Homeownership is still viewed as the American Dream and a strong achievement to be proud of in Charles Town, Ranson, Shepherdstown, Martinsburg, Inwood, Falling Waters and Hedgesville. And while some homebuyers in West Virginia's Eastern Panhandle may be ready to buy a home, they fear they don't have the downpayment to make it happen.
According to a new survey exploring views on homeownership, nearly 65 percent of respondents believe you must have a very good credit score to buy a home. Along the same lines, nearly half of all respondents believe you need at least 20 percent down to buy a home.
It's what potential homebuyers in Jefferson County and Berkeley County do not know that is likely holding them back from making their homeownership dreams come true. For instance, the 30 percent of survey participants that believe only those with high incomes can be approved for a mortgage.
One of these easy homebuyer myths to debunk is the downpayment amount— you do not need 20 percent down to purchase a home! Mortgage giant Freddie Mac recently addressed this misinformation among buyers, stating that 40 percent of today's buyers who finance their homes make down payments of less than 10 percent! Over the past five years alone, the number of buyers who have put down less than 10 percent to purchase a home has tripled.
West Virginia homebuyers are by no means alone if they plan to make a smaller down payment. Not only do these smaller down payments make up for a large portion of home purchase across the country, but they are an option for local buyers too! Do not let your previous ideas about down payments hold you back from becoming a homeowner this year.
As your local real estate team in West Virginia's Eastern Panhandle, we are happy to provide recommendations and resources for mortgage lenders and local service providers to make your homebuying process as smooth as possible! Contact us today!
The Kable Team
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