There’s a lot of information out there for Knoxville first time home buyers. Some of it’s good, some of it’s bad, and some of it’s altogether crazy. Here are 3 common myths that Knoxville first time home buyers often fall for.
You Need 20% Down
One of these most common myths Knoxville first time home buyer fall for is about down payment requirements. It is possible to put no money down when you buy with a Knoxville home for sale for the first time, with the help of a USDA loan, VA Loan, or THDA grant. It is also possible to buy a home with a minimal down payment with a 5% down conventional loan or a 3.5% down FHA loan. Needless to say, there are a lot of options to buy a Knoxville home for sale, so before stressing out about the down payment do some research into what options you may have to buy a Knoxville home for sale.
It Is Impossible To Get A Mortgage
With this common first time home buyer myth isn’t altogether false, it is still very possible to buy a Knoxville home for sale. Under the Dodd-Frank Act, that went into effect earlier this year, mortgage guidelines have tightened up. Still, it hasn’t made it impossible for many first time buyers to get approved for mortgages. If you have concerns about getting approved for a mortgage, sit down and talk with a mortgage professional. You may have more options than you think or at least you can find out what needs to be done in order to be approved for a mortgage.
It’s Safer To Rent
Buying a Knoxville home for sale is an investment. It is not something you want to just jump into. Still, owning a home is a great thing and great investment. The decision to rent or buy is a largely personal one. But, if you’re planning to stay in on area for awhile, owning a home does have its perks. Each mortgage payment goes towards an investment and there are great tax breaks associated with owning a home.
Are you ready to buy a Knoxville home for sale? If there is anyway Knoxville Home Team can assist you, please let us know, you can give Rick at call at 865-696-9002 or send an email to [email protected]. Kati can be contacted at 865-392-5880 or via email at [email protected]. Also, be sure to check out our Knoxville home search page to see what homes are for sale in the area.