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Most Americans view homeownership as an achievement and feel now is a good time to buy, according to a new survey conducted on behalf of Wells Fargo. But, despite this, there are several misconceptions about the home buying process that are holding potential buyers back. The survey, titled “How America Views Homeownership,” found that, though 74 percent of respondents said they understand the financial process involved with buying a home, many of their responses indicated otherwise. For example, 30 percent of participants believed that only people with high incomes can get a mortgage and 64 percent said that having a “very good” credit score was a requirement. Nearly half of respondents said they knew very little or nothing about closing costs and just as many said they didn’t feel there were homes available that would fit their budget. Another common misconception was that a 20 percent down payment was required in order to buy a house – despite the fact that there are available financing options that don’t require 20 percent down. Overall, the survey revealed that many potential home buyers aren’t entering the market based on easily corrected misconceptions about the buying process. Informing potential buyers about their options is the key to helping more Americans realize their goal of one day owning a home.
April 14, 2015 02:10 PM