by \u003Cem>Laurel Road,\u003C\u002Fem> the \u003Cem>National Online Lender\u003C\u002Fem> and \u003Cem>FDIC-Insured Bank,\u003C\u002Fem> revealed that consumers overestimate the down payment funds needed to qualify for a home loan.\r\n\r\nAccording to the survey, 53% of Americans who plan to buy or have already bought a home admit to their concerns about their ability to afford a home in the current market. In addition, 46% are currently unfamiliar with alternative down payment options, and 46% of millennials do not feel confident that they could currently afford a 20% down payment.\r\n\r\nWhat these people don’t realize, however, is that there are many loans written with down payments of 3% or less.\r\n\r\nMany renters may actually be able to \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2018\u002F03\u002F13\u002Fyou-can-save-for-a-down-payment-faster-than-you-think-2\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>Ipsos\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\u002Fstatic.elliemae.com\u002Fpdf\u002Forigination-insight-reports\u002FEllie_Mae_OIR_MAY2018.pdf\">average FICO\u003Csup>®\u003C\u002Fsup> scores\u003C\u002Fa> for approved conventional and FHA mortgages are much lower.\r\n\r\nThe average conventional loan closed in May had a credit score of 753, while FHA mortgages closed with an average score of 676. The average across all loans closed in May was 724. The chart below shows the distribution of FICO® Scores for all loans approved in May.\r\n\r\n\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2018\u002F06\u002F20180625-STM-ENG.jpeg\">\u003Cimg class=\"alignnone wp-image-37705\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2018\u002F06\u002F20180625-STM-ENG.jpeg\" alt=\"You DO NOT Need 20% Down to Buy Your Home 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 you are not sure if you are ‘able’ to, let’s sit down to help you understand your true options today.","\r\nIf you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but you are not sure if you are ‘able’ to, let’s sit down to help you understand your true options today.","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2018\u002F06\u002F20180625-STM-ENG.jpeg",false,[17,21],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},11,"First-Time Buyers","first-time-buyers","2018-06-25T10:00:18Z","2018-06-21T17:57:13Z",{"id":28,"slug":29,"title":30,"featuredImage":31,"publishedAt":32,"contentType":10,"isVideo":15},1113,"4-reasons-to-sell-this-summer-infographic","4 Reasons to Sell This Summer [INFOGRAPHIC]","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2018\u002F06\u002F21132807\u002F20180622-Share-STM.jpg","2018-06-22T10:00:42Z",{"id":34,"slug":35,"title":36,"featuredImage":37,"publishedAt":38,"contentType":10,"isVideo":15},1115,"are-you-wondering-if-you-can-buy-your-first-home","Are You Wondering If You Can Buy Your First Home?","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2018\u002F06\u002F11113939\u002F20180626-Featured.jpg","2018-06-26T10:00:01Z",{"cover":40,"open":41,"shareSpread":42},"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",[44,48,49,53,57,61,65,66,70,74,78,82,86,90,94,98,102,106,110,114,118,122,126,130,134,138,142,146,150,154],{"id":45,"name":46,"slug":47},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":50,"name":51,"slug":52},6,"For Sellers","sellers",{"id":54,"name":55,"slug":56},7,"Foreclosures","foreclosures",{"id":58,"name":59,"slug":60},8,"Infographics","infographics",{"id":62,"name":63,"slug":64},9,"Home Prices","home-prices",{"id":22,"name":23,"slug":24},{"id":67,"name":68,"slug":69},34,"Senior Market","senior-market",{"id":71,"name":72,"slug":73},35,"Mortgage Rates","mortgage-rates",{"id":75,"name":76,"slug":77},38,"Move-Up","move-up",{"id":79,"name":80,"slug":81},41,"For Sale by Owner","for-sale-by-owner",{"id":83,"name":84,"slug":85},42,"Featured","featured",{"id":87,"name":88,"slug":89},45,"New Construction","new-construction",{"id":91,"name":92,"slug":93},52,"Luxury \u002F Vacation","luxury--vacation",{"id":95,"name":96,"slug":97},53,"Rent vs. Buy","rent-vs-buy",{"id":99,"name":100,"slug":101},80,"Time-sensitive","time-sensitive",{"id":103,"name":104,"slug":105},81,"Outdated","outdated",{"id":107,"name":108,"slug":109},147,"Internal","internal",{"id":111,"name":112,"slug":113},148,"Do Not Autopost","do-not-autopost",{"id":115,"name":116,"slug":117},320,"Inventory","inventory",{"id":119,"name":120,"slug":121},321,"Agent Value","agent-value",{"id":123,"name":124,"slug":125},322,"Affordability","affordability",{"id":127,"name":128,"slug":129},323,"Buying Tips","buying-tips",{"id":131,"name":132,"slug":133},324,"Downsize","downsize",{"id":135,"name":136,"slug":137},325,"Economy","economy",{"id":139,"name":140,"slug":141},326,"Equity","equity",{"id":143,"name":144,"slug":145},327,"Forecasts","forecasts",{"id":147,"name":148,"slug":149},328,"Selling Tips","selling-tips",{"id":151,"name":152,"slug":153},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":155,"name":156,"slug":157},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]