Buying your first home is exciting, but myths and misconceptions can cause unnecessary stress. Let’s clear up some common myths:

Myth #1: You Need a 20% Down Payment

Reality: While a 20% down payment can eliminate mortgage insurance, many loan programs allow much lower down payments—some as low as 3-5%.

Myth #2: Perfect Credit is Required

Reality: While good credit helps, lenders offer mortgage options for a range of credit scores. FHA loans, for example, accommodate buyers with lower scores.

Myth #3: Renting is Always Cheaper Than Buying

Reality: While renting may seem more affordable short-term, homeownership builds equity and can be a smarter financial move over time.

Myth #4: You Can’t Get a Mortgage with Student Loans

Reality: Lenders consider debt-to-income ratio, but having student loans doesn’t automatically disqualify you from homeownership.

Buying Your First Home with Confidence

Understanding the facts can make your home-buying journey smoother. Working with a knowledgeable mortgage professional ensures you have the right guidance every step of the way.