A lot of people who could buy a home today are still renting because of something they heard years ago. Here are the myths I run into most.
"I need 20% down."
Many loan programs need far less. FHA loans can go as low as 3.5% down, some conventional loans 3%, and VA and USDA loans can be zero down for those who qualify.
"My credit has to be perfect."
It does not. Different programs have different requirements, and a broker can match you with the lender whose guidelines fit where you are today.
"Renting is cheaper."
Sometimes it is - but in many areas a mortgage payment is close to rent, and you are building equity instead of paying someone else's mortgage.
"Getting pre-approved will hurt my credit."
A pre-approval is a small, temporary dip at most, and it tells you and a seller exactly what you can buy. It is one of the most useful steps you can take.
If any of these have been holding you back, let's talk. Finding out where you stand costs nothing.