Archive for November 19, 2018
While traditionally, people assume they need to have 20% down in order to buy a home,the reality is that the average home buyer only puts down about 5% of the purchase price. This dramatically reduces the upfront costs of buying a home making it more readily available to a wider range of people.
While traditionally, potential home buyers needed a minimum credit score of 620 to qualify for a home loan, the minimum score needed for an FHA loan is 500. Once again, this makes home buying accessible to a wider range of people. People with lower incomes or questionable credit history have a better chance of buying a home than they did in the past.
While the idea of owning a home outright may seem impossible, according to a recent market research study, roughly 34% of home owners have paid off their homes and have 100% equity. The dream of home ownership without a monthly mortgage payment is possible.
Following the housing crisis of 2008, many people became nervous about the