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Becoming A Homeowner May Be Easier Than You Think

Many would-be homeowners are missing out because they mistakenly think they won’t qualify for a mortgage, says the Mortgage Bankers Association of America, an industry group.

“There are many serious misconceptions about the mortgage process that are causing people to deny themselves the financial security provided by home ownership,” says Joe Pickett, the organization’s president.

One of them is the belief that it takes a 20 percent down payment; in reality it can be as low as 3 percent, says Pickett. Most lenders have flexible credit history requirements, too, and a person making $28,800 a year could qualify for a loan of as much as $75,000, he says.