Over the course of the past couple of years, we have come across many home buying myths told to us by first time home buyers as well as repeat buyers that have fallen into information that is not correct when it comes to buying a home.
We are going go over these home buying myths and set the record straight for you so you are armed with correct information.
We will also be sending you a “to-do list” so you can get your ducks lined up before you start your home search. This list is pretty important so be sure to grab it from us with no strings attached.
Watch our quick 3 minute video on our top 3 home buying myths here or just scroll down for more informative reading.
Home Buying Myth # 1
You need a 20% down payment to purchase a home. MYTH
You can actually purchase a home with 3.5 % down and in some cases 3% down. “This is for conventional as well as FHA home loans.”
“With USDA or VA loans you can purchase with 0% down.”
Be sure to talk with a lender to see what your options are. We recommend shopping rates with different lenders.
We will send you a list of our top picks for lenders along with your “to-do list” at the bottom of this post.
Myth #2
You need to have a great credit score to get a mortgage loan. MYTH
We hear quite often, from first time as well as transitional home buyers, that they had no idea they could get a loan with low credit scores.
You can actually get a home loan with a credit score of 580 and in some cases, even lower depending on the lender and the loan package offered.
Home Buying Myth # 3
You can save money by not using a buyers agent. MYTH
If you are looking to purchase a home and you go in unrepresented you could be losing a ton of money!
Home buyers do not pay buying agents a dime. Buying agents are paid by the listing broker and work with you, the home buyer to protect you from making costly mistakes during your home purchase.
Remember this, the “Listing Agent” is loyal to the Seller, not the Buyer.
Your home buying agent is loyal to you, the buyer.
So, if you have a top agent working on your behalf, that agent will find every way possible to get you the very best deal.
A great home buyers agent will handle the scheduling of home inspections, and negotiations on amendments to address concerns once your inspector has gone through the home to find defects you may not see.
The state of Ga., is a buyer beware state, therefore, if you are not aware of issues that are hidden, you will have little or no recourse for action once your home is purchased.
Hence, use a buyers agent and protect your yourself.
Not in the state of Georgia? We can help you find a top agent in any state to help you with your home purchase.
You can get our home buyers “to-do list” by filling out the form below. We will have it in your email inbox super fast.
We are advocates for email privacy and will never share yours.
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