[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f24q1wkvqlqdmn":3,"$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},1209,"2-myths-holding-back-home-buyers-2","2 Myths Holding Back Home Buyers","\u003Cp>\u003Cem>Urban Institute\u003C\u002Fem> recently released a \u003Ca href=\"https:\u002F\u002Fwww.urban.org\u002Fsites\u002Fdefault\u002Ffiles\u002Fpublication\u002F99028\u002Fbarriers_to_accessing_homeownership_2018_4.pdf\" rel=\"noopener noreferrer\" target=\"_blank\">report\u003C\u002Fa> entitled, \u003Cem>“Barriers to Accessing Homeownership: Down Payment, Credit, and Affordability,”\u003C\u002Fem> which revealed that,\u003C\u002Fp>","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2018\u002F10\u002F17134911\u002F20181105-Share-STM.jpg","\u003Cblockquote>\u003Cem>Urban Institute\u003C\u002Fem> recently released a \u003Ca href=\"https:\u002F\u002Fwww.urban.org\u002Fsites\u002Fdefault\u002Ffiles\u002Fpublication\u002F99028\u002Fbarriers_to_accessing_homeownership_2018_4.pdf\" rel=\"noopener noreferrer\" target=\"_blank\">report\u003C\u002Fa> entitled, \u003Cem>“Barriers to Accessing Homeownership: Down Payment, Credit, and Affordability,”\u003C\u002Fem> which revealed that,\u003Cem>“Consumers often think they need to put more money down to purchase a home than is actually required. In a 2017 survey, 68% of renters cited saving for a down payment as an obstacle to homeownership. Thirty-nine percent of renters believe that more than 20% is needed for a down payment and many renters are unaware of low–down payment programs.”\u003C\u002Fem>\u003C\u002Fblockquote>\u003Ch4>\u003Cstrong>Myth #1: “I Need a 20% Down Payment”\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>Buyers often overestimate the down payment funds needed to qualify for a home loan. According to the same report:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“Most potential homebuyers are largely unaware that there are low-down payment and no-down payment assistance programs available at the local, state, and federal levels to help eligible borrowers secure an affordable down payment.”  \u003C\u002Fem>\u003C\u002Fblockquote>\u003Cp>These numbers do not differ much between non-owners and homeowners. For example, “\u003Cem>30% of homeowners and 39% of renters believe that you need more than 20 percent for a down payment\u003C\u002Fem>.” While many believe that they need at least 20% down to buy their dream homes, they do not realize that there are programs available which allow them to put down as little as 3%. Many renters may actually be able to enter the housing market sooner than they ever imagined with programs that have emerged allowing less cash out of pocket.\u003C\u002Fp>\u003Ch4>\u003Cstrong>Myth #2: “I Need a 780 FICO® Score or Higher to Buy”\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>Similar to the down payment, many either don’t know or are misinformed about what FICO® score is necessary to qualify. Many Americans believe a ‘good’ credit score is 780 or higher. To help debunk this myth, let’s take a look at \u003Cem>Ellie Mae’s\u003C\u002Fem> latest \u003Ca href=\"http:\u002F\u002Fwww.elliemae.com\u002Fresources\u002Forigination-insight-reports\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cem>Origination Insight Report\u003C\u002Fem>\u003C\u002Fa>\u003Cem>,\u003C\u002Fem> which focuses on recently closed (approved) loans. \u003Ca href=\"\u002Fwp-content\u002Fuploads\u002F2018\u002F10\u002F17134813\u002F20181105-KCM-ENG.jpeg\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cimg src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2018\u002F10\u002F17134813\u002F20181105-KCM-ENG.jpeg\" alt=\"2 Myths Holding Back Home Buyers | Simplifying The Market\" height=\"488\" width=\"650\">\u003C\u002Fa> As you can see in the chart above, \u003Cstrong>51.7%\u003C\u002Fstrong> of approved mortgages had a credit score of 600-749.\u003C\u002Fp>\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\u003Cp>Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Your dream home may already be within your reach.\u003C\u002Fp>","\u003Cp>Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Your dream home may already be within your reach.\u003C\u002Fp>","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2018\u002F10\u002F17134813\u002F20181105-KCM-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","2018-11-05T10:00:21Z","2023-09-28T20:07:11Z",{"id":28,"slug":29,"title":30,"featuredImage":31,"publishedAt":32,"contentType":10,"isVideo":15},1208,"the-difference-an-hour-will-make-this-fall-infographic","The Difference an Hour Will Make This Fall [INFOGRAPHIC]","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2018\u002F10\u002F22104907\u002F20181102-Share-STM.jpg","2018-11-02T10:00:41Z",{"id":34,"slug":35,"title":36,"featuredImage":37,"publishedAt":38,"contentType":10,"isVideo":15},1210,"5-tips-when-buying-a-newly-constructed-home","5 Tips When Buying a Newly Constructed Home","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2018\u002F10\u002F15151406\u002F20181106-Share-STM.jpg","2018-11-06T10:00:45Z",{"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"]