Buying a home is exciting — but let’s be real, it can also feel overwhelming. With so much advice coming from friends, family, and the internet, it’s hard to know what’s true and what’s just… noise. 🙉
Let’s clear the air. Here are 10 common home buying myths that could be holding you back — and the real truth behind them:
❌ Myth #1: You Need 20% Down to Buy a Home
💡 Truth: While 20% down can help you avoid private mortgage insurance (PMI), it’s not required. Many first-time buyers qualify for loans with as little as 3% down — and some programs even offer 0% down.
❌ Myth #2: You Must Have Perfect Credit
💡 Truth: A higher credit score helps, but you don’t need a perfect 800. Many lenders work with buyers who have scores in the mid-600s. The key is knowing your options and working with the right lender.
❌ Myth #3: Renting Is Always Cheaper Than Buying
💡 Truth: Rent prices can rise every year, while a fixed-rate mortgage stays the same. Plus, owning builds equity over time — which renting doesn’t. Long-term, buying often makes more financial sense.
❌ Myth #4: You Can’t Buy with Student Loans
💡 Truth: Having student loans doesn’t automatically disqualify you. Lenders look at your debt-to-income ratio, not just your loan balances. With the right income and budget, you can absolutely still buy a home.
❌ Myth #5: You Should Always Wait for Lower Interest Rates
💡 Truth: Trying to “time the market” is tricky. Rates may go up or down, but home prices and competition are also factors. Plus, you can always refinance later if rates drop.
❌ Myth #6: You Don’t Need an Agent — Just Use Zillow
💡 Truth: Online listings are helpful, but a local real estate agent gives you access to off-market opportunities, expert negotiation, and protection throughout the process. Zillow doesn’t walk through homes with you or spot red flags
❌ Myth #7: The Home Inspection Will Catch Everything
💡 Truth: Inspections are crucial, but even the best inspectors can’t see inside walls or predict future issues. That’s why it’s important to work with a trusted agent and ask the right questions during the tour.
Final Thoughts
There’s no one-size-fits-all when it comes to buying a home — and falling for these myths can cost you time, money, and peace of mind. The best move? Get the facts, ask questions, and work with a pro who has your back every step of the way.
📲 Thinking of buying in the St. Pete or Tampa Bay area? Let’s talk — no pressure, just real answers.
