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Do you think you can buy a home today?

Among individuals who do not own a home, about 30 percent of them feel it is very difficult to buy a home, with another 31 percent viewing the path to homeownership as somewhat difficult, given their current financial picture, according to the National Association of Realtors.

Among generations, there’s also a split regarding homebuying sentiment.

According to the National Association of Realtors data, 20 percent of Millennials, for instance, say it would be very difficult to buy a home while 41 percent of younger Boomers share that view.

For Generation Xers, 35 percent see a major obstacle when it comes to buying a home.

When you combine Millennials and Generation Xers, about 32 percent of them feel it’s somewhat difficult.

We’re here to tell you that homeownership is more achievable than you may think.

Perfection isn’t a requirement

Many people who are considering buying a home, especially first-time buyers, set a high bar. Borrowers worry they aren’t qualified for a loan since they’ve never gone through the process before.

The reality is that applicants don’t need to possess a perfect score, or a sky-high salary to qualify. Specialty programs and government-back loans are just some tools to achieve homeownership.

Mortgage requirements are simply not that stringent

Many consumers simply don’t fully understand the basic thresholds they need to meet.

Simply put, consumers are selling themselves short, especially when it comes to their credit scores, income levels and debt-to-income ratios.

Down payments don’t need to be 20 percent

The widely held belief that down payments must be 20 percent is false.

Having to bring 20 percent of a home’s value to the table in order to get a loan would make it nearly impossible for most to buy a home.

Luckily, consumers have options when it comes to the type of loan they use. Depending on the program, applicants will only need a fraction of what they think in order to buy a home.

Here are the requirements

If you’re thinking about buying a home in the Fort Collins area, we have some good news.

As mentioned above, you don’t need a perfect credit score, nor do you need to come up with tens of thousands of dollars for a down payment.

You may qualify for a loan if you have a good history of paying bills, and your income is steady and meets modest levels. Also, keep in mind that not one credit score is needed to purchase a home.

If you’re like most, you may have underestimated your financial position.

Even if you’re still a few steps away from buying a home, there are easy-to-follow tips you can follow right now to build your credit and get ready to buy a home – because it’s more reachable than you may have imagined.

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