If you’ve been thinking about buying a home in Utah, you’ve probably heard a lot of advice—some true, some not so much. From down payment myths to worries about credit scores, it’s easy to feel like homeownership is out of reach. The reality? Many first-time homebuyers are closer to owning a home than they think. Let’s bust some of the biggest misconceptions about buying real estate in Utah.
Myth #1: You need 20% down to buy a home.
Reality: One of the most common myths about buying a house is that you need a 20% down payment. In Utah, that simply isn’t the case. Many homebuyers are purchasing with as little as 3–5% down, thanks to conventional loan options, FHA programs, and even first-time homebuyer assistance. So don’t let a big down payment keep you from entering the Utah housing market.
Myth #2: You need perfect credit.
Reality: While strong credit can give you more options, you don’t need a perfect score to qualify for a mortgage. Many Utah homebuyers are approved with a range of credit scores, and local lenders often provide flexible loan programs tailored to different situations. If you’ve been holding off because you think your credit isn’t good enough, now is the time to check your options.
Myth #3: Renting is always cheaper than buying.
Reality: With Utah rent prices steadily climbing, owning a home can often be the smarter financial move. When you buy, every mortgage payment builds home equity instead of paying your landlord’s mortgage. Plus, with a fixed-rate mortgage, you gain stability while rents continue to rise. Over time, buying a home in Utah often costs less than renting and sets you up for long-term wealth.
The Bottom Line
When it comes to Utah real estate, misinformation can hold you back from achieving your goals. Don’t let myths about down payments, credit scores, or affordability stop you from taking the first step.
Ready to explore your options as a Utah homebuyer? Let’s talk. Contact me today and let’s find the right path to homeownership for you.
