Top 5 Mortgage Myths That Hold Back First-Time Buyers in Florida

Buying your first home is exciting, but it can also be intimidating, especially when there’s so much misinformation out there. As a mortgage lender in Florida, I often hear the same myths repeated by first-time buyers that end up delaying or even derailing their homeownership journey.

Let’s bust the top 5 mortgage myths so you can move forward with confidence:

1. You need a 20% down payment.

False! Many loan programs allow you to buy a home with as little as 3% down—or even 0% if you qualify for VA or USDA loans. Don’t let this old rule keep you renting.

2. You must have perfect credit.

While good credit helps, it’s not a dealbreaker. There are loan options for buyers with less-than-perfect credit. What matters most is understanding your full financial picture and improving what you can.

3. Getting pre-approved is the same as being approved.

Pre-approval is an important first step, but it doesn’t guarantee final approval. Think of it as a snapshot of your financial health—it gets you in the game but doesn’t seal the deal.

4. Renting is always cheaper than buying.

Not always! With rising rents in Florida, monthly mortgage payments can often be comparable or even less than rent. Additionally, owning a home builds equity over time.

5. You can’t get a mortgage if you're self-employed.

Wrong! Self-employed buyers can qualify; the process is just a bit different. We look at your income differently—usually over two years of tax returns—but it’s entirely doable with the right guidance.

Don’t let myths stop you from building your future. If you’re thinking about buying a home in Florida, let’s chat. I’ll walk you through your real options without the confusion.