5 Home Buyer Myths That Could Be Costing You Money

Think you need 20% down and perfect credit to buy a home?

Or maybe you feel like you’re too young to buy, waited too long, or need to find your forever home before taking the leap.

A lot of what people believe about buying a home is based on old information or assumptions that may not apply to their situation today.

And those myths could be keeping you on the sidelines longer than necessary.

In this video, we break down five common home buyer myths and, more importantly, the fears behind them.

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Quick Highlights

Myth #1: You Need 20% Down

Many buyers assume they have to save 20% of the purchase price before they can even consider buying.

But many loan programs allow for much less down.

Instead of asking, “Do I have 20%?” the better question is: “What would I actually need for my situation?”

Myth #2: You Need Perfect Credit

Your credit doesn't have to be perfect to explore homeownership.

Credit requirements vary depending on the type of loan, and the minimums may be lower than you expect.

The first step is simply finding out where you stand.

Myth #3: Renting Is Always Cheaper or Safer

Renting can feel safer because it's familiar and flexible.

But mortgage payments can help build equity over time, while rent does not provide ownership in the property.

The right choice depends on your individual situation, but it's worth knowing the real numbers before assuming renting is your only option.

Myth #4: Your First Home Has to Be Your Forever Home

Your first home doesn't have to check every box for the next 30 years.

It can simply be a stepping stone toward your longer-term goals.

Waiting for the perfect forever home can sometimes keep buyers from getting started at all.

Myth #5: You Need a Family to Buy a Home

Homeownership isn't reserved for married couples or families with children.

Single buyers and couples without kids can have many of the same reasons for wanting to own, including building equity and creating something of their own.

Think You're Not Ready to Buy?

You may be closer than you think.

The biggest takeaway from these myths is simple: don't make a major financial decision based on assumptions.

You don't have to feel completely ready or have everything figured out. Start by getting accurate information about your finances, loan options, and what buying could realistically look like for you.

And if you're considering buying in Savannah, download our free First-Time Homebuyer's Guide to Savannah to help you get started.

FAQs

Do I need 20% down to buy a house?

No. Many loan programs allow buyers to purchase with less than 20% down.

Does my credit need to be perfect?

No. Credit requirements vary by loan program, so it's worth finding out what options may be available to you.

Does my first house need to be my forever home?

Not at all. Your first home can be a stepping stone toward your future housing and financial goals.