When it comes to buying Tahoe Keys real estate, there are a lot of tasks. Getting your finances in gear, searching for a loan, searching for a home and searching for a Tahoe Keys realtor can feel pretty overwhelming. Add in rumors and myths about what it takes to get a mortgage and you may feel like hiding out in your rental forever. In fact, Fannie Mae recently did a study that revealed a majority of Americans do not actually know what is needed to qualify for a mortgage when purchasing Tahoe Keys real estate. So what are a couple of the most popular myths?

Myth #1: You need a 20% down payment

This Fannie Mae survey showed that most buyers overestimate the down payment funds needed to qualify for a Tahoe Keys real estate loan. The numbers show that 76% of Americans either are misinformed or just don’t know what the minimum down payment actually is. With so many new programs available to buyers, you could purchase a Tahoe Keys home for sale with as little as 3% down.

Myth #2: I need a perfect credit score to buy

This survey also revealed that over half of Americans were also misinformed on what credit score was necessary to buy a Tahoe Keys home for sale. 54.1% of approved mortgages were done so with credit scores of 600-749. So if you don’t have perfect credit, don’t let that intimidate you from buying a home for sale in Tahoe Keys.

With so much discussion on our busy Tahoe Keys real estate market, it is best to listen to a qualified Tahoe Keys realtor on what is really happening in our current market. In fact, a local realtor can even share with you advice on what is the best way to go about getting a home loan and the necessary steps leading up to it. If you have any questions on purchasing a Tahoe Keys home for sale, give me a call at 530-308-4331.