Home buying myths hamper sales, Wells Fargo finds

September 19, 2014

According to Reuters, a survey released by Wells Fargo, the largest U.S. mortgage lender, indicates that getting a mortgage in the United States may be easier than many borrowers think.


Of the respondents, nearly two-thirds thought a very good credit score was necessary to buy a home, and more than 40 percent thought they needed a down payment equal to at least 20 percent of the purchase price. Even though there are cheaper options such as mortgages insured by the Federal Housing Administration, other reasons why consumers aren’t taking out loans include the fear of being turned down.


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