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Top 5 Myths First-Time Home Buyers need to be aware of:
MYTH 1: YOU NEED A 20% DOWN PAYMENT.
While a higher down payment may help you get better loan terms, there are many options available for first-time buyers. You can explore FHA loans or even put down as little as 3-5% on a conventional loan.
MYTH 2: YOU HAVE TO HAVE PERFECT CREDIT.
While a good credit score helps, it doesn’t have to be perfect. Many lenders offer loans to people with a credit score as low as 580 or even lower, depending on the circumstances.
MYTH 3: BUYING A HOUSE IS A QUICK PROCESS.
It varies. Some transactions can be completed relatively quickly (less than 30 days), while others may take up to 90 days or more. It depends on factors such as market conditions (it can take seeing 15 houses, over 3-6 months and making 5 offers on average before going under contract) financing, and the specific circumstances of the transaction (Buyer’s elected inspections, seller’s preference for Settlement Date…)
MYTH 4: YOU DON’T NEED A HOME INSPECTION.
It’s true that In a Seller’s Market, like the one we’re in now, Home Inspections are waved to make the offers more competitive. That being said home inspections help buyers identify potential issues with the property and skipping an inspection can lead to costly surprises down the road. There are, however, other alternatives I can suggest.
MYTH 5 YOU CAN’T BUY A HOUSE WITH STUDENT LOAN DEBT.
While student loan debt affects your debt-to-income ratio, many lenders consider the overall picture. They look at your income, credit score, and other factors. I can connect you with a knowledgeable lender who can guide you through the process and find the best options for your situation.
It’s crucial to separate fact from fiction when it comes to buying a house. With the right knowledge and my guidance, you’ll navigate the process successfully. Contact me if you want to know more 
215.350 5152 
monica.varela@cbrealty.com.
215.350 5152 monica.varela@cbrealty.com.I can show you properties that meet your criteria on your schedule, provide valuable expertise, negotiate on your behalf, and help navigate the complexities of the process. My experience can save you time, money, and stress.
