Buying a home can seem out of reach—but a lot of what people believe about the home buying process simply isn’t true. One of the biggest myths is that you need a 20% down payment to buy a house. While putting down 20% can help avoid private mortgage insurance (PMI), many first-time homebuyers qualify for loans with as little as 3% down. Some mortgage programs, like FHA loans or VA loans, even allow for low or zero down payment options.
Another common myth is that you need a high credit score to buy a home. While a great score can unlock lower interest rates, most lenders accept credit scores as low as 580 for certain loan programs. Even if your score isn’t perfect, you may still qualify for a mortgage loan. Lenders also look at things like your income, debt, and job history when deciding.
Finally, don’t let the doom and gloom headlines convince you that now is your only chance. Some people feel pressured to buy a home quickly because they fear the market will crash—or because someone says it’s the “last chance to buy low.” But buying a home should never be rushed. The best time to buy a house is when you’re financially ready and can comfortably afford the monthly mortgage payment. Forget the hype and focus on what’s right for you.