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3 Myths About Buying Your First Home


Top 3 Myths About Buying Your First Home

Cassidy Carlson-Orange
Jan 28 3 minutes read

Want to buy a home but feel like you don't have what it takes? 

While working with buyers, or even talking to friends or potential clients, I hear a lot of misconceptions about home buying that seem to be almost universal beliefs. Well, I am here to debunk the Top 3 Myths of Home Buying and tell you why you just have what it takes to buy your first home! 

Myth #1: I don't have 20% for a down payment  

Arguably, especially when buying your first home, a 20% down payment requires a decent amount of cash. As a young home-buyer, you don't need to have a 20% down payment to obtain a loan! There are three types of loans that are commonly used: Conventional, FHA, and VA loans. With a good credit score, you can obtain a Conventional Loan with as low as a 3% down payment. FHA Loans require a 3.5% down payment and VA Loans require a 0% down payment for Veterans. 

Myth #2: I can't afford to pay the mortgage  

Depending on the size of the home you purchase, there is a pretty good chance your mortgage payment could be less than your monthly rent at an apartment in the city. Why pay your landlord's mortgage when you can pay your own? Nerd Wallet offers a great Rent versus Buy calculator that helps you compare the financial aspects of renting versus buying. Also, keep in mind that if you own your home you can rent out the extra bedrooms to friends and their monthly rent payments would help pay your mortgage.  And, you can deduct the interest you pay on the mortgage on your tax return.


Myth #3: I don't have a good credit score   

The belief that you need a 700+ credit score is often not the case. While having a high credit score sure is beneficial, most buyers only need a 620 credit score to obtain a conventional loan and a 580 credit score to obtain an FHA loan. Still don't feel like you have a high enough credit score? Our preferred lender, Jim Smith with Northpoint Mortgage, works with our clients to strategically increase their credit score over time to put them in a better position to buy a house. 

The Salty Dog Cocktail 

Ingredients & Materials: 

- Vodka
- Fresh Grapefruit Juice
- Limes
- Coarse Sea Salt
- Simple Syrup or Agave (to rim the glass)
- Cocktail Shaker
- Ice 


1. Fill cocktail shaker with ice 

2. Add in 3 shots of grapefruit juice, juice from one lime, & one shot of vodka 

3. SHAKE! 

4. Use simple syrup/agave to rim a glass with the coarse sea salt

5. Fill glass with fresh ice 

6. Pour contents from shaker into a glass 

7. Thinly slice lime, dip one side in sea salt & garnish your drink 

8. ENJOY 😋

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