Survey Reveals Mortgage Myths Discouraging Potential Homebuyers
A recent survey by Veterans United Home Loans highlights that many potential homebuyers are deterred by common misconceptions about mortgage requirements. The survey, which included 400 veterans and civilians planning to buy homes within the next three years, found that myths about needing a perfect credit score or a large down payment are prevalent. For instance, 46% of respondents believe a down payment of more than 5% is necessary for a conventional loan, while 15% think a 20% down payment is required. In reality, some loans require as little as 3% down, and government-backed loans like VA and USDA loans may not require any down payment. Additionally, many believe a credit score of 700 or higher is needed to qualify for a mortgage, though many programs accept scores as low as 620. 
