🏠 5 First-Time Homebuyer Myths — Busted!

Thinking about buying your first home but feeling overwhelmed? You're not alone — and chances are, you’ve heard at least one of these common myths that might be holding you back.

Let’s bust the top 5 first-time homebuyer myths so you can move forward with confidence!

❌ Myth #1: You Need Perfect Credit

Truth: You don’t need a 780 FICO score to buy a home.

Many loan programs accept scores in the mid-600s — and some go even lower. FHA loans, for example, often allow credit scores down to 580 with a 3.5% down payment.

✔️ Tip: Even if your score is lower, we can work together to improve it — or find lenders who work with unique situations.

❌ Myth #2: You Must Have 20% Saved for a Down Payment

Truth: Most first-time buyers put down far less than 20%.

• FHA loans require just 3.5% down

• Conventional loans offer 3% down options for first-timers

• Some programs (like VA or USDA) offer 0% down

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✔️ Example: A $500,000 home with 3% down is just $15,000 — not $100,000.

❌ Myth #3: Renting Is Cheaper Than Owning

Truth: Not always.

While renting may feel more flexible short-term, many renters end up paying more per month than they would with a fixed mortgage — especially in Southern California where rents are rising fast.

✔️ Owning also builds equity over time — meaning your home could become one of your biggest assets.

❌ Myth #4: You Should Wait for the “Perfect Time” to Buy

Truth: The best time to buy is when you’re ready.

Trying to time the market is like trying to catch a falling knife. Interest rates fluctuate, inventory shifts, and home prices vary — but your personal timeline matters more.

✔️ Waiting too long could mean paying more later.

❌ Myth #5: You Have to Do It Alone

Truth: You don’t.

Buying your first home can feel like a big leap — but you don’t need to figure it all out by yourself. That’s where I come in. As your buyer’s agent, I’ll walk you through every step, help you understand your options, and support you through closing and beyond.

👋 Let’s Talk

If you’ve been holding off because of one of these myths — now you know better.Let’s have a friendly chat and go over what it actually takes to buy your first home in SoCal.

📅 Book a quick consult or reply any time.

Andrew Georgitsis

SoCal Realty and Investments

DRE# 02266192