Homeownership Opportunity Alliance Dispels Common Myths
We’re getting a head start on New Year’s Resolutions season by laying out a road map to homeownership in 2020. This week, the Homeownership Opportunity Alliance and common myths that often discourage people from looking into ownership for themselves.
Homeownership is a big goal. Achieving it takes time, support and faith in yourself. The path and time it takes is different for everyone, but with patience and persistence, anyone can lay a foundation of building assets and success for themselves and their family.
Unfortunately, there are myths and misinformation out there that discourage some from looking into homeownership for themselves.
- Myth: You need to bring 20 percent of the home price to the closing table in cash.
Fact: There are loans that require as little as three percent down.
- Myth: If you have a bad credit score, you’ll never qualify for a mortgage.
Fact: Credit scores can be improved fairly easily be following the advice of a nonprofit financial wellness advisor.
- Myth: Owning is too expensive.
Fact: Owning can be more affordable than renting, especially in today’s tight rental market.
The Homeownership Opportunity Alliance, in partnership with the Minnesota Homeownership Center, can connect you with nonprofit Homeownership Advisors and Homeownership Education Classes that can prepare you for successful, sustainable homeownership. You may even be eligible for down payment assistance. To learn more, go to HOCMN.org/BuyingAHome.
The Homeownership Opportunity Alliance is a coalition of engaged industry leaders who are actively dedicated to closing Minnesota’s homeownership gap. The ultimate goal of this coalition is to provide opportunities to collaboratively develop partnerships, programs, resources and best practices as a catalyst to systemic change that advances homeownership equity in Minnesota. To learn more, go to HomeownershipOpportunityAlliance.org.
Start your path to homeownership today by connecting with a local organization in your community that offers homebuyer education and support!