Buyer Myth-Busting: Common Misconceptions for California Homebuyers

Buying a home in California can feel overwhelming — especially with all the noise online. From down payment myths to credit score confusion, buyers are often misinformed about what it really takes to purchase a home.

Let’s clear the air. In this post, we’re busting five of the most common homebuying myths that could be holding you back from taking the next step.

🧨 Myth #1: You Need 20% Down to Buy a Home

✅ Truth: Many loan programs allow buyers to put down as little as 3%, and qualified VA or USDA buyers can even put 0% down.

In competitive markets like San Diego, using a smaller down payment is totally normal — and often strategic. Plus, some buyers qualify for down payment assistance programs that make homeownership even more attainable.

📉 Myth #2: You Must Have Perfect Credit

✅ Truth: While great credit helps, you don’t need a perfect score to buy a home.

FHA loans typically accept credit scores starting at 580, and many conventional lenders will work with scores in the low 600s. The key is working with a lender who understands your options and can match you to the right loan product.

🕐 Myth #3: It’s Better to Wait for the Market to “Cool Down”

✅ Truth: Trying to time the market often results in missed opportunities.

Prices in California tend to trend upward over time. Even if interest rates drop in the future, rising home prices could erase your savings. Buying when you're ready — not when the headlines say so — is often the smarter long-term move.

🏠 Myth #4: Renting is Cheaper Than Owning

✅ Truth: Rent may seem cheaper month-to-month, but owning builds equity and stability.

Monthly rent can (and likely will) go up. A fixed mortgage payment stays the same — while your equity grows and your home appreciates. You’re either paying your mortgage — or someone else’s.

🚫 Myth #5: You Can’t Compete with Cash Buyers

✅ Truth: A strong, well-prepared offer can absolutely compete — even beat — cash.

With the right terms, lender pre-approval, and a good agent guiding you, your offer can stand out. Don’t count yourself out before you’ve even tried.

🧠 Final Thoughts: Stop Letting Myths Hold You Back

If you’ve been holding off on buying because of any of these myths, it might be time for a reality check — and a real plan.

📩 Want to see what’s actually possible for you in today’s California market?
DM me “Buy Plan” or reach out below and I’ll walk you through your options — no pressure, just straight facts.