We hear these every week from first-time buyers across Massachusetts and New Hampshire. A piece of outdated information that sounds true, feels true, and quietly keeps people renting longer than they need to. The good news? Most of these myths simply aren’t true. Let’s walk through the five biggest ones, and what the reality actually looks like.

“I need 20% down to buy a home.”

The truth: many buyers put down as little as 3%.

The 20% figure is the single most common reason people delay buying, and it’s based on old thinking. While putting 20% down has certain advantages, like avoiding mortgage insurance, it is not a requirement for most loans.

Many conventional loans allow down payments as low as 3%, and FHA loans go as low as 3.5%. On top of that, down payment assistance programs exist specifically to help cover that upfront cost, which means the cash you need to get started is often far less than you think.

“My credit isn’t good enough.”

The truth: there are programs for many credit ranges, and ways to improve.

“Good enough” is a moving target, and most people set the bar far higher than reality. There is no single magic score that unlocks homeownership. Different loan programs are designed for different credit profiles, and many first-time buyers qualify with scores they assumed were too low.

And if your credit genuinely needs work, that’s not a dead end, it’s a starting point. A good loan officer can look at your profile, tell you exactly where you stand, and map out the specific steps that move you into qualifying range, often faster than you’d expect.

“Renting is cheaper than buying.”

The truth: renting builds someone else’s wealth. A mortgage builds yours.

On a month-to-month basis, renting can sometimes look cheaper. But that comparison misses the most important part of the equation: what you have to show for it years later.

Every mortgage payment you make builds equity, a growing piece of your home that you actually own. Rent builds equity too, just not yours; it builds your landlord’s. Over time, that difference compounds dramatically. According to a 2025 analysis from the National Association of Realtors, the average homeowner holds roughly 43 times more net worth than the average renter.

“The whole process is too complicated.”

The truth: you don’t do it alone, a full team handles the hard parts.

This is the myth we most want to put to rest, because it stops people who are otherwise completely ready. Yes, a mortgage has a lot of moving pieces. But here’s what most people don’t realize: you’re not the one who has to manage them. When you work with us, you’re backed by an entire team, each with a specific job to make your experience smooth:

That’s four sets of hands working behind the scenes on the complicated parts, the paperwork, the deadlines, the details, so you don’t have to carry them.

“I need a perfect job and a perfect income.”

The truth: there are paths for self-employed, variable, and non-traditional income.

The idea that you need a salaried, W-2, never-changed-jobs profile to get a mortgage is one of the most outdated myths out there. Lenders work with all kinds of income every day.

Self-employed? There are programs built for you. Variable income, commission, gig work, or multiple income streams? Those can be documented and counted. Recently changed jobs? Often not the obstacle people fear it is. The key isn’t having a “perfect” situation, it’s having someone who knows how to present your real situation the right way.

How AnnieMac Home Lending Group helps

Most of what stops first-time buyers isn’t reality, it’s misinformation. Our job is to cut through it. We help buyers across Massachusetts and New Hampshire compare state-backed options like MassHousing and New Hampshire Housing alongside FHA, Conventional, and specialty programs, so you understand your eligibility, your benefits, and the best path forward.

Buying a home isn’t complicated. It just feels that way when you try to do it alone. With the right team beside you, every step makes sense.