[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f291tk5k8cu4ou":3,"$ffeh0925h8cuz":38,"$fbwk2pqjjqsc7":42},{"item":4,"previous":26,"next":32},{"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":25},1580,"two-big-myths-in-the-homebuying-process","Two Big Myths in the Homebuying Process","The \u003Ca href=\"https:\u002F\u002Flistwithclever.com\u002Freal-estate-blog\u002F2020-millennial-home-buyer-report\u002F?utm_campaign=real-estate-v2\">2020 Millennial Home Buyer Report\u003C\u002Fa> shows how this generation is not really any different from previous ones when it comes to homeownership goals:","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F03\u002F10141409\u002F20200316-KCM-Share.jpg","The \u003Ca href=\"https:\u002F\u002Flistwithclever.com\u002Freal-estate-blog\u002F2020-millennial-home-buyer-report\u002F?utm_campaign=real-estate-v2\">2020 Millennial Home Buyer Report\u003C\u002Fa> shows how this generation is not really any different from previous ones when it comes to homeownership goals:\u003C!--more-->\r\n\u003Cblockquote>\u003Cem>“The majority of millennials not only want to own a home, but 84% of millennials in 2019 considered it a major part of the American Dream.”\r\n\u003C\u002Fem>\u003C\u002Fblockquote>\r\nUnfortunately, the myths surrounding the barriers to homeownership – especially those related to down payments and FICO® scores – might be keeping many buyers out of the arena. The piece also reveals:\r\n\u003Cblockquote>\u003Cem>“Millennials have to navigate a lot of obstacles to be able to own a home. According to our 2020 survey, saving for a down payment is the biggest barrier for 50% of millennials.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nMillennial or not, unpacking two of the biggest myths that may be standing in the way of homeownership among all generations is a great place to start the debunking process.\r\n\u003Ch4>\u003Cstrong>Myth #1: “I Need a 20% Down Payment”\r\n\u003C\u002Fstrong>\u003C\u002Fh4>\r\nMany buyers often overestimate what they need to qualify for a home loan. According to the same article:\r\n\u003Cblockquote>\u003Cem>“A down payment of 20% for a home of that price [$210,000] would be about $42,000; only about 30% of the millennials in our survey have enough in savings to cover that, not to mention the additional closing costs.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nWhile many potential buyers still think they need to put at least 20% down 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 bit of research, many renters may be able to enter the housing market sooner than they ever imagined.\r\n\u003Ch4>\u003Cstrong>Myth #2: “I Need a 780 FICO® Score or Higher”\r\n\u003C\u002Fstrong>\u003C\u002Fh4>\r\nIn addition to down payments, buyers are also often confused about the FICO® score it takes to qualify for a mortgage, believing they need a credit score of 780 or higher.\r\n\r\n\u003Cem>Ellie Mae’s \u003C\u002Fem>latest \u003Ca href=\"https:\u002F\u002Fstatic.elliemae.com\u002Fpdf\u002Forigination-insight-reports\u002FEM_OIR_JANUARY2020.pdf\">Origination Insight Report\u003C\u002Fa>, which focuses on recently closed (approved) loans, shows the truth is, over 50% of approved loans were granted with a FICO® score below 750 \u003Cem>(see graph below):\u003C\u002Fem>\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F03\u002F20200316-MEM-EN.jpg\">\u003Cimg class=\"aligncenter wp-image-41914\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F03\u002F20200316-MEM-EN.jpg\" alt=\"Two Big Myths in the Homebuying Process | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>Even today, many of the myths of the homebuying process are unfortunately keeping plenty of motivated buyers on the sidelines. In reality, it really doesn’t have to be that way.\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nIf you’re thinking of buying a home, you may have more options than you think. Let’s connect to answer your questions and help you determine your next steps.","\r\nIf you’re thinking of buying a home, you may have more options than you think. Let’s connect to answer your questions and help you determine your next steps.","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F03\u002F20200316-MEM-EN.jpg",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","2020-03-17T10:00:19Z",{"id":27,"slug":28,"title":29,"featuredImage":30,"publishedAt":31,"contentType":10,"isVideo":15},1578,"5-simple-graphs-proving-this-is-not-like-the-last-time","5 Simple Graphs Proving This Is NOT Like the Last Time","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F03\u002F14162858\u002F20200316-KCM-Share-1.jpg","2020-03-16T10:00:56Z",{"id":33,"slug":34,"title":35,"featuredImage":36,"publishedAt":37,"contentType":10,"isVideo":15},1581,"three-reasons-why-this-is-not-a-housing-crisis","Three Reasons Why This Is Not a Housing Crisis","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F03\u002F17165504\u002F20200318-KCM-Share.jpg","2020-03-18T10:00:44Z",{"cover":39,"open":40,"shareSpread":41},"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",[43,47,48,52,56,60,64,65,69,73,77,81,85,89,93,97,101,105,109,113,117,121,125,129,133,137,141,145,149,153],{"id":44,"name":45,"slug":46},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":49,"name":50,"slug":51},6,"For Sellers","sellers",{"id":53,"name":54,"slug":55},7,"Foreclosures","foreclosures",{"id":57,"name":58,"slug":59},8,"Infographics","infographics",{"id":61,"name":62,"slug":63},9,"Home Prices","home-prices",{"id":22,"name":23,"slug":24},{"id":66,"name":67,"slug":68},34,"Senior Market","senior-market",{"id":70,"name":71,"slug":72},35,"Mortgage Rates","mortgage-rates",{"id":74,"name":75,"slug":76},38,"Move-Up","move-up",{"id":78,"name":79,"slug":80},41,"For Sale by Owner","for-sale-by-owner",{"id":82,"name":83,"slug":84},42,"Featured","featured",{"id":86,"name":87,"slug":88},45,"New Construction","new-construction",{"id":90,"name":91,"slug":92},52,"Luxury \u002F Vacation","luxury--vacation",{"id":94,"name":95,"slug":96},53,"Rent vs. Buy","rent-vs-buy",{"id":98,"name":99,"slug":100},80,"Time-sensitive","time-sensitive",{"id":102,"name":103,"slug":104},81,"Outdated","outdated",{"id":106,"name":107,"slug":108},147,"Internal","internal",{"id":110,"name":111,"slug":112},148,"Do Not Autopost","do-not-autopost",{"id":114,"name":115,"slug":116},320,"Inventory","inventory",{"id":118,"name":119,"slug":120},321,"Agent Value","agent-value",{"id":122,"name":123,"slug":124},322,"Affordability","affordability",{"id":126,"name":127,"slug":128},323,"Buying Tips","buying-tips",{"id":130,"name":131,"slug":132},324,"Downsize","downsize",{"id":134,"name":135,"slug":136},325,"Economy","economy",{"id":138,"name":139,"slug":140},326,"Equity","equity",{"id":142,"name":143,"slug":144},327,"Forecasts","forecasts",{"id":146,"name":147,"slug":148},328,"Selling Tips","selling-tips",{"id":150,"name":151,"slug":152},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":154,"name":155,"slug":156},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]