11/26/2025
š” Mortgage Myths vs. Reality, Letās Break It Down!
1ļøā£ Myth: You need 20% down to buy a home.
Reality: Not anymore. Many buyers get approved with 3ā5% down, and some programs offer zero down for qualified borrowers (like VA). Down payment assistance, grants, and lender credits can also help bridge the gap. The biggest surprise for most first-time buyers? Theyāre much closer to homeownership than they think.
2ļøā£ Myth: You must have perfect credit.
Reality: You donāt need an 800 score to buy a home. Many lenders work with buyers in the mid-600s, and even lower depending on the loan type. They consider your full financial profile, income, job history, debt ratios, not just one number. A strong payment track record can carry more weight than a flawless score.
3ļøā£ Myth: Rates are too high, so itās better to wait.
Reality: While no one loves higher rates, waiting can cost buyers far more due to rising home prices. You can refinance your rate later, but you canāt go back and purchase at todayās price point. Many homeowners use a āmarry the house, date the rateā strategy to lock in equity growth sooner.
4ļøā£ Myth: Renting is cheaper and safer.
Reality: Renting may feel easier short-term, but rising rents mean less stability year to year. A fixed mortgage keeps your payment steady, and each payment builds equity, not your landlordās. Over time, ownership becomes a financial advantage, especially in markets like San Diego where values trend upward.
Whether youāre planning for 2025 or just exploring your options, understanding the real facts is the first step. Send me a message, Iāll help you break down what you truly qualify for and what path makes the most sense for you.
Brett Dillon
š (619) 250-7062
š§ [email protected]
NMLS #278140