Buying your first home can feel overwhelming—especially when common myths make it seem out of reach. If you’re worried about affordability, market timing, or saving for a down payment, this episode is for you. We’re breaking down the biggest misconceptions and giving you the facts so you can confidently step into homeownership.
Myth #1: “I Need a Huge Down Payment to Buy a Home”
Many first-time buyers think they need 20% down to buy a home. The truth? There are low and no down payment options available!
FHA Loans: As low as 3.5% down
VA & USDA Loans: 0% down for eligible buyers
First-Time Buyer Programs: Assistance grants and lower requirements
Reality Check: A $250,000 home with an FHA loan would only require $8,750 down—not $50,000!
Myth #2: “The Market is Too Expensive Right Now”
While home prices fluctuate, waiting may cost you more in the long run. Here’s why:
Home values tend to rise over time, meaning waiting could make homes more expensive.
Interest rates change, and even a small rate increase can raise your monthly payment.
Renting doesn’t build equity—every payment goes to your landlord instead of your future.
Reality Check: The best time to buy a home is when you’re financially ready, not when you’re waiting for the “perfect” market.
How to Find Out If You Can Afford a Home
The best way to determine affordability? Work with a professional! Here’s what to do next:
Step 1: Check your credit score (many programs accept scores as low as 580-620)
Step 2: Get pre-approved to see what you can afford
Step 3: Explore local first-time buyer programs
Step 4: Connect with a trusted real estate agent who can guide you
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What’s Next?
In this series, Building Wealth Through Homeownership, we’ll walk you through every step of the home-buying process, from getting pre-approved for a loan to negotiating offers, completing inspections, and closing the deal.
Watch the series in our Youtube Channel: https://www.youtube.com/@obx4sale
Stay tuned for more home-buying tips! If you’re ready to take the first step toward homeownership in the Outer Banks & Northeastern NC, reach out today for expert guidance.
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