Warm summer evenings are meant for porch swings. Hanging one from a porch or an arbor is a fairly easy weekend project.
There’s hardly anything more relaxing on a warm evening than swaying on a porch swing and watching the world go by. Hanging a porch swing is easier than it might seem: It requires only a few tools, some careful measurements and a little homeowner handiness (or the right professional).
Get started this weekend, and soon you’ll be able to sit back and enjoy what may be your new favorite seat inside or outside the house. Keep reading to learn how to hang a porch swing or daybed from your porch or an arbor.
Tools and Materials
Porch swing of your choice
Pencil or painters tape
Tape measure
Metal chains or sturdy rope (up to four sections, each at least 7 feet long, depending on setup)
Heavy-duty metal screw eyes (up to 8, depending on setup)
Heavy-duty S-hooks (up to 6, depending on setup)
Drill
Ladder
Stud finder
Level (optional)
Comfort swing springs (optional)
Note: Many porch swings come with a hanging kit that includes all hanging materials needed. If you purchase a swing chair that includes a hanging kit, follow the manufacturer’s instructions for mounting.
Before You Start
Check that your porch can support a porch swing. Before the fun part of picking out a porch swing, make sure your porch is strong enough to support one. Use a stud finder to look for ceiling joists, the thick overhead beams that support a ceiling, to which you can anchor the swing. If you’re unsure, hire an experienced home builder or contractor to take a look.
Choose a porch swing. There are plenty of porch swings on the market, in styles that range from classic wooden benches to backless, platform-like seats and 4-foot-deep daybeds. Look for swings made of durable outdoor-friendly materials like coated metal or rot-resistant woods like redwood and teak for a long-lasting swing. Choose a style that complements your porch and the architecture of your home.
You can also turn a bench you already have into a porch swing — as long as it’s sturdy enough to be suspended by the corners — by drilling eye bolts into the sides and hanging it. The owners of this porch swing used a vintage Indian teak bench as a porch swing outside their New Orleans home.
How much space you’ll need for a porch swing depends on the size and style of swing you select. In general, you’ll want to have at least 4 feet of space for a standard bench swing to swing back and forth, and more space as needed. Leave at least 14 to 16 inches on either side of the swing for clearance.
Swings mounted on two chains, rather than four, require a larger space for the arc of their swing (add 2 to 4 more feet of clearance). Swings mounted on four widely set chains (a common setup for daybeds) don’t swing in an arc as much as move back and forth. Therefore, they require less additional space to account for movement.
Tip: When planning, it can be helpful to mark a swing clearance box on the porch floor using painters tape.
Decide to hang with chains or rope. Galvanized steel chains or thick marine-grade rope are the most common methods for hanging a porch swing. Select whichever material you prefer based on look, feel and durability, or use the chain or rope included with a porch swing.
Many porch swing chains come with two long chains and two short chains. The short chains attach to the arms and back of the swing and then come up about 2 feet above the chair to form a triangle. The longer chain attaches to the ceiling.Chains offer the advantage of being completely weatherproof and friction-proof and will not fray over time as a natural fiber rope does.
Ropes, however, feel nicer to the touch. If using ropes, you’ll usually need four 7-foot-long sections to attach to each arm and the back corners of the bench.
How to Hang a Porch Swing
1. Attach hooks to the swing. If your porch swing doesn’t come with pre-installed hardware, attach your own. Where to install the screw eyes depends on the style of your swing. In general, install hooks on the outer sides of the swing in even, opposite points where the swing will then hang in a balanced way.
For daybeds and deep platform-style seats, attach four screw eyes (two on each side) to the swing base, setting them back about 3 inches from the corners.
For classic bench swings, attach two screw eyes to the outsides of the arms, set back a few inches from the end, or to the bench seat below the end of the armrest (as pictured here) and two more on the backrest, a few inches above where the armrest meets the backrest.
For either setup, drill a pilot hole first and then screw in the screw eyes by hand.
2. Locate ceiling joists. It’s best to anchor into a joist when hanging a porch swing. Joists are the structural beams (usually either a two-by-six or a two-by-eight) that support the ceiling of a porch. Use a stud finder to locate ceiling joists and mark both sides of the beam and the approximate center of the beam, which is the ideal spot to mount the anchor.
Don’t have joists in the right spot for your swing? If thick ceiling beams don’t happen to fall where you need them, install short beams (four-by-four) to span multiple joists. Position the short beam so it’s where you need it for hanging the swing, and then use 3-inch screws to secure the short beam to multiple joists. Proceed with the next steps, attaching the hanging hardware directly into the short beam.
