Top 3 Mortgage Myths That Almost Cost Marcus His First Home
- By Jim Blackburn
- on
Client Profile:
- Name: Marcus
- Age: 39
- Occupation: Union electrician
- Goal: Buy a home for his family of four
- Location: Sacramento, CA
The Situation
Marcus had been renting for 14 years. When he finally called us, he admitted he’d almost given up on owning a home — not because of finances, but because of false information.
In 20 minutes, we identified three mortgage myths that had kept him on the sidelines for years.
Myth #1: “You need 20% down to buy a home.”
Truth: Marcus had saved $18K, thinking he needed $60K+.
We showed him a 5% down loan with no PMI due to his strong income and credit.
Myth #2: “You can’t buy a house if you’ve had a late payment.”
Truth: He had a 30-day late payment on a car loan 10 months ago.
We ran it through automated underwriting — and he still qualified with no issue.
Myth #3: “You can’t use overtime income to qualify.”
Truth: As a union electrician, Marcus’s overtime was consistent and documented.
We used a 24-month average to help him qualify for a larger home — and still keep the payment under budget.
The Results
- Purchase Price: $455,000
- Down Payment: $22,750 (5%)
- Loan Type: Conventional 30-year fixed
- Monthly Payment: $2,430
- Home Equity in 1 Year: $32,000 (from market appreciation and principal paid)
What Marcus Said
“I waited way too long because of things I heard from people who weren’t even in the mortgage business. You helped me see that I could have done this years ago.”
Takeaway for Readers
Outdated beliefs keep smart people stuck. Before you assume you can’t qualify — talk to someone who actually knows the rules. What you think you know might be costing you tens of thousands.
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