Most people don't think about buying a house until someone else mentions how easy it is. We tend to think in one perspective until someone else points out another. For instance, I remember a Disneyland commercial several years ago where they literally gave you the cost of a Disney vacation for a family of four. They said it was about $1200 for everything, the hotel, the flight, and entrance to the park. You see a mom and dad looking at the computer and then at each other saying, "well we could do that". When we don't know how much something costs we think that it's more than we can afford. But when you actually see the costs and you understand the process, it makes it much more obtainable. For instance, considering buying a half a million-dollar home light seem crazy but when you price it out as a $2500 a month mortgage payment, it might sound much more obtainable, especially if you are paying that it rent anyway. Or, if you're paying less, jumping up a few hundred dollars might not seem that bad.The 2 Major Myths Holding Back Home Buyers

I firmly believe that we are scared of what we don't know. The more we know, the more unafraid we become of it and more confident we become in general. Because of that, here are two major myths the tend to be holding back homebuyers.

#1. You need a 20% down payment.

Unless you are a repeat buyer and have a huge chunk of equity to put down on another home, most first-time homebuyers don't have the 20%. We are often unaware of the option to take out low down payment mortgages. Only 19% of consumers believe lenders would make loans with a down payment of 5% or less and over 30% of homebuyers think that lenders expect the 20% down payment. But, this is just not the case. There are so many different options out there nowadays where you can have a 3.5% down payment and even then there are options to help with the down payment. Don't let the 20% scare you. Find out what you can afford by talking to a lender.

#2. You need a 780 FICO score or higher.

This is also not the case. You don't have to have perfect credit to buy a house. 53% of homebuyers actually fall between 600 and 750 on the credit score scale. Only 12% of homebuyers are over 800. Most can get a great loan even if you have a credit score less than 700. Don't let this number frighten you. Even if you've had bankruptcies, short sales, or foreclosures in the past, the timeframe for reapplying is getting shorter and shorter. The only way to find out is to talk to a lender about your options. Most are happy to help you set up a plan to get your credit score back on track and offer you great down payment options.

Again, the more we don't know the more it scares us so educating yourself and finding out exactly what you can afford might really surprise you. Give me a call today and let's discuss your options.

Read More: Most common questions home buyers ask