Buying a home is one of the most significant financial decisions you’ll make, but a lot of misinformation can hold buyers back. At Sazama Real Estate, we believe knowledge is power, so let’s bust some common myths and set the record straight!

Myth #1: You Need a 20% Down Payment

Reality: While a 20% down payment can help you avoid private mortgage insurance (PMI), it’s not a requirement. Many loan programs allow for much lower down payments—some as low as 3-5%. If you’re a veteran or qualify for a USDA loan, you may even be able to buy a home with zero down.

Myth #2: You Should Wait Until the Market Cools Down

Reality: Timing the market perfectly is nearly impossible. Interest rates, inventory, and home prices fluctuate, but waiting too long could mean missing out on great opportunities. Instead of the “perfect” time, focus on when you’re financially and personally ready to buy.

Myth #3: Your Credit Score Has to Be Perfect

Reality: While a higher credit score can help you secure better loan terms, you don’t need perfect credit to buy a home. Many lenders work with buyers with credit scores in the 600s, and FHA loans are available for scores as low as 580. Working with a mortgage professional can help you explore your best options.

Myth #4: Renting is Always Cheaper Than Buying

Reality: While renting may seem more affordable in the short term, buying builds equity over time and can be more cost-effective in the long run. With rising rental prices, homeownership can offer more financial stability, predictable monthly payments, and long-term investment value.

Myth #5: The Only Upfront Cost is the Down Payment

Reality: Besides your down payment, you’ll need to budget for closing costs (usually 2-5% of the home price), home inspections, and potential moving expenses. However, there are assistance programs and lender credits that can help reduce some of these costs.

Myth #6: You Shouldn’t Buy Without a Perfect Job History

Reality: While lenders like to see steady employment, gaps in work history don’t automatically disqualify you. You may still qualify for a mortgage if you have consistent income and a strong credit profile. Self-employed buyers can also get approved with proper documentation.

Myth #7: You Can Skip the Home Inspection to Save Money

Reality: Home inspection is one of the most crucial steps in homebuying. It can reveal hidden issues that could cost you thousands in repairs. Skipping it may save money upfront, but it’s a risk that could lead to unexpected expenses later.

Don’t let these myths hold you back from achieving your homeownership goals! If you have questions or concerns about buying a home, the team at Sazama Real Estate is here to guide you every step of the way. Reach out to us today, and let’s make your dream home a reality!

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