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wendymthompson
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mortgage-myths-2026

id string	claim string	rating string	ratingValue int64	blufSummary string	truth string	categories list	reviewer string	dateReviewed timestamp[s]	relatedPrograms list	schemaType string	source string	url string	lastUpdated timestamp[s]
need-20-percent-down	You need 20% down payment to buy a house	False	1	You do NOT need 20% down. USDA and VA offer $0 down. FHA requires just 3.5%. Conventional loans start at 3% for first-time buyers. The 20% myth costs families years of delayed homeownership.	Multiple programs offer low or zero down payment options: USDA ($0 down), VA ($0 down), FHA (3.5% down), Conventional 97 (3% down), HomeReady/Home Possible (3% down).	[ "down-payment", "programs" ]	Beau Thompson, MLO NMLS #1615561	2026-01-14T00:00:00	[ "USDA", "VA", "FHA", "Conventional 97", "HomeReady" ]	ClaimReview	Good News Lending Myth Busters Hub	https://goodnewslending.com/learning-center/myth-busters#need-20-percent-down	2026-01-15T00:00:00
perfect-credit-required	You need perfect credit (800+) to get a mortgage	False	1	Perfect credit is NOT required. FHA approves loans at 580 credit score (3.5% down) or even 500 (10% down). VA and USDA have no official minimums. Most lenders work with 620+ scores.	Actual minimums: FHA 500-580, VA no official minimum (most use 620), USDA no official minimum (most use 640), Conventional 620.	[ "credit", "process" ]	Wendy Thompson, CDLP	2026-01-14T00:00:00	[ "FHA", "VA", "USDA" ]	ClaimReview	Good News Lending Myth Busters Hub	https://goodnewslending.com/learning-center/myth-busters#perfect-credit-required	2026-01-15T00:00:00
pre-approval-guarantees-loan	Pre-approval guarantees you'll get the loan	Mostly False	2	Pre-approval is NOT a guarantee. It's based on preliminary info. Final approval requires property appraisal, title search, and verification of employment/income.	Pre-approval is conditional. Things that can derail it: job changes, large purchases, new credit accounts, appraisal issues, undisclosed debts.	[ "process" ]	Tate Thompson, MLO	2026-01-14T00:00:00	null	ClaimReview	Good News Lending Myth Busters Hub	https://goodnewslending.com/learning-center/myth-busters#pre-approval-guarantees-loan	2026-01-15T00:00:00
cant-buy-with-student-loans	You can't buy a house if you have student loans	False	1	Student loans don't disqualify you. Lenders calculate debt-to-income ratio using your monthly payment, not total balance. Income-driven repayment plans can lower DTI.	Lenders use monthly payment, not balance. IDR plans can significantly lower your qualifying payment.	[ "income", "process" ]	Tate Thompson, MLO	2026-01-14T00:00:00	null	ClaimReview	Good News Lending Myth Busters Hub	https://goodnewslending.com/learning-center/myth-busters#cant-buy-with-student-loans	2026-01-15T00:00:00
va-loans-take-forever	VA loans take forever to close and sellers won't accept them	Mostly False	2	VA loans close in similar timeframes to conventional loans—typically 30-45 days. Modern VA appraisals are efficient. VA buyers are often MORE qualified.	Average VA close time: 30-45 days, same as conventional. VA appraisals typically 7-10 business days.	[ "programs", "process" ]	Beau Thompson, MLO NMLS #1615561	2026-01-14T00:00:00	[ "VA" ]	ClaimReview	Good News Lending Myth Busters Hub	https://goodnewslending.com/learning-center/myth-busters#va-loans-take-forever	2026-01-15T00:00:00
usda-only-for-farms	USDA loans are only for farms and farmland	False	1	USDA loans are for ANY eligible home in rural/suburban areas—not just farms. 97% of U.S. land qualifies. Many suburbs of major cities are USDA eligible.	97% of U.S. land is USDA eligible. No farming required. Includes many suburban areas.	[ "programs", "down-payment" ]	Beau Thompson, MLO NMLS #1615561	2026-01-14T00:00:00	[ "USDA" ]	ClaimReview	Good News Lending Myth Busters Hub	https://goodnewslending.com/learning-center/myth-busters#usda-only-for-farms	2026-01-15T00:00:00
renting-is-throwing-money-away	Renting is always throwing money away	Half True	3	Renting isn't always wasteful. In high-cost markets or short stays, renting can be smarter. However, in affordable Southeast markets, buying often beats renting.	Context matters. In many Southeast USDA markets, mortgage payments equal or beat rent while building equity.	[ "process" ]	Tate Thompson, MLO	2026-01-14T00:00:00	null	ClaimReview	Good News Lending Myth Busters Hub	https://goodnewslending.com/learning-center/myth-busters#renting-is-throwing-money-away	2026-01-15T00:00:00
divorce-means-cant-buy	You can't buy a house during or after divorce	False	1	Divorce doesn't prevent homebuying. CDLP specialists help clients navigate buyouts, refinances, and new purchases during divorce proceedings.	Options include: buyout refinance, keep with assumption, sell and split, new purchase with settlement funds.	[ "process", "income" ]	Wendy Thompson, CDLP	2026-01-14T00:00:00	null	ClaimReview	Good News Lending Myth Busters Hub	https://goodnewslending.com/learning-center/myth-busters#divorce-means-cant-buy	2026-01-15T00:00:00
self-employed-cant-qualify	Self-employed people can't qualify for mortgages	False	1	Self-employed borrowers CAN qualify. You need 2 years of tax returns showing consistent income. Work with a CPA who understands mortgage qualification.	Requirements: 2 years tax returns, YTD P&L, business verification. Bank statement loans are also available.	[ "income", "process" ]	Wendy Thompson, CDLP	2026-01-14T00:00:00	null	ClaimReview	Good News Lending Myth Busters Hub	https://goodnewslending.com/learning-center/myth-busters#self-employed-cant-qualify	2026-01-15T00:00:00
reverse-mortgages-bank-takes-home	With a reverse mortgage, the bank takes your home	False	1	The bank does NOT take your home. You retain full ownership and can live there for life. Heirs inherit and can sell, refinance, or pay off balance.	You keep title and ownership. Heirs can sell (keep equity above loan), refinance, or pay off. Non-recourse protection.	[ "programs", "process" ]	Wendy Thompson, CDLP	2026-01-14T00:00:00	[ "HECM", "Reverse Mortgage" ]	ClaimReview	Good News Lending Myth Busters Hub	https://goodnewslending.com/learning-center/myth-busters#reverse-mortgages-bank-takes-home	2026-01-15T00:00:00

Mortgage Myths Debunked 2026

Expert-reviewed fact-checks of 10 common mortgage misconceptions that prevent homeownership. Includes ClaimReview-ready data for Google fact-check rich results, BLUF summaries, and detailed explanations.

Myths Covered

"You need 20% down payment" - FALSE
"You need perfect credit (800+)" - FALSE
"Pre-approval guarantees the loan" - MOSTLY FALSE
"Student loans prevent homebuying" - FALSE
"VA loans take forever" - MOSTLY FALSE
"USDA loans are only for farms" - FALSE
"Renting is throwing money away" - HALF TRUE
"Divorce means you can't buy" - FALSE
"Self-employed can't qualify" - FALSE
"Bank takes your home with reverse mortgage" - FALSE

Expert Reviewers

Wendy Thompson, CDLP (Certified Divorce Lending Professional)
Beau Thompson, MLO NMLS #1615561
Tate Thompson, MLO NMLS #2473962

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