Buying a home is an important and often life-changing decision that should not be taken lightly. With so many homes for sale today, it can be hard to know where to start when looking for your dream house. Fortunately, there are plenty of resources available online and offline designed specifically to help first-time buyers navigate the process more easily than ever before.
When it comes to buying a home, there are many myths that can confuse prospective homebuyers. These myths may be due to misinformation and misunderstanding, or they could just be old wives’ tales. Regardless of their source, it’s always important to educate yourself before making any major decision.
Here are some of the most common myths about purchasing a home and the truth behind them.
1. You Need a Perfect Credit Score
While having a good credit score is important, you don’t need a perfect score to qualify for a mortgage. In fact, there are many programs available for homebuyers with less than perfect credit. So if your credit isn’t perfect, don’t worry — there are still plenty of options available to you.
2. You Need a Huge Down Payment
Many people think they need a huge down payment to buy a home. However, this is not always the case. There are many loan programs available that require little or no down payment. So if you’re worried about saving up for a down payment, don’t be — there are plenty of ways to make it happen.
3. You Can’t Afford a Mortgage
Many people think they can’t afford a mortgage, but this is not always the case. In fact, there are many programs available that offer low-interest rates and affordable monthly payments. So don’t let the fear of affordability stop you from buying your dream home.
4. You Have to Be a First-Time Homebuyer
While first-time homebuyers often have access to special programs and incentives, you don’t have to be a first-timer to buy a home. In fact, many people who are looking to upgrade or downsize their homes are perfectly eligible for a mortgage. So no matter your situation, you may be able to buy the home you want.
5. You Need to Put 20% Down
While it’s true that putting 20% down on a home will get you a lower interest rate, it’s not always necessary. In fact, there are many programs available that allow you to put down less than 20%. So don’t let the size of your down payment deter you from buying a home.
6. You Need a Lot of Money for Closing Costs
While closing costs can be expensive, you don’t necessarily need a lot of money to cover them. In fact, there are many programs available that offer assistance with closing costs. So if you’re worried about affording your closing costs, don’t be — there are plenty of ways to make it work.
7. You Can’t Get a Mortgage If You’re Self-Employed
While it can be more difficult to get a mortgage if you’re self-employed, it’s not impossible. So if you’re self-employed and looking to buy a home, don’t give up — there are plenty of options available to you.
8. You Need Perfect Employment History
While having a good employment history is important, you don’t need perfect employment to qualify for a mortgage. So if you’ve had some bumps in your work history, don’t worry — there are still plenty of options available to you.
9. You Have to be Married to Own a Home
While it’s true that married couples often have an easier time qualifying for a mortgage, you don’t have to be married to own a home. So if you’re single and looking to buy a home, don’t give up — there are plenty of options available to you.
10. You Need to Own a Home to Invest in Real Estate
While it’s true that buying a home is a great way to invest in real estate, you don’t have to own a home to do so. In fact, there are many programs available for investors who want to purchase property without owning a home. So if you’re interested in investing in real estate, don’t let the lack of a home hold you back.
11. You Need a Large Salary to Afford a Home
Most people think you need a large salary to afford a home, but this is not always the case. In fact, there are many programs available for homebuyers with low and moderate incomes. So don’t let the fear of affordability stop you from buying your dream home.
So if you’re worried about any of the myths listed above, don’t be. There are plenty of ways to buy a home, even if you don’t meet all the qualifications. Talk to a mortgage specialist today, and they can help you find the best program for your needs.