3. Measure and mark where you’ll hang your swing. Set the spots for the hanging hardware between 2 and 4 inches wider than the length of the swing. For example, space the hanging hardware 62 to 64 inches apart on the ceiling for a swing that is 60 inches wide. This prevents the chains or ropes from rubbing against the sides of the swing.
Do a final check on your measurements for mounting the swing to the porch, lining up where the center of the swing would fall and marking ceiling joists.
You can choose to have either four ceiling anchors or two, depending on your swing style and setup.
4. Attach hanging hardware to porch. Once you’re set with measuring and marking where you’ll hang the porch swing, pre-drill holes for the screw eyes into the ceiling and screw them in by hand. If you’re anchoring onto a short beam between joists, you can also drill all the way through the beam, screw in a bolt and anchor the other side with a washer and nut.
Add comfort swing springs, if using. Comfort swing springs add some bounce to a swing and can make for smoother swinging. If using, attach to each ceiling anchor, between the screw eye and the chain or rope.
5. Hang porch swing. It’s optimum to hang your swing 17 to 19 inches off the ground. If you’re using 7-foot-long chains or sections of rope and hanging a porch swing from a standard 8-foot-tall ceiling, it will fall somewhere in this optimum height range.
For both hanging methods listed, it’s helpful to have a friend hold up the swing while you’re working on mounting.
Chains: For chain hanging systems that use two ceiling anchors, you’ll use a short chain and a long chain on each side of the swing. (Swing chains usually come this way). On each side of the swing, attach the end of one short chain to the screw eyes in the arm and back of the chair, bringing the chain up to form a small triangle. Use an S-hook to attach the longer chain to the middle of the short chain (at the point of the triangle). Then, attach the long chain to the screw eye in the ceiling with another S-hook. Check that the swing is level by using a level or by counting chain loops.
Rope: Loop four sections of at least 7-foot-long ropes through the four screw eyes on the corners of the swing and connect to the corresponding screw eyes in the ceiling. Knot the rope to hold the swing in place. Use a level to check that the swing is even. Wait to trim the ends of the rope until after you’ve tested the swing.
Add a slight tilt. Porch swings and daybeds with a seat back are often more comfortable if the back of the seat hangs slightly lower than the front of the seat.
In four-rope or chain setups, before tying off ropes or anchoring the chains, you may want to consider adding 1 inch or one chain link to the two back ropes or chains.
If you’re using the triangle chain setup (long chain combined with smaller chain), attach the long chain one or two chain links off-center on the smaller chain, placing it closer to the front of the chair to tilt the seat back.
Give it a swing. Once the swing is mounted, sit down and give it a go. Adjust the chains or wires as necessary if one side feels slightly lower than the other, and adjust the height of the swing as desired. Once you’re happy, trim the excess ends from the bottom of the ropes or knot them up the sides. Excess chains can either be cut with a bolt cutter or hooked into a loop.
How to Hang a Porch Swing From an Arbor
You can follow the same general steps to hang a swinging seat from an arbor, pergola or under a deck, providing that the structure is strong enough to support a swing.
Don’t Want To Retire Yet?…Phased Retirement Might Just Be Your Next Best Thing.
One day you’re a full time employee and the next day you’re not. That’s what retirement can feel like but if you’re looking for more of a gradual exit or no exit at all, you might consider phased retirement.
American Has a Problem
America has a big labor problem—a massive amount of highly skilled workers are retiring or have reached retirement age and that has companies concerned. Not only are people they at retirement age, they hold all of the high-level knowledge.
Even worse, many industries are experiencing a shortage of young workers to fill the gaps.
On the other side, many of those 50 and 60-something workers don’t want to retire. A Merrill Lynch-Age Wave study revealed that 72 percent of pre-retirees over the age of 50 want to continue working in some capacity. Nearly three-quarters of Americans don’t see themselves traveling the world or working in the yard all day.
A Win-Win
Rarely does it happen but in this case, the two sides compliment each other. Employers have an opportunity to retain employees of retirement age because they want to work. That’s where phased retirement comes in. Instead of completely retiring, those workers could reduce their hours, only work certain days, move to a less stressful department, or work from home.
