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Down Payment Misconception
- The biggest misconception about home buying is needing a 20% down payment.
- Many options exist for smaller down payments; first-time buyers average 6%.
Financial Review Before Home Buying
- Review your finances: income, savings, debts, and monthly expenses.
- Build a budget and determine what you're comfortable allocating for housing.
Loan Application Paperwork
- Gather necessary paperwork like tax returns, pay stubs, and bank statements.
- Get pre-approved for a loan to understand your budget and show sellers you're serious.