Mortgage Myths Idaho 2025 Homebuyers Should Stop Believing

Mortgage Myths That Need to Go Away Like Winter ❄️➡️🌸

As the snow melts in McCall and tulips bloom in Boise, it's time to do some spring cleaning - not just in your garage, but in your mind too. If you’re planning to buy a home this year, let's clear out some outdated thinking and debunk the most common mortgage myths Idaho 2025 homebuyers are still falling for.

Buying a home in Idaho is easier when you know the truth. Let's bust some myths!

🧨 Myth #1: You Need 20% Down

Not true! Plenty of Idahoans are getting into homes with far less down. Whether you’re buying a starter home in Nampa or your dream cabin in Cascade, programs like FHA loans (as low as 3.5% down) and Idaho Housing's Down Payment Assistance make homeownership possible without draining your savings.

Want more information about Down Payment Assistance in Idaho, link here:  https://375loan.com/idaho-down-payment-closing-cost-assistance/

🧨 Myth #2: Your Credit Must Be Perfect

Relax - you don't need an 800 score to get a loan. Idaho lenders often work with buyers who have credit in the 580 - 620 range. What matters more is your full financial picture, not a picture-perfect credit score.

Fact:  FHA will actually go down to a 500 FICO score with 10% down.

Why is your credit score different everywhere you looks?  I explain that myth here:  https://375loan.com/different-credit-scores/

🧨 Myth #3: Renting Is Cheaper Than Buying

In places like Kuna and Caldwell, rent prices have been climbing fast. Sure, renting might feel easier short-term, but buying builds equity - and stability. With fixed mortgage payments, you're investing in your future instead of your landlord's.

🧨 Myth #4: Get Pre-Approved After Finding a Home

That's like showing up at Albertsons without your wallet. In Idaho's fast-moving real estate market, being pre-approved helps you act quickly and confidently. Sellers love serious buyers - and pre-approval shows you mean business.

🧨 Myth #5: You Can't Have Any Debt

This one trips up a lot of folks. It's okay to have a car loan or student debt (BSU alums, we see you!). What matters is your debt-to-income ratio (DTI) - how much of your income goes toward debt. Keep that in check, and you're golden.

🧠 Idaho Insight:

From Twin Falls to Coeur d'Alene, homeownership dreams are alive and well. But you've got to clear out the myths before you can clear the path to closing day. Don't let bad info freeze your momentum - get the facts and take control.