Are home buying nightmares keeping you up at night? If so, then we have good news for you. Most first-time homebuyer fears are unfounded and completely avoidable! Sure—it can be downright scary making a decision as big as purchasing your first home. But don’t let these fears spook you—they’re not as frightening as they seem!

Fear Number 1. I don’t have enough money for a down payment.

This fear is built upon the misconception that you need a 20 percent down payment to qualify for a mortgage—but that isn’t the case anymore. In fact, some loan programs such as USDA and VA don’t require a down-payment for qualified buyers. While this used to be a general rule-of-thumb, borrowers today can put as little as 5% down for a Conventional loan and 3.5% for an FHA loan. Additionally, some first-time homebuyers can qualify for a Virginia Housing Development Authority (VHDA) grant that allows them to finance their down payment, resulting in 0% down. There are also grants that the VDHA offers to first-time home buyers that allow borrowers to only put 1% down

Fear Number 2. I’m too scared to check my credit score:

Is your credit score haunting you? You’d be amazed at how many people are downright scared of their credit score. The good news is that you don’t have to have perfect credit to qualify for a mortgage—especially if you’re a first-time homebuyer. When you talk with your loan officer, many times he/she will recommend checking your scores, so you know what to expect before you try to get pre-approved. While your credit score is important, it’s only one piece to the larger mortgage puzzle. You have 3 different scores from different credit reporting companies, and your mortgage company will use the middle score to qualify you for a mortgage.

Fear Number 3. I’m worried I’ll buy a money pit:

First, the A.C. system breaks down. Then, the pipes burst. Next thing you know your ceiling is leaking and you need to replace your entire roof. While buying a money pit is a valid fear, it can be avoided by hiring a home inspector before purchasing the home. While home inspections are not required by your lender,  a good real-estate agent will recommend that you hire your own inspector. The inspector will thoroughly inspect the house and point out any issues that need to be fixed immediately, as well as an estimated time-frame for repairs down the road. It’s a good idea to keep the list the inspector put together as a checklist of things to do once you move in. This way you’ll at least be able to know what repairs are immediate, and what repairs will be coming within the next few years so you can budget for those costs.

Fear Number 4. I’m scared interest rates will drop:

Ever heard of FOMO? Fear of missing out. Some buyers have the fear that they’ll miss out on lower interest rates. Your interest rates determine how much money you will pay each month toward interest—which means the lower the score, the better. But with interest rates at historic lows, now is the time to buy. It’s important to keep in mind that rates are still near historic lows.  Not long ago, interest rates were 7-12 percent and that was common. Plus, if you were to find a home today and lock- in your interest rate, you are still able to renegotiate the rate to a current market 15 days before closing.


Superstitious? Check out these funny homebuying wives tales to avoid getting the heebie-jeebies in your new home!

Have a porch? Paint it blue. According to a Southern superstition, ghosts are unable to enter your home in your porch is painted blue. Why, you ask? Because ghosts aren’t the most cunning characters out there, they mistake the blue paint for water—which they cannot float over.

Building your new home from the ground up? Many believe that you shouldn’t build your new home where one previously existed, or else a death in the family will soon follow. While there’s no scientific evidence to back up this superstition, why risk it?

Manage your energy flow. It’s believed that your front and back door should not be directly aligned with each other, because then the positive energy that flows throughout your home won’t be able to circulate. No one wants a home full of bad energy—it’s a total vibe killer.

Don’t BYOB. Bring your own broom, that is. It’s an old wives’ tale that bringing your old broom to your new home will cause spiritual misfortune. So, go buy yourself a brand spankin’ new broom and watch your fortunes grow.


The information contained herein (including but not limited to any description of TowneBank Mortgage, its affiliates and its lending programs and products, eligibility criteria, interest rates, fees and all other loan terms) is subject to change without notice. This is not a commitment to lend.