According to a GAO report, companies report four key benefits to phased retirement:
Retaining highly-skilled, knowledgeable workers
Training and mentoring of younger, newer employees
Ability to transition workers into retirement
Easier forecasting of future workforce needs
For the employee, they receive benefits as well:
Ability to earn income especially if retirement savings are sufficient
Remaining mentally and physically active
Able to put off collecting Social Security longer making future benefit checks larger
Are Companies on Board?
Despite employers hearing that pre-retirement employees aren’t ready to leave, and a clear benefit to the company, a surprisingly few companies embrace phased retirement. A study from the Transamerica Center for Retirement Studies (TCRS) found that 77 percent of employers believe that their employees plan to continue working after retirement but only 31 percent of those companies embrace phased retirement. And by the way, the GAO report above is titled Phased Retirement Programs, Although Uncommon, Provide Flexibility for Workers and Employers. Both studies agree that phased retirement isn’t as common as it should be.
Why So Negative?
The biggest reason seems to be the fear of lawsuits. Could a company open itself up to litigation if it gives a benefit to employees based on age? Because phased retirement often comes with an attractive benefits package, why can’t a younger employee work part time and get the perks of a “phased” employee?
There’s also the management issue. Having employees coming and going on different schedules and working only certain days makes it difficult on company managers who have to keep things operational and efficient every day. And, of course, some companies aren’t overly excited about paying for benefits like health insurance and retirement for employees who are now contributing half as much as they once did.
Finally, it’s hard to promote somebody when there’s somebody else hanging around in doing half of the job.
Tough on the Employee
Phased retirement has its benefits but also some potential headaches for the employee too. Reduced work hours will likely mean some reduction in pay and the amount of money moving into their retirement accounts. There’s also the issue of continuing to earn an income if they want to receive Social Security benefits, and the urge for an employer to continue treating the employee as a full-time employee despite their part-time status.
How to Sell It
If you’re one of the almost two-thirds of the pre-retirement workforce that wants to try phased retirement, it will take some salesmanship. First, make a strong case for how it will benefit the company. What’s the win-win for them?
Second, consider learning a new skill. Is there another job that may not require full-time hours that would only require a little additional training?
Does your company need somebody to travel to other offices and train or evaluate? Do they regularly hire outside consultants in areas where you have expertise? Think of “outside-the-box” angles like these instead of fighting for your current position, especially if what you do now is clearly a full-time effort and the company isn’t going to hire somebody to shadow you even for a short period.
Designers: Marty Buckenmeyer of Buckenmeyer Architecture (architect) and Charlotte Cooney of Domestic Arts (interior designer) Location: Portland, Oregon Size: 195 square feet (18 square meters); 13 by 15 feet
Homeowners’ request. Update a dark 1970s kitchen to better reflect the traditional-style home but with a fresh point of view.
Brass. Brass pulls and pendants over the island bring warmth to the blue cabinets (Philipsburg Blue by Benjamin Moore).
Other special features. Walnut wood shelves. Backsplash of handmade subway tile.
Designer secret. “Blue cabinets are more forgiving than white in terms of maintenance,” designer Charlotte Cooney says.
Backsplash tile: subway tile in milk glaze color, 3 by 6 inches, Bread and Butter Tile Co.; countertops: Caesarstone in Calacatta Nuvo, polished; lighting: Schoolhouse; wall paint: Cloud White, Benjamin Moore
2. Brass on White
Designer: Kimberly Ayres Location: San Francisco Size: 340 square feet (32 square meters)
Homeowners’ request. As much cabinet storage as possible, an attractive place for appliances, a workhorse island, plenty of light and a stellar view.
Brass. Brass cabinet pulls, light fixtures and faucets. “We chose brass accents for a touch of a midcentury vibe, a favorite style of the homeowner, and for overall warmth,” designer Kimberly Ayres says. “Brass cabinet pulls and pendant lighting soften the island’s marble waterfall design.”
Other special features. The cabinets are painted in Benjamin Moore’s Gray Owl at 50 percent. “As much as we love natural marble, it simply wasn’t a good fit for this family, who worried about stains and maintenance,” Ayres says. “We chose Neolith [a porcelain material from Spain] for the island and perimeter countertops, and everyone is pleased.”
Designer secret. “This room has a nice ceiling height, so we divided the hanging upper cabinets into two rows,” Ayres says. “I used the golden ratio to work out door heights in order to create a perfect proportion.”
