🏡Today's Random Real Estate 2️⃣cents Tuesday is about first time home buyers common misconceptions about financing. 

💸Most of the time you do not need a large down payment to get a home loan. Low- and no-down-payment loans do exist, although you may end up paying a larger interest rate. With federally insured loans, people with good credit can pay as little as 3.5 percent down. 20% down isn’t the normal anymore. 

💸Although a 640 credit score might get you a few more loan product options and possibly a better interest rate, there are lenders that will consider you a viable buyer in the mid to low 500s. 

💸Even if you think that you might be paying on student loans forever, being in debt doesn’t necessarily make you ineligible for home ownership. Mortgage lenders look at your debt-to-income ratio, meaning how much you bring in each month compared to what you owe in student loans, car payments, credit card charges, etc. 

😁Bonus info: 

Pre-qualification is not the same as pre-approval. The actually approval includes a more detailed overlook of paperwork that you submit. 

💵Cash in on my 2️⃣cents and reach out to an awesome local lender that can answer your question and get you headed in the right direction!