Winchester Herald Chronicle

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Coldwell Banker Lynch Rigsby Realty

The American misconception

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A majority of Americans are eager to purchase a home and think now is the time to do so, according to a recent survey by Ipsos Public Affairs,

 In fact, a full 65 percent of respondents said they feel homeownership would be a dream come true.

Despite the American dream of owning your own home, the survey also found that current renters would prefer to stay in their rental situation.

But why?

The Ipsos survey found that two-thirds of participants believed they’d need very good credit to qualify for a home loan, and nearly half thought a good credit score was something over 780.

Prospective home buyers were also scared off by the down payment. Many believed that a 20 percent down payment was always required to buy a house. However, depending on the type of loan, down payment requirements can be as low as 3.5 percent!

Creditworthiness isn’t determined based on a single factor, so potential homebuyers should find out what options may be available before excluding themselves based on credit score alone.

Come see me today to see what your options are, and let me help you accomplish part of your American dream of owning your own home.