If you’re a first-time homebuyer, you might have made some assumptions about the process based on what other people have told you. However, the world of real estate has changed a lot in the last five years and you may be missing some crucial information! We want to debunk some of these myths and help you make the right decision when you buy a new Van Metre Homes home. You Need A Big Down Payment – Most people think that you need a down payment of at least 20 percent if you want to get a mortgage for your home. That’s not true! The Federal Housing Administration requires only a down payment of 3.5 percent and the Department of Veterans Affairs requires no down payment for eligible buyers. Some lenders do require private mortgage insurance for down payments under 20 percent. Fixed-Rate Mortgages Are The Best Deal – After the mortgage crisis that caused massive damage to the banking and real estate industry, a majority of homebuyers have been going with a fixed-rate mortgage. Consider how long you plan on being in the house before you sign the dotted line. If you think you’ll only be in the house for 10 years, there’s no reason to get a 30-year mortgage! I Need Perfect Credit – When homebuyers start thinking about buying a home, their credit score is one thing that they agonize over While it’s true that you need a good credit score to get the most favorable mortgage terms, that doesn’t exclude you from being able to buy a home. There are programs available to you that will help you get a mortgage, even with a low credit score. Home Buying Is A Quick Process – One of the most common misunderstandings about the home buying process is the amount of time it takes. Between waiting for your mortgage to close, construction, inspections and appraisals, it could be a long time before you get to move in! If you don’t want to wait, Van Metre Homes has a variety of quick move-in homes that will let you move in as little as 30 days! Source: GoBankingRates