Myths About Transitioning From Renter to Homeowner

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Making the leap from being a renter to becoming a homeowner is a process that includes taking stock of your financial situation and determining whether you're ready for such a massive responsibility. For most people, the primary question is affordability. Do you have enough cash in the bank to fund a down payment, or do you have a credit score high enough to qualify you for a home loan? But there are other considerations, too—and plenty of misconceptions and myths that could keep you from making that first step.

Below, our experts weigh in on why some situations that may seem like roadblocks are actually not as daunting as they appear.

1. Buying a home means heavy debt

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Seven Myths That Get in the Way of Homeownership

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Think you need to come up with 20% for a down payment in order to buy a house? It might surprise you to know that the median down payment for first-time buyers last year was just 7%, per the National Association of Realtors®. And there are plenty of loan programs out there that require far less. The 20% myth is just one of the things that’s keeping homeownership out of reach. We’re digging in to seven others.

Read more: Seven Myths That Get in the Way of Homeownership

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