{"id":71401,"date":"2025-10-22T14:30:11","date_gmt":"2025-10-22T21:30:11","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=71401"},"modified":"2025-10-22T14:30:16","modified_gmt":"2025-10-22T21:30:16","slug":"home-buying-myths","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/home-buying-myths\/","title":{"rendered":"11 First-Time Home Buying Myths Debunked"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">As a first-time homebuyer, it can feel like there\u2019s endless information about <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-buy-a-home\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">how to buy a home<\/span><\/a><span style=\"font-weight: 400;\">. You\u2019ve probably heard advice about how much you need for a down payment, what credit score qualifies you for a mortgage, or whether it\u2019s better to keep renting instead. It\u2019s possible these home buying myths may be holding you back from becoming a homeowner.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this Redfin article, we\u2019ll debunk 11 common first-time homebuying myths so you can see what\u2019s really standing between you and homeownership. Whether you\u2019re looking at <\/span><a href=\"https:\/\/www.redfin.com\/city\/13415\/TN\/Nashville\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">homes in Nashville, TN<\/span><\/a><span style=\"font-weight: 400;\">, or a <\/span><a href=\"https:\/\/www.redfin.com\/city\/29470\/IL\/Chicago\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">condo in Chicago, IL<\/span><\/a><span style=\"font-weight: 400;\">, here\u2019s the truth about buying your first home.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Myth #1: You need a 20% down payment<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">You don\u2019t need a 20% <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-much-down-payment-for-a-house\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">down paymen<\/span><\/a><span style=\"font-weight: 400;\">t to buy a home. It\u2019s a common myth that might be preventing you from becoming a homeowner. Many loan programs allow you to buy with little or <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-buy-a-house-with-no-money-down\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">no money down<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>FHA loans: <\/b><span style=\"font-weight: 400;\">As low as 3.5% down<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>VA loans:<\/b><span style=\"font-weight: 400;\"> 0% down<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>USDA loans: <\/b><span style=\"font-weight: 400;\">0% down<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Conventional loans:<\/b><span style=\"font-weight: 400;\"> 3 &#8211; 5% down, depending on the lender<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For conventional loans, keep in mind you\u2019ll need to factor <\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-is-pmi-insurance\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">private mortgage insurance (PMI)<\/span><\/a><span style=\"font-weight: 400;\"> into your budget.<\/span> <span style=\"font-weight: 400;\">PMI is an additional cost your mortgage lender may require if your down payment is below 20% and the cost is factored into your monthly mortgage payment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are also <\/span><a href=\"https:\/\/www.redfin.com\/blog\/down-payment-assistance-programs\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">down payment assistance programs<\/span><\/a><span style=\"font-weight: 400;\"> that offer loans or grants that can reduce your down payment amount or closing costs. Down payment assistance programs are offered at local, state, and federal levels, so there are plenty of programs available.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Myth #2: Renting is cheaper than buying a home<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Renting isn\u2019t always cheaper than buying a home; however, it depends on several factors. In some cities, the average rent may be equal to or more than a <\/span><a href=\"https:\/\/www.redfin.com\/mortgage-calculator\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">mortgage payment<\/span><\/a><span style=\"font-weight: 400;\">. Mortgage payments are stable over time, whereas your rent may increase each year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, if you plan to stay in a city for more than 5 years, buying a home can provide more stability and generate more equity in the long run. You can use a <\/span><a href=\"https:\/\/www.redfin.com\/rent-vs-buy-calculator\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">rent vs buy calculator<\/span><\/a><span style=\"font-weight: 400;\"> to help estimate the difference in costs for your city.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Myth #3: You only need to save for a down payment<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Even if you\u2019re not putting down 20%, a down payment isn\u2019t the only upfront cost to save for. You\u2019ll need to account for additional expenses like <\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-are-closing-costs\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">closing costs<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-much-is-real-estate-agent-commission-buyer-seller\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">agent fees<\/span><\/a><span style=\"font-weight: 400;\">, inspections, and moving costs.