Many would-be homebuyers put off buying much longer than they have to because they think their credit score is too low, or they don't have enough money saved for a down payment. But did you know that lower credit scores and a low down payment don't automatically mean that buying is out of the question?

Let's dive in to these two common misconceptions.

Especially if you're a first-time buyer, it's likely that you've heard (and believed) the myth that you must have 20 percent saved for a down payment when buying. This isn't always the case. There are programs, such as FHA loans, that allow buyers to purchase a home with as little as three percent down, and VA Loan programs that allow Veterans to purchase with zero down.

A second common myth is that your credit has to be perfect to buy a home. In reality, even if you have a blemished financial history, that doesn't mean buying is out of the question. While a credit score does largely determine your interest rates, a lower credit score does not necessarily disqualify you from getting approved. Programs like FHA loans often have flexible credit requirements in order to allow first-time buyers to secure loans without being a huge risk to lenders.

These are just two commonly misunderstood aspects of the home-buying process, but both illustrate the importance of exploring your options and talking to a trusted lender that can educate you on the right program for your situation.

At Premier Mortgage Resources, we know that everyone has a unique financial picture. We want to work to find a solution that is right for yours.

Our No. 1 goal has always been to educate home buyers about the loan process, every step of the way. Don't hesitate to contact us with any questions you have, big or small, about the home loan process.