East Tennessee Real Estate & Neighborhood Source
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I hope you enjoyed a great 4th of July weekend! It turns out that along with the fireworks, home prices and home sales are shooting up just as dramatically.
Some Highlights:
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Let me repeat… You do not need a 20% down payment or perfect credit to buy a home!
A recent survey found that much of the American public is still misinformed about what is truly necessary to qualify for a home mortgage loan in today’s housing market. The two major misconceptions that the study pointed out were:
The survey showed that potential homebuyers overestimate the amount of money needed for a down payment to qualify for a home loan. The report noted that 36% of consumers think a 20% down payment is always required. In reality, there are a pretty large amount of loans written every day with a down payment of 3% or less. And while folks think that it’s harder now than before to get a loan, the truth is that the number of low down payment loans has actually increased through the first quarter of the year, as shown by the graph below:
The survey also showed that 2/3 of the people that responded believe they need a very good credit score to buy a home. 45% of them are thinking a “good credit score” is over 780. But the truth is that the average FICO scores of approved conventional and FHA mortgages are much lower:
If you are a someone thinking about buying a home, who is ‘ready’ and ‘willing’ to buy, but not sure if you are also ‘able’, sit down with someone who can help you understand your true options. I’d be happy to get you in touch with my preferred lender who has the heart of a teacher. She is always more that willing to take whatever time is necessary to educate you on the process and what is needed to get you into a home.
Have questions? Contact me (my contact info is below) and I’d be happy to help in any way that I can. I am here to serve you! You can also click below on “Mortgage & Refinance” to get the contact information of my preferred lender.
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Hot off the presses! My Summer 2015 Knoxville real estate guides for both buying and selling a home in the current market, are now available. These are full of great information to arm you with the knowledge to make an educated decision, whether you are considering buying or selling real estate in the Knoxville area. They are FREE to you, so just enter your information below and they will arrive in your email within a couple minutes. The information included in these guides is also applicable to other markets across the country, so feel free to share with friends and family. As always, don’t hesitate to contact me with any questions!
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The INFOGRAPHIC below charts the historical mortgage rates for 30 year mortgages over the last 40+ years. The 30 year mortgage rate is projected to increase by a full percentage point next year. The mortgage rate currently available is still well below the averages of the last 40 years. If mortgage rates rise by a whole percentage point, like they are projected to, it will have a significant impact on your monthly payment as well as the amount of home you can afford to buy. Read a recent article showing a detailed analysis of what that would look like here.
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