7 Myths That Scare First-Time Home Buyers
Buying your first home is a major milestone — and it’s completely normal to feel overwhelmed by all the opinions, advice, and myths people share along the way. Friends, family, coworkers, and online forums all have something to say…but not all of it is accurate. At Ernest Homes, we’ve walked thousands of first-time buyers through the journey, so we know exactly which myths are worth ignoring — and which facts really matter.
Below, we’re breaking down the most common first-time home buyer myths, what’s true, what’s not, and how you can confidently move forward on your path to homeownership.
7 Common First-Time Home Buyer Myths — Debunked
1. “You must have a 20% down payment.”
You do not need a 20% down payment to buy a home. Many first-time buyers purchase with far less — sometimes as little as 0% down, depending on the loan type. USDA and VA loans require no down payment at all (if you’re eligible), and several programs offer down payment assistance. Every buyer’s situation is unique, which is why it’s best to talk with a trusted lender who can guide you through your options.
2. “Renting is cheaper than owning.”
While renting may seem cheaper short-term, it rarely benefits you financially over time. Monthly rent payments do not build equity and may increase annually. A mortgage payment helps you invest in an asset that typically appreciates and gives you long-term financial stability. With today’s variety of loan programs, homeownership is often more attainable than people expect.
3. “It’s better to wait until home prices drop.”
Housing prices and interest rates are constantly changing — and rarely in predictable patterns. Waiting for “perfect timing” can backfire because rent continues increasing, interest rates shift, and home prices may rise further. Instead of timing the market, focus on when you’re financially ready and work with experts who can help you make a smart, confident purchase.
4. “Student loan debt will prevent you from getting a mortgage.”
Millions of Americans with student loans successfully purchase homes. Having student debt does not automatically disqualify you. What matters is your debt-to-income ratio, credit history, and ability to repay. A great lender will help you explore your options, and in many cases, student loans can actually help establish positive credit.
5. “You need perfect credit to buy a home.”
You don’t need a perfect score — not even close. While conventional loans typically require higher credit scores, several loan types allow qualifying with scores below 600. Building or improving your credit is helpful, but perfection is not required to get approved or find affordable options.
6. “All mortgage lenders are the same.”
Lenders differ in rates, fees, loan programs, experience, and customer service. The right lender will take time to understand your goals, explain the process clearly, and offer options that work for your financial situation. First-time buyers benefit greatly from partnering with a knowledgeable, patient lender who provides guidance—not pressure.
7. “There’s only one right season to buy a home.”
Spring may be popular, but fall and winter often offer less competition, more inventory, and better negotiating conditions. Every season has advantages — what matters most is finding the right home at the right time for you.
Your First Home Buying Journey — Made Simple
At Ernest Homes, we know buying your first home can feel overwhelming. That’s why we’ve mapped out the entire homebuying process step-by-step. Our sales consultants have years of experience guiding first-time buyers with patience, clarity, and a customer-first mindset.
We believe your dream home should feel attainable — not intimidating. And with our expert team, transparent communication, and high-quality new homes throughout Coastal Georgia, we make the journey enjoyable from start to finish. If anything comes up after closing, our dedicated Warranty Team is always here to help.
Contact Ernest Homes to Start Your Homeowner Journey
As one of Savannah’s most trusted home builders, our mission is to help you feel confident, supported, and excited about becoming a homeowner. Whether you're just starting to explore options or you're ready to take the next step, we’re here to guide you.
Contact us today with any questions about buying your first home — we’d love to help you get started.
