Is what you’ve heard about buying a home really true?
If you’re preparing to purchase a home in Raleigh, Cary, Apex, Holly Springs, or Fuquay Varina, you’ve probably received plenty of advice—from family, friends, or even social media. While most of it comes from good intentions, some of it is outdated or flat-out wrong.
Let’s separate fact from fiction. Here are five of the most common home buying myths—debunked:
Myth 1: You need to put 20% down.
Many first-time buyers believe they can’t purchase a home without saving a 20% down payment. That misconception often discourages people from even starting.
The Truth: You don’t need anywhere near 20% to buy a home. FHA loans allow as little as 3.5% down, and conventional loans can go as low as 3%. While 20% helps you avoid private mortgage insurance (PMI) and lowers monthly payments, smaller down payments can make homeownership more accessible sooner—giving you more years to build equity.
Myth 2: Your credit score must be perfect.
Many buyers think they need flawless credit or no debt to qualify for a mortgage. Common myths include:
You need a score above 700.
Student loans disqualify you.
Credit card debt disqualifies you.
Any negative mark means you can’t buy.
The Truth: Perfect credit is not required. FHA loans accept scores as low as 580 (500 with a larger down payment). Conventional loans often start at 620. Debt-to-income ratios up to 50% can sometimes be approved. As long as you can handle your payments comfortably, you don’t need a spotless credit report to become a homeowner.
Myth 3: You should wait for the market to change.
You may have heard advice like “wait until interest rates drop” or “wait until more homes hit the market.”
The Truth: There is no perfect time. Market conditions are always shifting. Instead of trying to time the market, focus on your personal readiness: your finances, career, and long-term plans. If you can afford a mortgage and are ready for homeownership, that’s the right time to buy.
Myth 4: Spring and summer are the best seasons to buy.
Because spring and summer are busiest, many buyers think they should only shop then.
The Truth: While those seasons bring more listings, they also bring more competition. Buying in the fall or winter can actually give you an advantage—less competition, more negotiating power, and often more motivated sellers. The best season to buy is the one that aligns with your needs.
Myth 5: You have to stay put forever.
Some people will tell you only to buy if you plan to live in the home forever.
The Truth: Few people stay in their first home for life. Most real estate experts suggest planning to live in a home for at least five years to recoup costs and build equity. Beyond that, life changes happen—career moves, family changes, or lifestyle shifts. You don’t need to know your forever plan to confidently buy a home today.
Final Takeaway
Home buying is exciting, but it’s easy to get discouraged by myths and misinformation. You don’t need a huge down payment, perfect credit, or flawless timing to become a homeowner. What matters most is your readiness and the right guidance.
Next Step
I’m Paul Huber, REALTOR® with Huber Real Estate, helping buyers across Raleigh, Cary, Apex, Holly Springs, and Fuquay Varina cut through the noise and achieve homeownership with confidence. If you’re ready to explore your options, let’s connect.