The 5 Biggest Myths about Buying a Home in Kentucky

Buying your first home is exciting, but it also comes with a lot of misinformation that can make the process seem overwhelming. As a real estate professional, I’ve heard it all—from myths about down payments to misunderstandings about credit scores. Let’s break down the top five myths about buying a home and set the record straight.

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

The Truth: While a 20% down payment can help you avoid private mortgage insurance (PMI), it is not required to buy a home. Many loan programs allow for much lower down payments:

• FHA Loans: As low as 3.5% down
• Conventional Loans: Some options start at 3% down
• VA & USDA Loans: 0% down for eligible buyers

💡 Tip: Instead of waiting years to save 20%, explore options that let you buy sooner while keeping cash for homeownership expenses like repairs and furnishings.

Myth #2: You Need a Perfect Credit Score

The Truth: A high credit score helps, but you don’t need an 800+ score to buy a home. Many lenders approve buyers with credit scores in the 580-620 range, especially for FHA loans.

💡 Tip: If your credit score needs work, small improvements—like paying down debt and avoiding new credit inquiries—can make a big difference in just a few months.

Myth #3: Renting is Always Cheaper Than Buying

The Truth: While renting may have lower upfront costs, buying often makes more financial sense long term. With rent prices constantly rising, locking in a fixed mortgage payment can save you money over time while building equity.

💡 Tip: Use a rent vs. buy calculator to see how your monthly payment would compare in your local market.

Myth #4: You Should Find a Home Before Talking to a Lender

The Truth: Many home buyers start by browsing homes online, but the smarter move is getting pre-approved first. Pre-approval:
✅ Shows sellers you're serious
✅ Gives you a clear budget
✅ Helps you move faster in competitive markets

💡 Tip: A quick conversation with a lender can clarify your budget and make your home search more efficient.

Myth #5: You Don’t Need a Real Estate Agent

The Truth: With so much information online, some buyers think they can handle everything themselves—but a professional Realtor® saves you time, money, and stress.

Here’s how:

✔ Negotiating the best deal
✔ Understanding contracts & legal details
✔ Helping navigate inspections, financing, and closing

💡 Tip: A good buyer's agent is often able to negotiate their commission out of the sellers. So working with a Realtor® is a no-brainer—it could end up saving you money and help protect your interests!

Final Thoughts

Don’t let myths keep you from achieving homeownership! If you’re thinking about buying a home, let’s chat. I'd love to sit for an interview with you. I’ll help you understand the process, explore your options, and make decisions that are ultimately going to benefit you! The best part of working with me is that I DON'T CHARGE YOU A THING if I'm not able to negotiate my commission out of the seller! 

To see the Kentucky Best difference, check out The Kentucky Best Buyer Guide that walks you through everything in detail and is full of tips, tricks, and resources—take a look.

If you have any questions about getting started, feel free to reach out—I'm happy to help!