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You are here: Home / Blog / Tips for Home Buyers

Are mortgage myths holding you back from buying a home?

September 5, 2019

Getting a mortgage might be more attainable than you originally believed.

A recent survey from Fannie Mae finds that a huge percentage of Americans are overestimating what it takes to secure a mortgage — and those misconceptions about mortgage qualifications could be holding people back from purchasing their dream home.

Fannie Mae’s survey aimed at exploring how well consumers understand the basic requirements for obtaining a mortgage. And what they found were a lot of misconceptions.

For example, the average consumer believes you need at lease a 10 percent down payment and a credit score of 650 to secure a mortgage — when, in reality, you only need a down payment of 3 percent and a credit score of 580 to qualify. Most consumers (a whopping 77 percent) aren’t even aware that low down payment mortgage programs exist.

The Takeaway: Don’t let your misconceptions about mortgages hold you back from buying your dream home. Getting a mortgage might be more attainable than you originally believed — even if you have a less-than-perfect credit score or a smaller down payment.

Filed Under: Tips for Home Buyers Tagged With: Credit, Down Payment, FICO Scores, Home Loans

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"Russ went far beyond my expectations! He not only helped before, during and after my purchase, he has great knowledge of anything I needed information with. This was the BEST Real Estate purchase I’ve ever made, Russ’ service for me was flawless. Thank You Russ!"
- B.G., Green Valley AZ
"He is very personable, knowledgeable and reliable. Anytime we had a question or concern, he was right there with the answer. Our buyers were from out of state and had only 1 week to see the house and schedule all inspections. It could have been very stressful for us, but Russ took care of everything in professional and timely manner."
- S.S., Green Valley AZ
"I left the area early in the selling process, Russ handled everything for me and kept me informed about what was happening. He answered all of my questions promptly and did all of the extras that needed to be done. I put my trust in him and he didn’t fail me. I do recommend him for handling the sale of your home, and for finding you one to buy."
- J.A., Sahuarita AZ
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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and year-round Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
Contact Russ

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