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3 Common Mortgage Myth’s

1) You need 20% For a Down Payment to Purchase a Home:

Many people purchasing their first home believe 20% is the required amount for a down payment. This isn’t the case. If you are using a conventional loan, you can have as little as 3% as the down payment. There are even loan programs that allow a buyer to put as little as 0% Down payment. Most commonly through VA and USDA loan Programs. The FHA Loan allows a 3.5% down payment.*

Connect with a Mortgage Loan Professional to discuss which option is best for you.

2) You need to have perfect credit to purchase a home.

Having great credit score can with your loan terms and qualifications, however, if you have credit that isn’t perfect there are many programs that allow you to purchase a home. It is always smart to connect with a loan professional and help you understand your options.

3) Your Down Payment covers all the cost to complete your purchase.

Your down payment is a large portion of your ‘cash to close’, however, there are other fees that are involved in the purchase of a home. Commonly, these include prepaid taxes/insurance and lenders fees and title and escrow fees. Planning and budgeting for these fees is important when you are considering our next step in purchasing your home. Consult with a mortgage professional to help you plan for this.

*Loans are subject to credit and property approval. Other limitations apply. Rates, terms and availability of programs are subject to change without notice.

Matt Vogel, NMLS 246290,

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