Myths for A First Time Buyer
We like to consider ourselves first time buyer specialists, and we’ve learned that there are a few “myths” that we’ve encountered when working with a first time buyer.
- The first piece of good news is that you DON’T need 20% down to purchase a home. Most homes qualify for down payments as low as 3.5% with an FHA loan (usually the most popular loan option for a first time buyer). In fact, some homes are even available for 0% down! Ask your EveryHome agent if this option is available for you.
- Another great thing is that you don’t pay ANYTHING for a buyer’s agent (such as your EveryHome agent who is showing you homes). It’s actually the sellers who pay for their own agent AND the buyer’s agent. As a buyer, you’re not responsible for paying a cent for representation.
- And, lastly, some first time buyers are told that they need to have “perfect” credit in order to buy a home. It’s good news that that’s not true! Average or good credit scores – 620 is a pretty standard minimum – can qualify to purchase a home. If you’re interested in knowing where you stand credit-wise and how easily you may get pre-approved for a home, let us know! It’s always no obligation and completely free.If you have ANY questions at all, please don’t hesitate to reach out. We look forward to hearing from you.
EveryHome’s beautiful first time home buyers holding the key to their new place
