Misconception #5

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Misconception: You need 20 percent down to buy a home

This is the biggest misconception for millennials, who are often burdened with huge student loans but still want to be homeowners.

After the credit and housing crisis, it became very difficult to get a mortgage. Lenders were strict, and financing killed deal after deal.

Today, however, it is possible to get a loan with as little as three percent down. Yes, that’s true.

But while lending standards have loosened, it’s no slam dunk today. You must have great credit, verifiable income and assets to back you up. But you don’t necessarily need a 20-percent down payment.

Author Brendon Desimone