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Buying a home is a major decision that can bring excitement, stress, and a lot of questions. With so much information out there, it can be hard to separate fact from fiction. In this blog post, we'll debunk the top 10 myths about buying a home, and help you make an informed decision.

  1. Myth: You need a 20% down payment to buy a home. Fact: While a 20% down payment can help you avoid paying private mortgage insurance (PMI), it's not a requirement. Many lenders offer programs that allow buyers to put down as little as 3% or 5% of the purchase price.  And in Idaho, we have down payment assistance program  that will cover down payment requirements.
  2. Myth: Your credit has to be perfect to buy a home. Fact: While having a good credit score can help you secure a better interest rate, it's not a requirement. There are many loan programs available for buyers with less-than-perfect credit, including FHA and VA loans, FHA and VA will actually go down to 500 FICO Scores.
  3. Myth: You should buy as much house as you can afford. Fact: Just because you can qualify for a certain amount doesn't mean you should spend that much. Make sure you factor in other expenses, such as property taxes, utilities, and maintenance costs.
  4. Myth: You can't buy a home with student loan debt. Fact: While student loan debt can affect your debt-to-income ratio, it doesn't disqualify you from getting a mortgage. Lenders will consider your entire financial picture, including your income and credit history.
  5. Myth: You have to pay the asking price. Fact: Negotiating is a common part of the home buying process. Don't be afraid to make a counteroffer or ask for concessions, such as repairs or closing costs.
  6. Myth: You should always buy a home in a good school district. Fact: While schools can be an important factor to consider, they shouldn't be the only one. You should also consider the location, neighborhood, and your own needs and preferences.
  7. Myth: You don't need a home inspection. Fact: A home inspection can uncover potential problems with the property, such as leaks, structural issues, and safety hazards. It's an important step in the home buying process.
  8. Myth: You don't need a real estate agent. Fact: While it's possible to buy a home without a real estate agent, it's not recommended. A good agent can help you navigate the complex process, negotiate on your behalf, and provide valuable advice.  Need a good agent, 1st Choice has some of the BEST in Idaho we can refer you to.
  9. Myth: You can't buy a home if you're self-employed. Fact: While self-employed buyers may face additional challenges, such as proving their income, it's still possible to get a mortgage. You may need to provide additional documentation, such as tax returns and bank statements.
  10. Myth: You can't back out of a home purchase. Fact: While it's not ideal, buyers can back out of a home purchase if certain conditions aren't met, such as issues with the inspection or financing. Just be aware that you may forfeit your earnest money deposit.

In conclusion, buying a home can be a complex process, but it doesn't have to be overwhelming. By debunking these common myths, you'll be better prepared to make informed decisions and find the home of your dreams.

Posted by 375loan at 5/4/2023 12:36:00 AM


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