Myth No. 1: You can’t afford a down payment
Totally untrue, not all loan programs require the convention 20% down. There are tons of options for 10%, 5% and even 3%! In fact, some programs require no money down and many areas offer assistance programs specifically for first-time buyers.
Myth No. 2: Renting is cheaper
Obviously depending on your rent and home values in your local area this might vary. But, let’s say your mortgage is slightly higher than rent….at least the money is going towards an investment and not just helping your landlord make his payment as well as offering tax benefits.
Myth No. 3: You can’t buy a home unless your credit is perfect
Credit scores are only one piece of your financial picture. Lenders take other considerations in determining your qualification for a loan like down payment and debt to income ratio. Finding a lender you trust is key to taking the first steps toward homeownership.