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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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"We found Russ to be an excellent Realtor. He was so easy to work with, very professional and thorough. He was always prompt to respond to our calls and emails. We were a bit nervous at first, because we were out of town buyers, but Russ quickly put us at ease. He sent us many potential prospects but he was never pushy. It was so nice to work with someone so honest. We would highly recommend using Russ to anyone who was looking to buy or sell."
- L.M., Green Valley, AZ
"Russ did an outstanding job with our out-of-state move. He went over and beyond with all the online paper work and E-signing. He even took additional pictures of the home we saw online to help us make up our minds. He’s great at his job and I would recommend him, he’s an outstanding Realtor!!!”"
- K.G., Green Valley AZ
"Russ was always very responsive and returned calls in timely manner. Was extremely Calm and rational when going gets jiggy. Keeps any drama from becoming dramatic. His experience in executive management is an asset when dealing with the variety of challenges related to closing the sale. I Highly recommend him to handle complicated transactions. "
- M.L., Tucson 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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