Every day we hear of new myths in the market place and thought we’d share some with you!

Myth #1

You MUST have a downpayment of at least 20%.

False:  Qualified First Time Homebuyers (defined as those who have not owned a home in the last 3 years) may be eligible for no money down loans.  FHA requires 3.5% down and conventional loans start at 3% down for purchase transactions.