Home BUying Mythis
When it comes to purchasing a home, there is no shortage of advice whether it be from family members, friends, colleagues, real estate agents or online sources.
Two of the most common myths out there is that you have to have a perfect credit score and a down-payment of fifteen or twenty percent of the purchase price. Several years back, these myths were actually true, but today, that is no longer the case.
There are many financing programs available with different requirements. It's always best to personally Consult with a mortgage broker/ lender to see what lending program you may qualify for.
Depending on what type of real estate you are interested in, there are different lending requirements. For example, purchasing a single Family Fort Lauderdale home for sale, you may be able to put as little as 5% or less down, and finance the balance.
However, buyers looking at Fort Lauderdale Condos for sale in most cases, may need to put down a minimum of 25% (owner occupied) and 30% for 2nd/vacation properties. There are instances where you may be able to lower you down payment, however, the condo community will have to meet certain criteria.
There are also programs designed and suited for First-Time Home-Buyers.
For first-time homebuyers, the average down payment nationwide for a property purchase is only 6%! Even with current mortgage interest rates being over 4%, rates are still below historic numbers. In addition, as the graphic below shows, the credit score requirements for mortgage approval continue to fall.
If you are currently renting and have had your rental price raised, you are not alone. 88% of property managers across the country increased rental prices in the last year!
If you are considering a property purchase in the near future, give us a call and see what you may already qualify for!
Fort Lauderdale Neighborhoods
Disclaimer:The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. John Sabia PA and Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. John Sabia PA and Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.