You may have been thinking about purchasing a home in Tampa, but you are worried that you won’t be able to meet the requirements. Like many people, you are under the two major misconceptions that keep you from buying a home. Let’s take a look at both of these perceived obstacles and why they really aren’t obstacles.
Down Payment
The majority of renters and homeowners are under the impression that to purchase a home it requires a 20% down payment. Because of the idea that 20% down payment is required over half of the same group said that it would prevent them from buying a home within the next three years because of the inability to save the needed funds. It would probably be a shock for them to find out there are programs that let them purchase a home with as little as 3% down.
FICO Score
Just as with the myth of a 20% down payment, most people aremisinformed when it comes to a FICO score needed to buy a home. The erroneousbelief is that a ‘good’ credit score has to be 780 or higher. In reality, over50% of approved mortgages had a credit score in the range of 600-749.
So, if you are renting or seeking to move into another home, it may be closer than you think. Just be sure to do your research and ask questions. You could be your new home sooner than you think!
If you are a renter in the greater Tampa Bay Area or are considering purchasing another home, call me at 813-915-6649 or send me an email. I have the experience and the understanding to guide you through the loan process. Don’t wait for a second longer to purchase a new home, call today!
