Busting Myths About Buying a Home
It’s surprising how many potential buyers still think that they need a 20% down payment and an 800 FICO score to buy a home.
Here is the truth about buying a home in today’s market.
- The average down payment for first-time homebuyers is only 6%!
- The average FICO score is 677 for FHA loans and as low as 726 for conventional loans.
Another truth is that despite mortgage interest rates being over 4%, rates are still below historic numbers! This is truly the time to buy because rents are only going up and eventually interest rates will, too.
If you are even just toying around with the idea of buying, call me. I’m never too busy to help you and to provide information and guidance. I can also show you how to raise your FICO score so that you can get the best interest rate.
Knowledge is power! Call me today before your landlord raises the rent again and remember, when you buy a home, you can deduct the mortgage interest on your tax return, usually resulting in more money in your pocket each month.
“Life can be hard but if you want to be a winner, you have to get in the game.”