Lack of knowledge and misinformation may be discouraging Americans from buying a home according to a recent survey sponsored by Wells Fargo &Company. The survey, conducted in June by Ipsos Public Affairs, found that many prospective homebuyers do not take the plunge because of uncertainty about their ability to qualify for a mortgage or about navigating the homebuying process.
The survey, "How America Views Homeownership," found that many Americans say their financial houses are in order, but serious misconceptions keep them sitting on the side lines.
For example, 44 percent think that a minimum of 20 percent down is required. Yikes! Clearly that isn't the case... but that is what they think!