Debunking Common Home-Buying Myths: Get the Facts You Need

Buying a home is one of the biggest decisions you’ll make, but myths and misconceptions can create unnecessary stress or confusion. Let’s separate fact from fiction to help you move forward with confidence.

Myth 1: You Need a 20% Down Payment

🚫 Myth: You must have 20% of the home’s price saved for a down payment.

✅ Fact: While a 20% down payment can help you avoid private mortgage insurance (PMI), it’s not required. Many lenders offer loan options with as little as 3-5% down. If you’re a first-time homebuyer or eligible for programs like VA or USDA loans, you might qualify for zero down payment.

What This Means for You:

• Don’t let the 20% myth stop you from starting your home search.

• Explore down payment assistance programs or grants that may be available in your area.

Myth 2: You Must Have Perfect Credit to Buy a Home

🚫 Myth: Only buyers with excellent credit scores can qualify for a mortgage.

✅ Fact: While a high credit score can secure better interest rates, many lenders work with buyers who have fair or even lower credit scores. FHA loans, for example, are designed for buyers with lower credit scores and minimal down payments.

Steps to Take:

• Review your credit report and address any errors.

• Pay down outstanding debts to improve your debt-to-income ratio.

• Work with a lender who can guide you on improving your credit before applying.

Myth 3: You Can Skip a Home Inspection

🚫 Myth: If a house looks great, you don’t need a home inspection.

✅ Fact: Even newer homes can hide costly problems that aren’t visible during a walkthrough. A home inspection ensures you know what you’re buying—revealing potential issues with the foundation, plumbing, roof, or electrical systems.

Why Inspections Matter:

• They provide peace of mind and can prevent surprises after moving in.

• You can use inspection findings to negotiate repairs or price adjustments with the seller.

Smart Decisions Start with Accurate Information

Don’t let common myths stand in the way of your dream home. Whether it’s down payments, credit scores, or home inspections, knowing the facts can save you time, money, and stress.

💬 Questions about buying a home? Reach out today, and let’s make your homeownership goals a reality! Check out our active listings here!