Cabinet pulls: Bar series, Lew’s Hardware; pendant lights: Schoolhouse; bar stools: CB2; sconces: Circa Lighting; cabinets: custom, Kenwood Cabinetry; countertops: Neolith in Calacatta, silk finish
3. More Brass on White
Designer: Amy Sullivan of Simplified Interiors Location: Overland Park, Kansas Size: 230 square feet (21 square meters); 23 by 10 feet
Homeowners’ request. A big kitchen with plenty of light and storage, and that feels open to the living area and backyard deck.
Brass. Brass pendant lights and cabinet hardware. “We added brass in ways that would not be expensive to change if the homeowner wanted to adjust with future trends,” designer Amy Sullivan says.
Other special features.Calacatta Gold marble backsplash. Salvaged-wood open shelves. A hidden office with file drawers, a coffee station, an appliance garage, storage for a mop and vacuum, and more.
Designer secret. “We started with what could not change in the space — the ceiling beam on the left side that supported the house — and from there built a kitchen that was all about balance and light,” Sullivan says. The right beam is faux, and the French doors and two windows are new additions.”
“Uh-oh” moment. “When the counters were installed on this project, we had the installers leave the plastic film on them, as the space was still under construction and we wanted them protected,” Sullivan says. “The next week when we took the plastic off, we realized the color on the slabs was inconsistent. We later discovered that one section was from a different dye lot — they were quartz. It was disappointing to find such a big problem so close to the end of the project. After many conversations with the stone resource, they corrected the problem and reinstalled the countertops.”
Pendants: West Elm; bar stools: Cost Plus World Market; countertops: Silestone
4. Brass on Black
Designer: Federico Martin of IRP Designs Location: Rye, New York
Homeowners’ request. A kitchen with a Los Angeles look.
Brass. Golden hand-brushed metal cabinet hardware, accents and custom hood. Brass pendant lights.
Other special features. Raw chestnut wood shelves. Backsplash is large-format subway tile in a stacked pattern with dark grout. Black matte lacquered cabinets. “The black lacquered matte with gold finish gives that L.A. vibe,” designer Federico Martin says.
Countertops: quartz in Absolute Blanc, Compac, The Surfaces Co.; bar stools: CB2
Whether its Summer, Autumn, Winter or Spring, you’re bound to go on vacation at some point – but what about those beautiful houseplants?…Let me introduce you to some indoor plants you can safely leave while on vacation—without lining up a plant sitter.
Succulents and Cacti
Packing your bags and heading off on vacation doesn’t have to mean you return to a house full of dead plants. Choose the right low maintenance houseplants, and you can take off for even a few weeks without losing a single leaf. I’ve had all of these succulents shown in the image above. If anything, I’ve come back & they’ve grown! For instance, the one on the left, in the front – that stem grew & flowers bloomed.
‘Campfire’ Crassula
Keep the home fires burning with this colorful succulent. As leaves mature, they shift colors from green, to gold and orange, and finally ripen to bright red. Bright light coaxes the best leaf hues from indoor plants. The thick leaves hint that you can leave this plant for a week or two with no watering worries. The formal name for this beauty is Crassula capitella‘Campfire’.
Aloe
Just give this sturdy succulent bright light, and you’ll be on your way to a happy, healthy houseplant. Aloes need watering only every couple of weeks or so, which means you can take more than a weekend away with no worries. Well-draining soil provides the right rooting environment for this low maintenance houseplant. Come home with a sunburn from that awesome vacation?…Get relief by cutting one of your Aloe leafs off. Either cut it down the center or in half. Rub the clear “gel” from the plant onto your burn. **Be sure you’re not allergic to Aloe**
Flapjacks
Flattened paddle leaves give this succulent a playful feel and bring strong architectural interest to any setting. Indoors, give this South African native bright light, and water only when the top inch of soil is dry. Low thirst means you can skip town for a week or two with no thought for watering. Also known as dog tongue, desert cabbage and paddle plant, this plant is known botanically as Kalanchoe luciae. I have a Kalanchoe & like with many succulents a stem or leaf will fall off or break. If it’s still hardy, stick the bottom of the piece that fell off – right back into the dirt, next to the plant if you want – most of the time a new plant will grow.
Wax Plant
Known botanically as Hoya, wax plant is one of those houseplants that always makes you look good. It’s next to impossible to kill—unless you water it too much. This plant is a succulent, able to store water in its thick leaves and stems. It grows in low light, but you’ll get to see its waxy blooms in a high light setting. Feel free to leave this one for a week or more without water.
