Whether it's credit scores or down payments, a new survey suggests that many home buyers have the wrong impression of what it takes to get a home loan.
In a recent* Veterans United Home Loans survey of soon-to-be-buyers, many said they expect to need a higher credit score and down payment than is really required. Let's talk about credit scores first.
Credit Score Required to Get a Mortgage
Survey: 57% said you need at least a 660 credit score, and 34% said a 700 credit score is the minimum.
Reality: Many buyers can quality for a mortgage closer to 620, and some loan programs support even lower credit scores.
Down Payment Required to Get a Mortgage
Consumer expectations of necessary down payments were also off the mark.
Survey: 46% think a conventional loan requires at least 5% down, and 15% said you need a minimum of 20% down.
Reality: 5% down is a common minimum for a conventional loan, but some first-time buyers can put as little as 3% down for that type of loan. (In addition, FHA loans have a 3.5% minimum down payment.)
Here's another one from the survey:
Survey: 31% of soon-to-be-buyers said you can't buy a home without a down payment.
Reality: VA and USDA loans don't require a down payment at all.
As Veterans United points out, buyers who believe in these mortgage myths are taking themselves out of the home buying process before they even begin.
My Suggestion
No matter your current financial situation, talk to a local lender to find out what options you have -- or might have in the next six months, year, or several years. They'll make sure you understand what it really takes to get a home loan in the Tri-Cities, and maybe help dispel some of the mortgage myths that are holding you back.
When I start working with a new Tri-Cities home buyer -- whether it's the first home purchase or not -- I give several names of local lenders that I trust to provide accurate information and answer all their questions. If I can put you in touch with one of them, drop me a note anytime.
(*The survey was conducted in March 2026 and involved 400 U.S. consumers who plan to buy a home in the next three years.)
