For many first-time buyers, homeownership feels like a finish line that keeps moving. Just when you think you're getting close, someone tells you that you need a perfect credit score, a mountain of cash, or to wait until the market "settles down."

But let's clear something up: much of what you've heard isn't true anymore.

Here are six homebuying myths that keep people renting longer than they need to — and what's actually true in today's market.

1. "You need 20% down to buy a home."

Nope. This one's been floating around for decades, but it's outdated. There are first-time homebuyer programs that allow as little as 3% to 5% down, and some buyers may even qualify for down payment assistance or grants.

Is 20% great if you can swing it? Sure. But waiting until you've saved that much could delay your goals for years — and in the meantime, prices and rent may keep going up.

2. "You need a perfect credit score."

Good credit helps — but "perfect" is not the requirement. Many first-time homebuyers get approved with scores in the mid-600s. Even if your credit isn't where you want it, a trusted lender can walk you through options, explain how to improve it, and show what's realistic for you.

You don't have to be flawless — you just have to get started.

3. "You'll always need mortgage insurance with less than 20% down."

It's true that mortgage insurance (PMI) is often required with lower down payments, but it's not a forever thing. In many cases, once you've built up enough equity, PMI can be removed.

Think of it like training wheels for your loan — temporary and useful while you get rolling.

4. "It's better to wait for home prices or interest rates to drop."

If only we had a crystal ball. Timing the market sounds smart, but it's incredibly hard to do. While you're waiting for the "perfect" moment, you could be building equity instead of paying rent.

The best time to buy is when your finances, goals, and lifestyle are aligned — not when the headlines say so.

5. "You have to stay in the home forever to make it worth it."

Buying isn't a life sentence. You don't need to stay in a home for decades to make it worthwhile. Even living there for 5–7 years can help you build equity and financial stability — and set you up for your next move.

6. "You can't compete with cash buyers."

It's true that cash offers can be strong, but plenty of sellers still choose financed buyers — especially when your offer is solid and backed by a strong pre-approval. Plus, a great lender can help you craft a competitive strategy even in a tight market.

The Bottom Line?

If homeownership feels out of reach, it might be time to recheck the facts. While it's not always easy, it's probably more possible than you've been led to believe.

Whether you're dreaming of a backyard, more space, or just not having to ask permission to hang a picture — there are real paths to get you there.

And those myths? Let's leave them behind with the rental receipts.