Buying your first home can feel equal parts exciting and overwhelming. There’s so much information out there—some accurate, some outdated, and some just plain wrong. To help you navigate with confidence, let’s break down the biggest myths first-time homebuyers believe, and what you should actually focus on instead.

Myth #1: “You Need a 20% Down Payment”

Reality: You don’t!
While putting 20% down helps you avoid private mortgage insurance (PMI), many loans allow for as little as 3% down (and even 0% for qualifying VA or USDA loans). Waiting to save that full 20% could keep you on the sidelines longer than necessary—especially as home prices and rents rise.

What to Focus On Instead:

• Explore programs like FHA, USDA, and VA loans.
• Ask your lender about first-time buyer grants or local down payment assistance.
• Focus on monthly affordability and saving for moving expenses and reserves, not just the down payment.

Myth #2: “You Should Always Buy the Most You Can Afford”

Reality: Bigger isn’t always better.
Just because you’re approved for a certain amount doesn’t mean you should spend it all. Stretching your budget can leave you cash-poor and stressed about every repair or life expense.

What to Focus On Instead:

• Choose a comfortable monthly payment, not the maximum the lender offers.
• Factor in property taxes, insurance, utilities, and maintenance.
• Leave room in your budget for lifestyle and savings goals.

Myth #3: “You Don’t Need an Agent When Buying New Construction”

Reality: The builder’s agent works for the builder.
Having your own buyer’s agent ensures someone is representing your interests, not just the seller’s. A knowledgeable agent can help with pricing, contract terms, inspections, and upgrades.

What to Focus On Instead:

• Partner with an agent experienced in new construction.
• Visit the model home with or after registering your own agent.
• Let them negotiate extras like upgrades, landscaping, or closing cost credits.

Myth #4: “You Should Wait for the Market to Cool Down”

Reality: Trying to time the market rarely works out.
While waiting for prices or rates to drop might sound wise, the “perfect moment” is usually clear only in hindsight. If you find a home that fits your budget and long-term needs, it may make sense to move forward.

What to Focus On Instead:

• Buy when your finances and lifestyle are ready.
• Secure a fixed-rate loan if you’re worried about rising rates.
• Think long-term—homeownership often pays off over time.

Myth #5: “You’ll Know the Right Home the Moment You Walk In”

Reality: It’s not always love at first sight.
Some first-time buyers expect that “perfect fit” feeling immediately, but in reality, most homes involve compromises. What matters most is whether the home meets your needs and goals.

What to Focus On Instead:

• Prioritize location, layout, and structural quality over decor.
• Be patient—look at multiple homes before deciding.
• Keep emotions in check and lean on your agent’s experience.

Final Thoughts

Becoming a homeowner doesn’t have to be intimidating. By separating myth from reality, you’ll make smarter decisions, stay confident through the process, and end up in a home that truly fits your life and budget.

If you’re feeling ready to take the first step, talk with a trusted lender and real estate professional who can guide you through your options—it’s about building your future, not just buying a home.

• 💬 Expert Tip: Always get pre-approved before you start shopping