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When buying a new home, you should feel certain you’re making the best financial decisions possible. However, there are common myths that can be discouraging when trying to buy a home.

Get the facts to feel certain on your next home purchase journey.

MYTH: You need a 20% down payment to buy a home.
FACT: With our 3% down payment options,1 you could get a home sooner than you may think and save money for move-in costs.

MYTH: Getting prequalified is the same as getting preapproved.
FACT: A prequalification is self-reported whereas a preapproval means that your lender has verified at least some of your financial information by looking at your bank statements, credit reports and more. Additionally, Rocket Mortgage® can provide a Verified Approval2 that gives you a competitive edge in this red-hot housing market.

MYTH: I can’t get a home loan with debt or student loans.
FACT: You don’t have to be entirely debt free to get a mortgage. If you have a debt-to-income ratio (DTI) of less than 50%, you should be able to get a mortgage.

MYTH: I must have perfect credit to qualify for a mortgage.
FACT: Even though credit plays an important role when getting a home loan, it doesn’t mean it has to be perfect. For example, you could qualify for an FHA loan with a credit score of 580.

When would be a good time to chat more about myths and truths when it comes to purchasing a home?

Are you looking to purchase a home or refinance a mortgage? I can help! Contact me to take advantage of preferred pricing and a smooth mortgage process.

Rocket Mortgage, LLC; NMLS #3030; Equal Housing Lender. Licensed in 50 states. AL License No. MC 20979, Control No. 100152352. AR, TX: 1050 Woodward Ave., Detroit, MI 48226-1906, (888) 474-0404; AZ: 1 N. Central Ave., Ste. 2000, Phoenix, AZ 85004, Mortgage Banker License #BK-0902939; CA: Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; CO: Regulated by the Division of Real Estate; GA: Residential Mortgage Licensee #11704; IL: Residential Mortgage Licensee #4127 – Dept. of Financial and Professional Regulation; KS: Licensed Mortgage Company MC.0025309; MA: Mortgage Lender License #ML 3030; ME: Supervised Lender License; MN: Not an offer for a rate lock agreement; MS: Licensed by the MS Dept. of Banking and Consumer Finance; NH: Licensed by the NH Banking Dept., #6743MB; NV: License #626; NJ: New Jersey – Rocket Mortgage, LLC, 1050 Woodward Ave., Detroit, MI 48226, (888) 474-0404, Licensed by the N.J. Department of Banking and Insurance.; NY: Rocket Mortgage, LLC, 1050 Woodward Ave., Detroit, MI 48226 Licensed Mortgage Banker-NYS Department of Financial Services; OH: MB 850076; OR: License #ML-1387; PA: Licensed by the Dept. of Banking – License #21430; RI: Licensed Lender; WA: Consumer Loan Company License CL-3030. Conditions may apply. ©2000 – 2022 Rocket Mortgage, LLC. All rights reserved. Lending services provided by Rocket Mortgage, LLC, a subsidiary of Rocket Companies, Inc. (NYSE: RKT). Rocket Mortgage, 1050 Woodward Ave., Detroit, MI 48226-1906