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Closing costs:<\/b><span style=\"font-weight: 400;\"> 2 &#8211; 5% of the purchase price<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Agent fees:<\/b><span style=\"font-weight: 400;\"> 1.5 &#8211; 3% of the purchase price<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For example, the median sale price for a <\/span><a href=\"https:\/\/www.redfin.com\/us-housing-market\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">single-family home in September 2025<\/span><\/a><span style=\"font-weight: 400;\"> was $435,495. In that scenario, the average closing costs could range from $8,709 to $21,774. Agent fees could range from $6,532 to $13,064.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sometimes, the seller may cover a portion of the closing costs or the real estate agent\u2019s fees, but that\u2019s not guaranteed. Be sure to factor these additional costs into your budget.<\/span><\/p>\n<p><b><i>&gt;&gt;Read: <\/i><\/b><a href=\"https:\/\/www.redfin.com\/blog\/how-much-money-do-i-need-to-buy-a-house\/\" data-wpel-link=\"exclude\"><b><i>How Much Money Do I Need to Buy a House?<\/i><\/b><\/a><\/p>\n<h2><span style=\"font-weight: 400;\">Myth #4: You need to pay off your student loans first<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">You don\u2019t have to pay off student loans before buying a home, it all depends on your <\/span><a href=\"https:\/\/www.redfin.com\/guides\/buy\/calculate-debt-to-income-ratio\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">debt-to-income ratio (DTI)<\/span><\/a><span style=\"font-weight: 400;\">. DTI is your monthly debt payments divided by your gross income. It shows lenders what percentage of your monthly income is paid towards your debts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If your DTI is below 36%, you\u2019re generally in a good position to <\/span><a href=\"https:\/\/www.redfin.com\/blog\/can-you-buy-a-house-with-student-loan-debt\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">buy a home even with student debt<\/span><\/a><span style=\"font-weight: 400;\">. Most lenders won\u2019t approve a mortgage if your DTI is higher than 36%. So if you fall into that category, you may want to pay off your student loans first.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Myth #5: Your credit score needs to be perfect<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">You don\u2019t need an excellent <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-improve-your-credit-score-to-buy-a-house\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">credit score to buy a house<\/span><\/a><span style=\"font-weight: 400;\">. Having a higher credit score can help widen your loan options and possibly give you a lower interest rate and better loan terms. However, you don\u2019t need a perfect credit score in order to buy your first home.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are some of the credit score guidelines for certain loan types:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Conventional loan:<\/b><span style=\"font-weight: 400;\"> 620<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>FHA loan:<\/b><span style=\"font-weight: 400;\"> 580 (or 500 with 10% down payment)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>VA loan: <\/b><span style=\"font-weight: 400;\">No requirement, but some lenders prefer 620<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>USDA loan: <\/b><span style=\"font-weight: 400;\">620 \u2013 640<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If your score isn\u2019t ideal yet, you can still work with a lender to find the best fit and create a plan to improve it over time.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Myth #6: You shouldn\u2019t buy when interest rates are high<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If <\/span><a href=\"https:\/\/www.redfin.com\/blog\/is-now-a-good-time-to-buy-a-house\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">now is the right time for you<\/span><\/a><span style=\"font-weight: 400;\">, a higher interest rate shouldn\u2019t necessarily stop you from buying a home. Rates rise and fall, but home prices and inventory can change too.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you find the right home and you\u2019re financially ready, it can still make sense to buy now. If interest rates drop in the future, you can always consider <\/span><a href=\"https:\/\/www.redfin.com\/blog\/when-to-refinance-mortgage\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">refinancing your mortgage<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Myth #7: All mortgage lenders offer the same rate<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It\u2019s a common misconception that every mortgage lender offers the same rates and terms. In reality, each lender uses different criteria to determine your rate, and even small variations can have a big impact over time. When <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-choose-a-mortgage-lender\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">shopping for a mortgage<\/span><\/a><span style=\"font-weight: 400;\">, it\u2019s always a good idea to get quotes from several lenders. That way, you can find the one that\u2019s best suited for your finances and homeownership goals.