4 Common Home Buying Myths To Move Past Buying a house is the largest purchase most people will make in their lifetime. And while the internet is a wonderful place to find information when it comes to home buying, there is also a lot of information out there that is misleading or downright not true. In today’s blog post we are going to be discussing four common myths about home buying - let’s dive in: 

1. The first myth that we are debunking is that you need a 20% down payment. While sometimes this is true and putting that much down can have its benefits, you don’t always need that much to buy your dream home. There are some loan programs that allow for half of that, or even less. 

2. The second myth that we are busting is that you have to be completely out of debt before you are able to own a home. Yes, that means if you are carrying student loans or other forms of debt, you could still qualify. Mortgage underwriters like to see you using and managing credit responsibly, so ensuring your payments are made on time is crucial. 

3. Piggybacking off our last myth, number three is that your credit score needs to be perfect to buy a home. Of course having a good credit score will only help you, but don’t stress if its not great. For a conventional loan approval, the minimum FICO credit score is around 620. 

4. The last myth we are exposing is that it is cheaper to rent than to own. In the short term there may be some truth to this statement, however if you plan on renting for a few years or longer, it could be in your best interest to put that money towards an asset you own. Renting is a great option for someone who moves around a lot, but if you are planning to stay in one place for a while buying can be a great option. 

 

Have other home buying questions and/or myths you want to discuss? Contact our experienced team today and let us help you find your perfect home in Omaha, NE!