Tanzanian Zipper Plant
This cutie may resemble a cactus, but it’s actually a type of euphorbia—Euphorbia anoplia, to be exact. Euphorbias are cactus cousins known for retaining water. The thickened stems on the zipper plant hold enough water that you can slip away for a relaxing two-week trip. Give this plant bright light for best growth.
Red-Headed Irishman
Dry soil and bright light keep this cute cactus looking its best. It’s so notoriously easy to grow that it’s one of the most widely grown cacti worldwide. Expect your plant to form clumps as it ages, producing “babies” along its base. Botanically, it goes by Mammillaria spinosissima.
String of Buttons
The stems on this succulent pierce the center of each leaf, stacking them up like buttons on a string. The thick leaves hoard water, so you can get away for a relaxing two-week vacation without a second thought for this houseplant. Stems tend to trail, making this a good choice for hanging baskets. Botanically, this quirky plant goes by the name Crassula perforata. Another one would be “hens and chicks” funny name, but great succulents!
Sago Palm
You’ll be growing living history when you add sago palm to your home. The leathery leaves have a delicate, fern-like appearance that disguises the plant’s rugged personality. This beauty is a living fossil, a leftover from dinosaur times. You’ll see best growth in bright light, but it survives in low light. The easiest way to kill it is overwatering.
Glowee
Also known as snake plant, Glowee is a living nightlight. Give it a little natural sunlight each day, and you’ll be rewarded with a soft green and gold glow as night arrives. Glowee is a succulent, so it doesn’t need much water to keep it going. Keep soil on the dry side. This plant can tolerate very low interior light levels, although the glowing effect diminishes
ZZ Plant
With ZZ plant, you can take off for a year and return home to find it looking perfect. It needs that little water. The thick leaves have a natural shine, and it’s happy in any light, low to bright. The only drawback is its slow growth rate, which means it might cost a little more at the nursery (because it takes longer to grow). The double Z stands for Zamioculcas zamiifolia
Owl’s Eyes Cactus
Cactus are famous for needing little care, and owl’s eyes is no exception. Give this woolly cactus a bright, south-facing window and sharply draining cactus potting mix, and you’re good to go. Water sparingly, and keep it in a pot that’s just a bit wider than the cactus itself. It’s also goes by the name owl eye pincushion. In botanical circles, it’s called Mammillaria parkinsonii.
Whether you are selling your home, just purchased your first home or are a homeowner planning to stay put for a while, there is value in knowing which home improvement projects will net you the most Return On Investment (ROI).
Minor bathroom renovations can go a long way toward improving the quality of your everyday life and/or impressing potential buyers.
Upgrading your landscaping or curb appeal helps get buyers in the door. These upgrades rank as the 2nd and 4th renovations for returns on investment.
Explore where and why one of these popular tile choices makes more sense than the other…
All tile is created equal, right? Not quite. Porcelain and ceramic may belong to the same family, but they’re two slightly different products. One may be more advantageous than the other depending on where you’re installing it. Here we pose five scenarios and explain whether porcelain or ceramic is the better choice.But before we walk through each scenario, let’s note the key difference between porcelain and ceramic tile. Though they’re manufactured with different types of clay, the Tile Council of North America defines porcelain in terms of water absorption. Specifically, porcelain tiles absorb less than 0.5 percent of water. Ceramic and other non-porcelain tiles absorb more than 0.5 percent water.
Scenario 1: You’re installing tile in a room with high moisture content.The best pick: Porcelain
Remember, the TCNA defines porcelain as tile that absorbs less than 0.5 percent of moisture. Why doesn’t porcelain absorb much moisture? According to the TCNA, porcelain is naturally dense, which means it’s harder to penetrate. In other words, it’s nearly waterproof. This property makes porcelain a no-brainer for bathroom installations, as well as other areas of your home that are exposed to moisture.
This doesn’t necessarily mean that ceramic is a bad choice for bathrooms. In fact, many homeowners install ceramic in their showers and on their bathroom floors. However, porcelain’s impermeability will ensure you have the best protection against moisture.
Kitchens can also be considered wet zones due to liquids encountered during food prep and clean up, as well as the presence of your sink and dishwasher. You may feel more comfortable with porcelain in the event your dishwasher or sink leaks.
Mudrooms usually bear the brunt of the dirty shoes and feet that enter your home daily. Porcelain is built to withstand exposure to moisture from rain, sleet or snow. You may also prefer porcelain in your laundry room in the event your washer leaks.
