Many Potential Home Buyers Are Misinformed About The Home Buying Process

Posted by John Sabia on Tuesday, July 7th, 2015 at 10:53am.

Americans Want to Buy But Many Have Misconceptions

Ipsos Public Affairs released a new survey revealing a majority of Americans want to buy a home and believe now is an excellent time to do it. In fact, a full 65 percent of those surveyed said they feel homeownership would be a dream come true or an accomplishment to be proud of and 72 percent said now is a good time to buy.

The survey also found very few current renters who said they'd prefer to continue renting. In fact, just one in ten said they prefer renting to owning. But despite their desire to own their own home, many Americans have misconceptions about what is required to achieve that goal.

For example, the survey found two-thirds of participants believed they'd need very good credit in order to qualify for a home loan and nearly half thought a good credit score was something over 780. In fact, 780 is typically considered an excellent credit score.

Prospective home buyers were also scared off by the down payment. Many believed that a 20 percent down payment was always required to buy a house. However, depending on the type of loan, down payment requirements can be as low as 3.5 percent.  The minimum down payment for a condominium in Florida is at least 30%. In addition, there are many assistance programs available to buyers who need help coming up with a down payment. Read more here....

photo of house for sale

John Sabia

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