[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f3m1wsuav3ytld":3,"$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},1493,"2-myths-holding-back-home-buyers-4","2 Myths Holding Back Home Buyers","In a recent article, \u003Ca href=\"https:\u002F\u002Fblog.firstam.com\u002Feconomics\u002Fdispelling-the-myth-of-the-20-percent-down-payment\">\u003Cem>First American\u003C\u002Fem>\u003C\u002Fa> shared how millennials are not really any different from previous generations when it comes to the goal of homeownership; it is still a huge part of their American Dream. The piece, however, also reveals,","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2019\u002F11\u002F13101148\u002F20191118-KCM-Share.jpg","In a recent article, \u003Ca href=\"https:\u002F\u002Fblog.firstam.com\u002Feconomics\u002Fdispelling-the-myth-of-the-20-percent-down-payment\">\u003Cem>First American\u003C\u002Fem>\u003C\u002Fa> shared how millennials are not really any different from previous generations when it comes to the goal of homeownership; it is still a huge part of their American Dream. The piece, however, also reveals,\u003C!--more-->\r\n\u003Cblockquote>\u003Cem> \u003C\u002Fem>\u003Cem>“Saving for a down payment is one of the biggest obstacles faced by first-time home buyers. Dispelling the 20 percent down payment myth could open the path to homeownership for many more.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\n\u003Ch4>\u003Cem> \u003C\u002Fem>\u003Cstrong>Myth #1: “I Need a 20% Down Payment”\u003C\u002Fstrong>\u003C\u002Fh4>\r\nBuyers often overestimate how much they need to qualify for a home loan. According to the same article:\r\n\u003Cblockquote>\u003Cem>“Americans still overestimate the qualifications needed to get a mortgage, resulting in qualified potential buyers not even considering homeownership. Indeed, the Urban Institute report revealed that 16 percent of consumers believed that the minimum down payment required by lenders is 20 percent or more, and another 40 percent didn’t know at all.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nWhile many potential buyers still think they need to put at least \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2019\u002F02\u002F05\u002Fone-more-time-you-do-not-need-20-down-to-buy-a-home\u002F\">20% down\u003C\u002Fa> for the home of their dreams, they often don’t realize how many assistance programs are available with as little as 3% down. With a little research, many renters may actually be able to enter the housing market \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2019\u002F04\u002F29\u002Fhow-quickly-can-you-save-your-down-payment\u002F\">sooner\u003C\u002Fa> than they ever imagined.\r\n\u003Ch4>\u003Cstrong>Myth #2: “I Need a 780 FICO® Score or Higher”\u003C\u002Fstrong>\u003C\u002Fh4>\r\nIn addition to down payments, buyers are also often confused about the \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2019\u002F03\u002F19\u002Fwhat-credit-score-do-you-need-to-buy-a-house\u002F\">FICO® score\u003C\u002Fa> it takes to qualify for a mortgage, believing a ‘good’ credit score is 780 or higher.\r\n\r\nTo debunk this myth, let’s take a look at \u003Cem>Ellie Mae’s\u003C\u002Fem> latest \u003Ca href=\"https:\u002F\u002Fstatic.elliemae.com\u002Fpdf\u002Forigination-insight-reports\u002FEM_OIR_SEPTEMBER2019.pdf\">\u003Cem>Origination Insight Report\u003C\u002Fem>\u003C\u002Fa>\u003Cem>,\u003C\u002Fem> which focuses on recently closed (approved) loans.\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2019\u002F11\u002F20191118-MEM-ENG.jpg\">\u003Cimg class=\"aligncenter wp-image-41200\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2019\u002F11\u002F20191118-MEM-ENG.jpg\" alt=\"2 Myths Holding Back Home Buyers | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>As indicated in the chart above, 50.23% of approved mortgages had a credit score of 500-749.\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 make the mortgage process easier. Believe it or not – 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 make the mortgage process easier. Believe it or not – your dream home may already be within your reach.","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2019\u002F11\u002F20191118-MEM-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","2019-11-18T10:00:07Z","2019-11-19T00:01:55Z",{"id":32,"slug":33,"title":34,"featuredImage":35,"publishedAt":36,"contentType":10,"isVideo":15},1492,"the-cost-of-renting-vs-buying-a-home-infographic-3","The Cost of Renting vs. Buying a Home [INFOGRAPHIC]","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2019\u002F11\u002F13132256\u002F20191115-KCM-Share.jpg","2019-11-15T11:00:40Z",{"id":38,"slug":39,"title":40,"featuredImage":41,"publishedAt":42,"contentType":10,"isVideo":15},1494,"expert-advice-3-benefits-to-owning-a-home","Expert Advice: 3 Benefits to Owning a Home","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2019\u002F11\u002F07133501\u002F20191119-KCM-Share.jpg","2019-11-19T10:00:05Z",{"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"]