Home Buying Myths - AARE

Page 1

HOME BUYING MYTHSED! MYTH 2:

MYTH 1:

T S BU

YOU NEED AT LEAST A 15% DOWN PAYMENT FOR LOAN APPROVAL

YOU NEED A CREDIT SCORE OF AT LEAST 800 FOR LOAN APPROVAL

BUSTED:

AVERAGE FICO SCORES OF APPROVED LOANS

BUSTED:

DOWN PAYMENT %

BY BUYER TYPE

of property managers raised their rent in the last 12 months

6%

10%

14%

First Time Buyers

All Buyers

Repeat Buyers

of property managers were more likely to bring in a new tenant at a higher rate rather than renegotiate and renew with a current tenant.

88% 53%

12.7% 1980s

INTEREST RATE TRENDS INTEREST RATES REMAIN HISTORICALLY LOW, LOCK IN YOUR HOUSING COST NOW!

8.86% 1970s

8.12% 1990s

6.29% 2000s

3.42% 2010s

ANSLEYATLANTA.COM | 55 PEACHTREE PARK DRIVE NE, ATLANTA GA 30309 Chris Burrell, Managing Broker. Information is believed to be accurate but is not warranted. Equal Housing Opportunity. SOURCE: Keeping Current Matters, NAR, Ellie Mae, Rent.com, Freddie Mac


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