6 First-Time Homebuyer Myths You Shouldn’t Believe

Buying your first home is exciting, but it can also be intimidating—especially with all the conflicting advice out there. Let’s bust six common myths that may be holding you back:

1. "You Need a 20% Down Payment" While 20% avoids private mortgage insurance (PMI), many first-time buyers qualify for loans with as little as 3% down. There are also assistance programs available.

2. "You Must Have Perfect Credit" Good credit helps, but perfect credit isn’t required. Many lenders work with scores in the 600s and offer tools to help you qualify.

3. "Always Buy the Biggest House You Can Afford" Bigger isn’t always better. Consider maintenance costs, utility bills, and your lifestyle before maxing out your budget.

4. "Renting is Always Cheaper Than Buying" In some markets, your monthly mortgage payment might be lower than rent. Plus, you’re building equity with every payment.

5. "If You Found the Home Online, You Don’t Need an Agent" Online listings are a great starting point, but agents provide access to off-market homes, expert negotiation, and protection through contracts.

6. "The Asking Price is Non-Negotiable" Everything in real estate is negotiable. With the right agent, you may be able to negotiate price, repairs, or even closing costs.