Homebuying Myths

Homeownership is a big goal. Achieving it takes time, support and faith in yourself. The path and time it takes is different for everyone, but with patience and persistence, you can succeed in laying a foundation of building assets and success for you and your family.

Don’t fall for the myths that can stop you from trying:

  1. My Credit Isn’t Good Enough
  2. I Need to Make a 20% Down Payment
  3. I Don’t Make Enough Money
Young man skating in front of two houses

Myth #1: My Credit Isn’t Good Enough

Reality: Credit scores are not fixed and can rise and fall depending on your actions.

We can connect you to a trusted advisor that can help you clean up, repair or build your credit before you apply for a loan. They’ll help take the mystery out of credit scores and put you on the path to homeownership – and their services are always free!

A man working with his advisor
With loan approvals, it should never be a 'fast no.’ Instead, we work toward a 'slow yes.’
Trent Bowman
Vice President, Community Impact Manager, Bremer Bank

Myth #2: I Need to Make a 20% Down Payment

Reality: You don’t need a big down payment to buy a home. 

  • Sometimes the down payment can be less than a rental deposit
  • Many lenders offer products with low down payments (3.5% or less)
  • You also may be eligible for down payment or closing cost assistance

A trusted advisor can help you to navigate these and other questions on your path to homeownership.

A woman smiling
Many people purchase with a 3% down payment, some even less.
Nimo Farah
Former Homeownership Advisor

Myth #3: I Don’t Make Enough Money

Reality: Depending on where you want to live, homeownership may be more affordable than paying rent.

Owning compared with renting provides an opportunity to build equity and wealth.

Consult with an advisor who can help guide you towards homeownership.

A man shaking hands with his homeownership advisor

Homeownership is Possible

And you don’t have to navigate the process on your own.

Don’t let these and other myths keep you from beginning your journey to homeownership. Our advisors are ready to help you, and will stand by your side every step of the way as you work to achieve your dream.

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