Home Buying Myths: Busted

Dear Ali, 

You've probably heard all sorts of claims about buying a home and wondered what's true. 

Here are the top home buying myths that I hear from borrowers: 

Myth #1: You Need to Make a 20% Down Payment 

For mortgages insured by the Federal Housing Administration (FHA), the minimum down payment is only 3.5%! Conventional loans generally require at least 5%.

Myth #2: Your Credit Score Needs to Be Perfect 

Although your credit score is an important component of buying a home, it does not need to be perfect! If your credit does need some work, I'd love to chat with you about how we can boost your credit score. 

Myth #3: It's Cheaper to Rent Than Own

In the short term, renting can be a cheaper option. However, home ownership can be a valuable long-term investment. There isn't one answer, but rent vs. buy calculators can help you decide. 

It's easy to get caught up in the many myths that surround a big decision like buying a home. But I'm here to answer any home buying questions you may have. Together, we can put together a mortgage plan that fits your needs perfectly!

Sincerely, 

Anna Smith