Owning a home is one of the biggest steps you can take toward long-term stability and wealth-building, but too many people are held back by fear, misinformation, or myths. At B’resheet, we believe everyone deserves clear, honest guidance about homeownership, especially first-time buyers, older adults planning for retirement, and families striving to break generational cycles.

Let’s set the record straight. Below, we’re debunking five of the most common myths about owning a home—and showing you what’s possible.

Myth #1: You Need a 20% Down Payment

Truth: Many people buy homes with much less than 20%.

Today, you may qualify for a mortgage with as little as 3% down, especially if you’re a first-time buyer. Programs like FHA loans and VA loans (for veterans) offer low-down-payment options and flexible credit requirements. Some nonprofits and local governments even offer down payment assistance.

💡 Did you know? FHA loans only require a 3.5% down payment with a credit score of 580 or higher. Learn more at https://www.experian.com/blogs/ask-experian/fha-loan-down-payment-requirements/

Myth #2: You Need Perfect Credit

Truth: You don’t need perfect credit—just responsible credit habits.

Lenders consider your credit score, debt-to-income ratio, and overall financial situation. Many families with credit scores in the 600s qualify for home loans. You can also take steps to improve your credit over time with the help of financial coaching.

📘 Explore our guide: How to Improve Your Credit Before Buying a Home

Myth #3: Renting Is Always Cheaper

Truth: Renting may feel cheaper short-term, but homeownership can build wealth long-term.

Yes, owning a home comes with costs like maintenance and property taxes, but your monthly mortgage builds equity (ownership), while rent builds nothing. Over time, homeownership can lead to generational wealth for your family.

📘 Read more: How Homeownership Builds Wealth Across Generations

Myth #4: Now’s Not the Right Time to Buy

Truth: The “right time” depends on your readiness, not the headlines.

Yes, interest rates and housing prices change. But if you’re financially stable, have a consistent income, and are ready for the responsibility, you might already be in a good position to buy. Waiting for the “perfect market” could delay your dreams unnecessarily.

Tip: A housing counselor can help you decide if you’re ready. Find one through HUD.

Myth #5: It’s Too Complicated—I Can’t Do It

Truth: You don’t have to do it alone. Help is out there.

The homebuying process can be confusing, but you don’t need to figure it all out by yourself. That’s exactly why B’resheet offers homeownership workshops, one-on-one coaching, and community resources. With the right guidance, you can do this—step by step.