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Homebuying Myths Busted: What Every First-Time Buyer Should Know

August 4, 2025

Buying your first home is a huge milestone, but it’s also surrounded by a lot of confusion and outdated advice. If you've been holding off because of something “you heard,” this is your sign to get the facts. Here are some of the most common myths first-time buyers believe and the truth that could help you move forward confidently.

Myth #1: You Need Perfect Credit

Truth: You don’t need a perfect credit score to buy a home. While a higher score can get you better rates, many loan programs are designed for first-time buyers with average credit. FHA loans, for example, can accept scores as low as 580 with a low down payment.

Myth #2: You Need 20% Down

Truth: That’s old-school thinking. Plenty of buyers today put down as little as 3–5%. Some even qualify for zero-down programs, especially in certain areas or with VA or USDA loans. The key is knowing your options and working with a lender who can match you to the right loan.

Myth #3: Renting is Always Cheaper

Truth: With rising rent costs and low interest rates, buying is often more affordable long-term. Plus, you’re building equity instead of paying your landlord’s mortgage. Homeownership can also open the door to tax benefits and greater financial stability over time.

Start Your Journey with Ole South

You don’t need to have it all figured out. You just need the right team behind you. Ole South makes buying your first home simpler, more affordable, and less intimidating.

Start your homeownership journey with Ole South and find your first home today. You can view our available properties today.