Misinformation about mortgages keeps a lot of people on the sidelines who could actually be homeowners. Let's clear up the most common myths so you can make decisions based on facts, not fear.
Myth: "You need a 780 credit score to buy a home"
Truth: FHA loans accept scores as low as 580, and conventional loans often work with scores in the 620-640 range. A higher score gets better rates, but you don't need perfection.
Myth: "You must put 20% down"
Truth: Many programs allow 3%, 3.5%, or even 0% down. VA loans and USDA loans require no down payment at all. Texas also has assistance programs that can cover your down payment.
Myth: "Pre-approval guarantees you'll get the loan"
Truth: Pre-approval is a strong indicator, but final approval depends on the property appraisal, title search, and your financial situation staying stable through closing.
Myth: "You should always choose the lowest interest rate"
Truth: The lowest rate sometimes comes with higher fees or points. The best deal depends on how long you plan to stay in the home and your overall financial picture.
Myth: "You can't buy a home with student loan debt"
Truth: Student loans are factored into your debt-to-income ratio, but they don't disqualify you. Many buyers with student loans successfully purchase homes every day.
Myth: "The bank will tell you how much you can afford"
Truth: The bank tells you the maximum you qualify for — that's not the same as what you can comfortably afford. I'll help you find a payment that fits your actual lifestyle and budget.
Myth: "You should wait for rates to drop before buying"
Truth: Timing the market is nearly impossible. If you find the right home at a payment you can afford, it's often better to buy now and refinance later if rates improve.
Don't Let Myths Hold You Back
If you've been putting off buying a home because of something you've heard, let's talk. I'll give you the real picture based on your actual situation.