Separating Homeownership Fact From Fiction
Many potential first-time homebuyers put off the purchase of their first home because they simply think they won’t be able to qualify for a loan. However, applying for a mortgage is very different than it was 10 or 20 years ago – thanks to all sorts of creative financing offers that are available today, many people who are still giving their money to a landlord could be purchasing their own home. FreddieMac.com has put together a great list of “myths” about becoming a homeowner, and it shows just how feasible homeownership can be for most people. Here are just a few of the Many Myths About Homeownership:
Myth: You need great credit to become a homeowner.
Fact: You may still be able to buy a home with less-than-perfect credit. And remember, you can improve your credit over time.
Myth: You need to put 20% down to buy a home.
Fact: There are many types of mortgage products and programs that allow low and no down payments. But remember to factor in other costs such as closing costs, property taxes, moving
Myth: Lenders share your personal financial information with other companies.
Fact: By law, banks and other financial institutions are restricted in their uses and disclosures of information about you. In some situations, you may choose to restrict the disclosure of your information if you don't want it to be shared.
Myth: You can't get a mortgage if you've changed jobs several times in the last few years.
Fact: Not true. You can change jobs several times and still get a loan to buy a home. Lenders understand that people change jobs. The important thing is to show that you've had a stable income.
If you are ready to get on the path to homeownership in
