Common Home Buying Myths Busted

When it comes to buying a new house, there are a lot of mixed messages out there—from down payment myths and credit score confusion to questions like “Can you get a mortgage with bad credit?” or “Do you need a real estate agent to purchase a new home?” That’s why, as the 2022 Builder of the Year, Landsea Homes is here to demystify the steps to your home buying journey so you can stop renting and start living in your element as a homeowner. And with our expert team at Landsea Mortgage powered by NFM Lending by your side, you’re only a click away from making your new home dreams come true. We’ve gathered the top five home buying myths so you can cut through the clutter and skip directly to the things to consider when buying a house for the first time.

Myth #1: You need to have 20% for a down payment.

Many people think that all homebuyers need to save 20% for a down payment before they can buy a house. We have good news. Certain loan types allow for down payments as low as 3%. While putting 20% down on a home may reduce your monthly mortgage payment, depending on your loan program, this may not always be the best option for you and your family. Just as your home buying needs are unique so are the loan options available to you. Take the first step by getting pre-qualified with Landsea Mortgage and speaking to our team of experts to learn more about personalized loan options that will work best for you and your lifestyle.

Myth #2: Renting is always more affordable than owning.

It’s a common misconception that renting versus buying a house is always more affordable. But with rents on the rise, it’s becoming a far less affordable option for most people. Plus, when renting, you’re putting your hard-earned dollars into your landlord’s investment rather than into an asset of your own. When evaluating buying versus renting a home, make sure to account for the stability of a monthly investment since your mortgage payment will be locked in for the life of your loan unless you choose to refinance. This allows you to create a more concrete monthly budget without the uncertainty of rent increases. In the debate on renting versus buying a home, becoming a homeowner is the clear winner.

Myth #3: You must have perfect credit to buy a home.

Can you get a mortgage with bad credit? Simple answer: Yes, you can. Buying a home with less-than-perfect credit is possible, especially with our credit enhancement program, Road2Home. Our Landsea Mortgage credit specialists will work with you to develop a plan to achieve your credit goals in no time!

Myth #4: You need a real estate agent to purchase a new home.

When beginning your home search, it’s natural to wonder how to find a real estate agent and what questions to ask a real estate agent when buying a house. The good news is that the best real estate agents for first-time homebuyers or move-up homebuyers are located on-site at our Landsea Homes communities. Our dedicated sales counselors are trained to assist you throughout the home buying process—you’ll have experts with you every step of the way. You can come by yourself or with your favorite agent if you already have one, and our sales counselors will help you find the best home for your lifestyle and budget.

Myth #5: It’s not a good time to buy a home.

At Landsea Homes, we believe it’s always a good time to buy a home and invest in your family’s future. With new home communities in dynamic locations, close to exceptional school districts and full of enriching amenities to keep the whole brood entertained, you’ll find yourself on the right side of the renting verses buying a house debate with a group of experts in your corner.

Better yet, take a look at our selection of quick move-in homes with designer-selected finishes and all the thoughtful and innovative details we’ve become known for—and start living in your element. No matter where you’re looking to buy, we offer a wide range of single-family homes and townhomes in vibrant communities. Explore our new home neighborhoods across the country: Southern California, Northern California, Arizona, Texas, Florida , Colorado and NYC Metro.

Ready to take the next step? Here are some of our helpful resources to make it easier than ever to buy a new house.

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