Being a first-time home buyer in Northern VA can be a confusing and even intimidating experience. This can be exacerbated by all of the myths and misconceptions that go around and many people believe as facts. These misconceptions can delay many from starting their home search or even making an offer on a home they love. 

Northern VA has so many desirable communities and is an enticing place to settle down, but we find that first-time homebuyers can often get lost in myths. Let's debunk them! We want you to dive into the home-buying world armed with knowledge and confidence! 

📸 Myth 1: "20% down payment is non-negotiable!"

 One of the largest roadblocks for current renters is the daunting task of saving for a downpayment. With the common myth that you need a 20% downpayment, this can be incredibly discouraging to first-time homebuyers! While this may have been true in the past, times have changed! Fannie Mae's article, "What Consumers (Don't) Know About Mortgage Qualification Criteria," revealed that "only 5 to 16 percent of respondents know the correct ranges for key mortgage qualification criteria." Recent data suggests that the average down payment for first-time buyers is a mere 6%. Moreover, there are multiple government-backed programs allowing down payments as low as 3.5%.

Of course, a smaller down payment comes a larger monthly mortgage payment (including Private Mortgage Insurance or PMI). Still, it'll help you save more money on other financial goals and have a cushion for emergencies.

📸 Myth 2: "Spotless credit score or bust!" 

 Similar to the belief that you must have a 20% down payment, many Americans are also misinformed about what FICO score is needed to qualify for a mortgage. Though having a stellar credit score is wonderful, it isn't the be-all-end-all. Mortgage lenders are looking at more than just that magic number. With the average credit score of approved mortgages ranging between 670 and 739, and with certain loans accepting scores as low as 580, you're far from out of the game! Need to work on your score? Check out this handy guide.

📸 Myth 3: "Ditch the agent to save big!"

While the prospect of avoiding agent fees might appear financially prudent, the absence of an experienced realtor can result in unforeseen challenges and expenses. Yes, buyers agents get paid a commission, but that is almost always paid by the seller and built into the home's selling price. Realtors have the experience and skills to get you the lowest purchase price on your dream home. They will also work with you and help you understand the complicated process of buying a home; from home appraisals and inspections to contingencies and clauses, it can be a lot for a buyer to keep track of themselves.

📸 Myth 4: "Spring is the golden time to house hunt!" 

While the spring season is notably active in the real estate realm, it is not necessarily the most advantageous time for every buyer. In spring, buyers are flooding the market looking for new homes, and most sellers are listing their homes and condos. The heightened activity commonly causes bidding wars and, ultimately, higher purchase prices. However, just because housing inventory is greater in the spring, it's wrong to assume that spring is the "best" time to buy a home. Each season presents its distinct opportunities; for instance, the winter might offer fewer listings but more motivated sellers.

Let this sink in: homeowners have a net worth that's 40x greater than renters. So, why let baseless myths hinder your journey? 🌟

If you are ready to embark on the adventure of purchasing your first home, you want a J Group Agent by your side! Reach out, and let's get started on crafting your homeownership story!