Reality: According to 2026 NAR data, the median down payment for first-time buyers is about 10% - and FHA loans allow as little as 3.5% down, conventional loans can go as low as 3%, and VA loans or USDA Rural Development loans can go to 0% down for eligible buyers. The 20% figure mainly matters because it lets you skip private mortgage insurance (PMI) - it was never a hard requirement to qualify.

Reality: A pre-approval reflects the maximum a lender is willing to loan you, based on income and debt ratios - not your actual monthly comfort level once you factor in property taxes, insurance, maintenance, and everything else the CFPB's mortgage tools show isn't part of that calculation. Buying at the very top of a pre-approval is one of the most common home buying mistakes to avoid, and it's a leading driver of the "mortgage payment is too high" regret that shows up in nearly every buyer survey.

Reality: It depends entirely on the market and the math - rent has no ceiling on future increases, while a fixed-rate mortgage payment doesn't move. In some high-cost metros, renting genuinely is cheaper month to month. In others, including a lot of Clark County, a mortgage payment lands close to or below comparable rent once you account for the equity you're building instead of handing it to a landlord. Our 2026 Cost of Living guide for Vancouver, WA breaks down the real local numbers instead of a national average that may not apply here.

Reality: FHA loans, backed by HUD, allow credit scores in the 500s with a larger down payment, or as low as 580 for the standard 3.5% down. A lower score usually means a higher interest rate, not an automatic denial - and it's fixable. Talking to a lender early tells you exactly where you stand instead of assuming you're not ready.

Reality: When rates do drop meaningfully, more buyers tend to re-enter the market at once - which historically pushes prices up and tightens inventory, offsetting some or all of the savings from a lower rate. You can always refinance a rate later; you can't refinance the price you paid for a house you missed out on. This is a big one to think through with an agent and lender rather than deciding on gut instinct.

Reality: Without a pre-approval in hand, you don't actually know your real budget, and in a competitive market, an offer without one often won't even be considered. Getting pre-approved first is one of the simplest home buying mistakes to avoid - our home buying process guide walks through exactly where financing fits into the real order of steps. It takes a lender a day or two and saves weeks of looking at homes outside your real range.