Common Mortgage Myths Busted
Our trusted partner, Shelter Home Mortgage has provided common mortgage myths and their truths when it comes to buying a home. Kickstart your real estate journey, stop renting and start shopping for your new home now!
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Mortgage Myths Busted
Myth: I must put at least 20% down.
Truth: There are loan programs that allow as little as 3% down payment. Although having a 20% down payment is ideal, it is not required. You can find the best loan program that works for you and your financial ability.
Myth: I have no credit history or a low credit score
Truth: By opening a credit card account and making timely payments, you can easily have an established credit history in a little as 6-12 months! Also, your credit score doesn’t have to be flawless to find a home mortgage that fits your budget. There are many mortgage programs available for those with lower credit scores. In fact, even scores in the 600s can qualify for a home loan.
Myth: I have too much student loan debt.
Truth: Only a percentage of your student loan payment is counted in the debt-to-income-ratio!