Buying a home can be exhilarating and scary all at the same time. A recent study has shown that over one third of potential home buys are not pursuing their home ownership dream because they are afraid. Not necessarily afraid of owning a home. They are afraid of not knowing how to go about buying a home, confused on what do to first, afraid of the down payment, and unclear if they are ready to be home owners.
Many potential home buyers are fearful of rejection, afraid they will make a mistake, unsure of where to get a loan, and afraid of simply looking stupid. It is common for new buyers to also be afraid of being taken advantage of.
In addition of the fear associated with buying a home, consumers avoid investigating buying a home because they feel that they need thousands of dollars for the down payment and closing costs. Unfortunately, this misconception is holding back numerous home buyers from the reality of owning a home.
Myth: “I Need a 20% Down Payment”
Buyers often overestimate how much they need to qualify for a home loan. According to an article by First American:
“Americans still overestimate the qualifications needed to get a mortgage, resulting in qualified potential buyers not even considering homeownership. Indeed, the Urban Institute report revealed that 16 percent of consumers believed that the minimum down payment required by lenders is 20 percent or more, and another 40 percent didn’t know at all.”
While many potential buyers still think they need to put at least 20% down for the home of their dreams, they often don’t realize how many assistance programs are available with as little as 3% down. With a little research, many renters may actually be able to enter the housing market sooner than they ever imagined.
USA Clears Misconception
USA Real Estate and Property Management in Prescott Valley, Arizona, has been knocking down the walls of misconception for home buyers for over 30 years. In fact, USA Real Estate has access to government grant programs that may provide buyers with up to $20,000 towards the purchase of a home.
There are also Zero Cash Down Programs. Regardless of your present situation, if you are searching for a home in the Prescott area, be it looking to enter or re-enter the housing market without having to make a cash down payment, the Zero Cash Down Payment Program can help you get there. Zero-Cash Down Programs are offered through an approved state banking lenders. So, good credit or bad credit, even if you’ve been turned down for a loan in the past, the team at USA Real Estate can help.
USA encourages buyers to not let the fear and the uncertainty of the home buying process hold them back from home ownership. USA has the answers, experience, and connections to make home buying a reality. USA Real Estate team teaches you how to buy a home, click here to contact us or call 928.775.0400 to get started today!