Plenty of people who could buy a home don't, because of something they heard years ago: you need 20% down, you need perfect credit, you should wait for spring or wait for prices to fall. Some of those beliefs were never true. Others stopped being true a long time ago.

Here are four of the most common myths holding buyers back, what's actually true today in California, and how to make the decision on facts you control.

Myth 1: "I need a 20 percent down payment"

Twenty percent down is a milestone, not a requirement. It lets you avoid mortgage insurance on a conventional loan, but most buyers, especially first-time buyers, put down much less.

Conventional loans can start at 3% down for eligible first-time buyers, and 5% down is common.

• FHA loans allow 3.5% down with more flexible credit guidelines.

• VA loans for eligible veterans and service members can require no down payment at all.

• Down payment assistance through CalHFA and some cities and counties can help with the down payment or closing costs, though funds and eligibility vary.

Putting less down means mortgage insurance and a larger loan, so the right amount depends on your budget and how much cash you want to keep in reserve. On a conventional loan, mortgage insurance can usually be removed once you build enough equity. Here's more on down payment assistance programs and where to keep your down payment savings.

Myth 2: "I can't get a mortgage without a perfect credit score"

You don't need an 800 score to buy a home. Many conventional loans start in the low-to-mid 600s, and FHA guidelines allow lower scores for buyers who meet the other requirements.

Your score does affect your terms. Higher scores generally mean better pricing and lower mortgage insurance costs, so a few months of credit work before you apply can save real money over the life of the loan. Lenders also look well beyond the score: steady income, manageable debts, reserves and how you've handled rent and other payments recently all count.

If your credit needs work, the fix is usually time and habits, not tricks. See the credit mistakes that hurt most and what actually helps.

Myth 3: "I'll skip hiring a real estate agent to save money"

The rules around buyer representation changed in 2024 and 2025, and many buyers are confused about what they now pay for. In California, buyers generally need a written agreement with their agent before working together, the agreement has to spell out the compensation, and the terms are negotiable. Sellers can still agree to cover some or all of a buyer's agent fee, and many do.

Going without your own agent doesn't automatically save money. The listing agent works for the seller, so you'd be negotiating price, inspections, repairs, contingency timelines and disclosures on your own, in a contract that runs well past a dozen pages. Ask any agent you interview exactly what they'll do for you, how they're paid and whether the seller is likely to cover it. Here's more on working with agents.

Myth 4: "I'll wait until spring, or until prices drop"

Spring brings more listings, but it also brings more buyers. Fall and winter often mean less competition and sellers who are more motivated to negotiate, especially on homes that have been sitting.

Waiting for prices to drop is a harder bet. Plenty of people have sat out the market waiting for a crash and watched prices move the other way. Prices follow supply and demand, and supply across much of the Bay Area has been tight for a long time. Nobody can reliably call the bottom. For more on what actually moves prices, see the forces that drive home prices.

That doesn't mean buy anything, anytime. It means the decision should rest on things you control:

• You plan to stay put for several years.

• The payment fits your budget with room to spare.

• You find a home you'd be glad to live in.

When those line up, the timing question mostly answers itself. When they don't, waiting is the right call, whatever the market does. If you already own and are thinking about moving, the same logic applies to both sides of your move.

What to do next

Find out where you actually stand: what you'd qualify for, how much you'd need to bring and what your monthly payment would be. Then search homes across the East Bay with real numbers instead of myths.

Want to know which of these applies to you? Call or text 925-876-0876, or reach us here.

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