30 May 2 Assumptions Keeping People From Buying A Fullerton Home
Are you holding off on buying a Fullerton home because you fear you won’t qualify? Read on to find out the 2 most believed home buying myths that keep people from their dream of owning a Fullerton home.
1. I Need a 20% Down Payment To Buy A Fullerton Home
Truth: With an FHA loan, you need to put as little as 3.5% down. Some conventional loans only require 3% down. If you are veteran, you may qualify for a VA loan with 0% down! If you always thought you needed a 20% down payment to even qualify for a Fullerton home, think again. Putting less down means you can buy sooner. With Fullerton home values rising, low interest rates, and the ability to buy with a low down payment, this could be your year!
2. I Need A Credit Score of 780 To Buy A Fullerton Home
Truth: More than 50% of approved mortgages have a credit score between 600-749. You do not need a 780+ credit score to qualify for a mortgage. In fact, FHA loans can be approved with a minimum credit score of 580. If your credit score has kept you from believing your Fullerton home owning dreams could be a reality, this should be refreshing news!
So Now What?
Meet with a mortgage lender and get pre-qualified. A prequalification is a non-binding and informal way to see the loan amount for which you might qualify. Once you have that number, you can start looking for a Fullerton home within your price range, with no obligation.
Need to find a reputable lender? Call you local Fullerton real estate agent for referrals. He or she works with lenders every day and can hook you up with a lender who specializes in buyers with low down payments and/or credit scores. The agent can also become your buyer’s agent, at no cost to you, and help you through the entire Fullerton home buying process.
Now that you know the truth about down payments and credit scores, call your Fullerton real estate agent to help you find a reputable lender who can get you prequalified for a Fullerton home loan today!
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