Financial planning can help reduce anxiety of buying a home

Source: Michele Lerner, Washington Post (Paid Registration)

One of the biggest misconceptions is you need a large down payment to buy a home. The average down payment in a recent survey by NeighborWorks was 17 percent of the home’s price. However, the median down payment for first-time home buyers was 5 percent in 2017, according to the National Association of Realtors.

While it’s smart to check your free credit report from each of the three credit reporting bureaus yearly at annualcreditreport.com, the credit score you see is different from what lenders see.

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