5 Myths About Homebuying That Keep People Renting Too Long

by Zach Eppard

If you’ve been renting, scrolling Zillow, and wondering if it’s even possible to buy a home right now, you’re not alone.

There’s a lot of noise out there. Social media advice, old-school opinions, and outdated rules of thumb. And honestly? A lot of it is flat-out wrong.

We hear from buyers all across the Shenandoah Valley—Staunton, Waynesboro, Harrisonburg, and beyond—who could be homeowners today but are stuck on misinformation.

Let’s clear the air and break down 5 of the biggest homebuying myths keeping people from taking the next step.

🧱 Myth #1: “You need 20% down to buy a house.”

This one just won’t go away. While putting 20% down can help you avoid private mortgage insurance (PMI), it is not required. Not even close.

Here’s what buyers in Virginia are actually using:

VA Loans – 0% down (for eligible veterans, active-duty military, and some surviving spouses)
USDA Loans – 0% down (available in many rural areas, including parts of Augusta and Rockingham County)
FHA Loans – 3.5% down (great for buyers with average credit)
Conventional Loans – As little as 3% down (ideal for buyers with strong credit)

💡 Real-world example:
For a $250,000 home, a 3.5% down payment is $8,750. Not $50,000.
That’s the difference between waiting years and buying now.

We help buyers explore all of these options based on their goals, finances, and timeline.

🏦 Myth #2: “You need perfect credit to get approved.”

Your credit score matters, but perfection is not the standard.

Here’s the truth:

FHA loans allow scores as low as 580
Some conventional loans work with scores starting at 620–640
Many lenders offer free consultations to help you build or repair your credit before applying

We’ve helped clients get approved even while actively working on their credit. The key is understanding your score and finding the right loan product.

💸 Myth #3: “Owning a home is always more expensive than renting.”

Renting may feel simpler, but it’s not always cheaper, especially in today’s market where rent continues to rise with no long-term benefit to you.

When you own a home, you:

Build equity with every payment
Lock in your monthly costs with a fixed mortgage
Potentially benefit from tax deductions for mortgage interest and property taxes

📍 In many parts of the Shenandoah Valley, the monthly cost of a mortgage (including taxes and insurance) is similar to—or even less than—rent.
And unlike renting, you’re not just writing a check and watching it disappear.

🚫 Myth #4: “I need to pay off all my debt before buying.”

You might assume that any debt, like credit cards, car loans, or student loans, automatically disqualifies you. But that’s not how lenders think.

Lenders focus on your debt-to-income ratio (DTI), which is the percentage of your gross income that goes toward debt payments each month.

Most loan programs allow a DTI up to:

43%–50%, depending on the loan type, credit score, and other factors

💡 Translation:
You can still qualify for a home loan even if you’re paying off a car or student loans, as long as your total monthly debts are in a reasonable range compared to your income.

We’ll help you run those numbers early so you don’t waste time guessing.

😰 Myth #5: “The process is just too hard or confusing.”

This one is the most emotional, and the most common.

We get it. Buying a home feels overwhelming if you’ve never done it before. There are lenders, inspections, appraisals, contracts, deadlines, and paperwork. It’s a lot.

But you’re not meant to do it alone.

Our job is to guide you through the entire thing. From pre-approval to closing day (and beyond), we’re here to break it down step by step and explain everything in plain language.