If you are going to be buying a home, then you need to make sure you are dealing with facts and not being misled by myths. There are many myths when it comes to buying a home and this can make the ordeal more confusing than it has to be. Here are some of the more common myths you want to be aware of, so you don't follow the wrong information:
You need good credit to buy a home
One of the very common myths that many believe is that you need good credit to buy a home. This has even led to many putting off home ownership for much longer than they had to. The truth is, there are programs out there to help people without great credit to be able to purchase homes. There are also ways that you can work around credit scores altogether, such as renting to own and other options.
You need a good down payment to buy a home
Another common myth surrounding purchasing a new home is that you will need a good down payment in order to do so. You may be surprised to learn that there are actually quite a few different loans available that will allow you to purchase a home with a small down payment, or even no down payment at all. Even if you do decide to go with a loan that requires some sort of down payment, there are also grants available that can be helpful to people in certain situations that will take care of the amount of the down payment for them.
If you don't offer the asking price, the chance is small that your offer will be accepted
Many people are also under the misconception that if they can't offer the amount of the asking price, then there is a very small chance of their offer being accepted. The truth is, it will be up to the seller o determine whether or not they are happy with the amount offered and feel like accepting it. A lot of things can increase the chances of a lower offer being accepted, such as a home that has been on the market for a while, a seller who is currently paying two mortgages and more. If you want a particular home and you can't afford the asking price, it's always worth a try to offer what you can afford.