1. You Need A 20% Down Payment
With an FHA mortgage, you can purchase with as little as 3% down. You will, howver, need PMI – primary mortgage insurance – if you put less than 20%. This will add a small amount to your monthly payment.
2. It Costs Money to Work with A Buyer’s Agent
Working with a buyer’s agent is FREE – as a buyer your agent’s commission will be covered by the seller at closing. This means there is absolutely NO reason for you not to have your own agent to advocate and negotiate on your behalf during your transaction!
3. You Need A High Credit Score to Purchase a Home
While a high credit score can give you access to better interest rates and qualify you for a larger variety of loans, you can certainly still purchase a home with a less desirable credit score.
4. You Will Find A Home That Checks Every Box
While I firmly believe you will find the RIGHT home, it may not check every single box – budget, available inventory and timing will ultimately dictate how many of those checkboxes you can check off. This is why it is so important to separate your home wish list into wants and needs!
5. You Should Only Buy a Home in the Spring or Summer
While there is certainly an influx of homes for sale beginning in the spring, there are plenty of advantages to buying in the “slower season”. Looking in the fall or winter months can help you find a better deal and face less competition!
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Based in the Greater Boston area, Beth helps buyers, sellers and investors across the country achieve their real estate goals. From navigating the purchase and sale process to growing your vacation rental business, Beth provides a one-stop-shop for all of your real estate needs.
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