5 Common Mortgage Myths DebunkedMinneapolis, MN: Buying a home might seem confusing, but don’t let these myths hold you back from finding your dream home!1) Myth: You need a 20% down payment. Fact: Loan programs start with zero for VA loans, or USDA loans, Many regular loans offer options as low as 3%-5% down! The average down payment is about 7%, and even down payment assistance for first time home buyers is available for some.2) Myth: You must have perfect credit. Fact: Good credit helps, and usually gets you better interest rates, but there are loan programs for a variety of credit scores.3) Myth: It is cheaper to rent than buy. Fact: With todays interest rates, renting may be slightly cheaper today in some areas, but you build zero in long-term equity, can't do what you want, can't ...
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