Myth #1: You need a high credit score to qualify — Buyers can qualify for government-backed mortgages and other conventional loan programs with credit scores around 620 — and in some situations, there is no set minimum. The higher the credit score, the more options a buyer has to get a lower interest rate.

Myth #2: A 20% down payment is mandatory — Many loans can require as little as 3% down for first-time buyers, while some VA and USDA loans don’t have any down payment requirement.

Myth #3: Mortgage rates are the worst they’ve ever been — The peak was actually in October 1981, when 30-year rates hit 18.6%. Rates have bounced around the 7% range in recent years and are currently in the 6.4% range after dipping briefly below 6% in late February.

Have questions? Contact me, I’ll be happy to help!