Nowadays, lenders assess mortgage applications in a different way than they did at least 10 years ago. And even more has been transformed for the last 20 years. The things that used to hinder home ownership are not so influential now.

Here are the most widespread myths about home ownership:

Myth: To become a homeowner you need a great credit.
Fact: it is possible to purchase a house with a usual loan. You shouldn’t forget you may improve your credit in some time.
Myth: it is needed to put 20% down to purchase an apartment.
Fact: there exist many kinds of mortgage products and programs that let low and no down payments. However, do not forget to factor in other costs such as moving costs, closing expenses, real estate taxes and repairs.
Myth: you can’t purchase a house in the USA if you are not a citizen.
Fact: in case you are a legal dweller, you may buy a house in the USA..
Myth: in case you don’t have a bank account or credit cards, you don’t have a right to qualify for a mortgage.
Fact: having a bank account is always advantageous and aids in establishing a credit. But lenders may agree to give you a mortgage even if you have no bank account or credit cards. You will just need to present records showing the history of payments you have made for things like lease, utilities and car charges.
Myth: lenders distribute your personal financial information to other enterprises.
Fact: in accordance with the law, banks and other financial establishments are limited in their usage and uncovering of information about you. Under certain circumstances you can choose to limit the uncovering of your information in case you don’t want t to be shared.
Myth: if you are late on your monthly mortgage, you will lose your property.
Fact: in case you are pressed for money, and can’t pay your mortgage, you may keep your property if you inform your lender in good time.
Myth: it is impossible to receive a mortgage if you have changed several jobs for the last few years.
Fact: that’s not so. You may change jobs a few times and get a loan to purchase a house all the same. Lenders realize that people always look for better jobs. The most important thing is to prove you’ve had a steady income.