Scenario 2: You’re on a budget.The best pick: Ceramic
Not all porcelain tile is costly, but if you shop around long enough, you’ll start to notice a trend: It’s generally more expensive than ceramic is. If you’re on a tight budget, ceramic will fit the bill. It’s difficult to find a quality porcelain tile under $3 per square foot; high-end porcelain tile will easily surpass $5 per square foot. Ceramic, on the other hand, seldom costs more than $4 per square foot, and there are plenty of affordable styles under $2 per square foot.
Budget doesn’t mean passé when it comes to ceramic tile. Fortunately, you can still find ceramic tiles that showcase the latest industry trends, such as wood-look tile.
Scenario 3: You’re installing tile in a space with high foot traffic.
The best pick: PorcelainBoth ceramic and porcelain excel in high-traffic areas in comparison with other flooring types (such as hardwood, laminate and carpet). But porcelain is a denser tile, and as a result it offers better long-term resistance to scuffs and scratches. Through-body porcelain, where the color on top of the tile goes all the way throughout the tile’s body, is especially scratch resistant. Living rooms and hallways are two of the perfect places to install porcelain. Households with children and pets will appreciate porcelain’s durability.
As the heart of the home, kitchens experience a fair share of foot traffic too. If your cooking space is your home’s social hub and a common gathering place for your family and guests, porcelain is the best option.
Scenario 4: You’re a DIY aficionado.The best pick: Ceramic
Density isn’t always a perk. Ceramic is easier to cut and install than porcelain is. According to the TCNA, non-porcelain tiles are easier to affix to the floor than porcelain tile. If you’re planning to install tile yourself, especially in a situation where many cuts are required, you could find yourself in hot water. The job could quickly turn sloppy, and you may dish out more money to have a pro correct your mistakes.
Scenario 5: You’re remodeling your patio floors.The best pick: Porcelain
When it comes to patio flooring, the great outdoors can be unforgiving. This is another scenario where porcelain’s impermeability wins. When ceramic tile freezes, it absorbs moisture. This causes ceramic to expand and break. You could be looking at a flooring replacement much sooner than expected.
If you live in an area that is prone to hard freezes, ceramic tile is out of the question for an outdoor space. If you live in a climate where freezes are occasional or uncommon, ceramic is risky at best. Carefully weigh your decision when deciding between porcelain or ceramic.
This mirrored console table was beautiful as a dining room accent, but it’s absolutely stunning when recycled for the bath. The top was sealed with polyurethane — an important step when repurposing furniture to accommodate plumbing — and the square vessel sinks were sealed with caulk around their edges. Hardware was added in varying shades of brown and a mix of finishes to preserve the vintage vibe.
Repurposed Tree Trunk
This onyx vessel sink has found a home atop a salvaged piece of log. There’s even a bit of embedded barbed wire remaining around the hollowed-out stump.
The laundry room has finally come into its own as a bright and organized cleanup command center, whether in a tidy corner of the basement or a nook next to the kitchen. For help updating yours, check out this expert advice on everything from energy-wise machines and thrifty flooring options to the best labor-saving layout and how to safeguard your home.
Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership,” which revealed that “eighty percent of consumers either are unaware of how much lenders require for a down payment or believe all lenders require a down payment above 5 percent.”
Myth #1: “I Need a 20% Down Payment”
Buyers often overestimate the down payment funds needed to qualify for a home loan. According to the same report:
“Consumers are often unaware of the option to take out low-down-payment mortgages. Only 19% of consumers believe lenders would make loans with a down payment of 5% or less… While 15% believe lenders require a 20% down payment, and 30% believe lenders expect a 20% down payment.”
These numbers do not differ much between non-owners and homeowners; 39% of non-owners believe they need more than 20% for a down payment and 30% of homeowners believe they need more than 20% for a down payment.
While many believe that they need at least 20% down to buy their dream home, they do not realize that programs are available that allow them to put down as little as 3%. Many renters may actually be able to enter the housing market sooner than they ever imagined with programs that have emerged allowing less cash out of pocket.
Myth #2: “I Need a 780 FICO® Score or Higher to Buy”
Similar to the down payment, many either don’t know or are misinformed about what FICO® score is necessary to qualify.
Many Americans believe a ‘good’ credit score is 780 or higher.
To help debunk this myth, let’s take a look at Ellie Mae’s latest Origination Insight Report, which focuses on recently closed (approved) loans.
As you can see in the chart above, 53.5% of approved mortgages had a credit score of 600-749.
Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Your dream home may already be within your reach.
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