MORTGAGE MYTH OR FACT: CAN YOU TELL THE DIFFERENCE?

financial literacyBy The Home Story Staff

National Financial Literacy Month in April celebrates the importance of financial literacy in the U.S. Fannie Mae is proud to support this effort with our “Spring Into Financial Literacy” series targeting the educational needs of renters and homebuyers. More information can be found on our Know Your OptionsTM website.

MYTH: “It’s too hard to qualify these days for a home loan. I’ll have to put 20 percent down.”

There are lots of misconceptions when it comes to mortgages — from how hard it may be to qualify to how much you’ll need to put down. Despite what you may have heard, getting a loan doesn’t require a perfect credit score or a huge down payment. (However, it’s safe to say that it’s helpful to get your finances in order before you start house hunting or talking to lenders.)

MYTH: “Homeownership is completely out of my reach.”

Whatever you believe now, don’t count yourself out without knowing you may qualify for one of many mortgage options, down payment assistance, or affordability programs available. Ready to put yourself to the test?

Have a little fun with our quiz to see how prepared you are to sort mortgage fact from myth: http://www.thehomestory.com/mortgage-myth-fact-can-tell-difference/