Buyers Are Still Confused About What They Need To Buy A Home

Dated: 04/06/2017

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It seems that the American public is still confused about what requirements there are to qualify to buy a home in today's house market! In particular there are TWO major misconceptions that I want to clear up.


1. Down Payment

Many Buyers still think that you need to have at least 20% downpayment to qualify for a home loan. We actually have many programs that require just 3% down, and there are even some zero down programs available! 

Many renters can enter the market sooner than they every imagined, allowing them to build equity in their own home, instead of their landlord's!


2. Credit Scores

Think you need an "excellent" credit score to buy a home? Oftentimes I will hear people tell me that they need to get their credit score up to 780 before they buy. In February the average conventional loan closed with a credit score of 752, and across all loan types the average was 720. Here's a graph that shows the distribution of loans in February across all scores:

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The bottom line is that if you're renting in San Diego, you will likely be able to buy a home of your own for around what you're paying in rent! If you want to buy, but aren't sure if you qualify, call me and I'll put you in touch with an incredible loan officer that will either get you qualified or give you steps to take to get ready to buy! (760) 936-8576

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Christy Lundy BRE#01961048

Christy became a Realtor after a 15 year career with a national non-profit, where she focused on helping people improve their lives. She brings that focus, drive, and concern for her client's needs to....

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