When it comes to home loans, there’s no shortage of myths floating around—and unfortunately, they stop a lot of people from even trying to buy a home. As a mortgage professional, I hear the same misconceptions all the time. So let’s set the record straight.
Here are the top 5 mortgage myths that might be holding you back—and the truth you need to hear.
The Truth: You can buy a home with as little as 3% down, and some programs—like VA or USDA loans—require no down payment at all. The 20% myth is outdated and simply not realistic for most first-time buyers. Plus, there are down payment assistance programs that can help cover costs.
The Truth: A perfect credit score is not required. FHA loans, for example, allow scores as low as 580 (even lower in some cases). Even if your credit isn’t where you want it to be, we can often help you build a strategy to qualify sooner than you think.
The Truth: Self-employed borrowers qualify for loans all the time. Yes, your process might look different, and you’ll need to provide tax returns or profit & loss statements—but you absolutely can get approved. We work with entrepreneurs, freelancers, and small business owners every day.
The Truth: Pre-qualification is a great first step, but it’s not a final approval. It’s based on the information you provide, not verified documentation. You’ll still go through underwriting, where we review your full financial profile. That’s why it’s important to be honest and accurate from the start.
The Truth: A low rate sounds great, but it doesn’t always mean a better deal. Many ultra-low rates come with higher fees, points, or stricter loan terms. What really matters is your total loan cost, including fees, monthly payment, and long-term savings. We help you break it all down before you commit.
Buying a home—or even just exploring your mortgage options—doesn’t have to be intimidating. The key is working with a lender who will give you honest answers, lay out your real options, and guide you through the process.
Have questions or want to bust a few more myths? Let’s talk. The Ray Campbell Team is here to help you move forward with clarity and confidence—no guesswork required.