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Myth #8: A pre-approval means your loan will be approved<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/www.redfin.com\/blog\/prequalified-vs-preapproved\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">mortgage pre-approval <\/span><\/a><span style=\"font-weight: 400;\">shows sellers you\u2019re a serious buyer, but it doesn\u2019t guarantee your loan will be approved. Lenders can still <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-often-does-an-underwriter-deny-a-loan\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">deny an application<\/span><\/a><span style=\"font-weight: 400;\"> if something changes \u2013 like your income, credit score, or the home\u2019s appraised value.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pre-approval is an important first step, but continue managing your finances carefully until you close on the home.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Myth #9: You don\u2019t need an agent<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Technically, you can buy a home without an agent. However, a great <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">real estate agent<\/span><\/a> <span style=\"font-weight: 400;\">can make the process smoother and help you avoid costly mistakes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">From helping you find the right home to making an offer that stands out, a great real estate agent is your advocate throughout the entire process. They also know the local market and can spot potential issues early on, which is especially helpful for first-time buyers.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Myth #10: Home inspections are optional<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It\u2019s important to get a <\/span><a href=\"https:\/\/www.redfin.com\/blog\/home-inspection\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home inspection<\/span><\/a><span style=\"font-weight: 400;\">, regardless of whether you\u2019re buying the home with a loan or with cash. More often than not, your mortgage lender will require a home inspection before you buy the home. Even if your lender doesn\u2019t require a home inspection, it doesn&#8217;t mean you should skip it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A licensed home inspector may uncover damage or issues with the house that you should be aware of before owning the property. If a home inspection does find significant damage, you may be able to negotiate with the seller to repair the issues, negotiate a lower asking price, or walk away if you have an <\/span><a href=\"https:\/\/www.redfin.com\/blog\/inspection-contingency\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">inspection contingency<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Myth #11: The listing price is non-negotiable<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The listing price is just a starting point. You can always negotiate an offer, whether it\u2019s the home\u2019s price or asking for <\/span><a href=\"https:\/\/www.redfin.com\/blog\/seller-concessions-101\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">seller concessions<\/span><\/a><span style=\"font-weight: 400;\">. In a competitive market, you may need to be prepared to spend more than the listing price, but your agent will know <\/span><a href=\"https:\/\/www.redfin.com\/blog\/tips-for-making-an-offer-on-a-house\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">how to make your offer stand out<\/span><\/a><span style=\"font-weight: 400;\">. If it\u2019s a slower market, you may be able to negotiate the price more easily. It\u2019s important to keep in mind that the purchase price can rise or fall depending on <\/span><a href=\"https:\/\/www.redfin.com\/us-housing-market\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">market conditions<\/span><\/a><span style=\"font-weight: 400;\">, buyer interest in the home, and other factors.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Next steps for first-time home buyers<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Don\u2019t let home buying myths hold you back from buying your first home. If you still have questions about your finances or ability to buy a home, speak with a real estate agent, lender, or financial advisor who can help you start your <\/span><a href=\"https:\/\/www.redfin.com\/guides\/buy\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home buying journey<\/span><\/a><span style=\"font-weight: 400;\">. You may find out you\u2019re ready to buy a home sooner than you thought. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Find out 11 common home buying myths to avoid when buying your first home. We\u2019ll debunk these myths so you have the right information to buy a home.<\/p>\n","protected":false},"author":537,"featured_media":71402,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[34276,10756],"tags":[34529,34629,34617],"coauthors":[33440],"class_list":["post-71401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","category-featured-post","tag-buying-faq","tag-first-time-homebuyer","tag-home-buying-process"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>11 First-Time Home Buying Myths Debunked | Redfin<\/title>\n<meta name=\"description\" content=\"Find out 11 common home buying myths to avoid when buying your first home. 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