🚫 10 Loan Myths That Are Costing You a Home in Orlando

Stop Letting Misinformation Derail Your Dreams

If you're trying to buy a home in Orlando, chances are you've heard advice from just about everyone your cousin, a coworker, your Uber driver. The problem? A lot of it is just plain wrong.

Misinformation keeps people stuck. So let’s clear the air. These 10 common loan myths could be holding you back and the truth might surprise you.

1. “I Need a 720+ Credit Score to Qualify”

Wrong. You can qualify for an FHA loan with a score as low as 580 sometimes even lower with a higher down payment. A perfect credit score is not required to get started.

✅ Orlando buyers: You might already qualify and not even know it. Let’s find out.

2. “I Need 20% Down or I’m Out”

Nope. Many programs require just 3–5% down. And some like VA or USDA loans require 0% down.

Bonus: Florida has fantastic down payment assistance programs, especially for first-time buyers.

3. “Pre-Qualified Means I’m Good to Go”

Not quite. Pre-qualification is surface-level. Pre-approval is what you need to confidently shop and make offers especially in competitive Orlando neighborhoods like Baldwin Park and Horizon West.

4. “I Got Denied Once — I’m Doomed”

One denial isn’t forever. Often, it’s a signal to adjust a few things and reapply. Many buyers get approved just months after a denial, especially with the right guidance.

💡 Pro Tip: Work with a lender who’s willing to build a plan — not just say yes or no.

5. “Debt Automatically Disqualifies Me”

Not true. Lenders look at your debt-to-income ratio (DTI), not just the fact that you have debt. If your income supports your obligations, you’re still eligible.

6. “Rates Are Up It’s a Bad Time to Buy”

Actually, waiting could cost you more. Home prices are still rising in Central Florida. Lock in your home now and refi later if rates drop.

7. “Self-Employed = No Loan”

Old myth. Today, more options exist for entrepreneurs including bank statement loans and flexible documentation programs.

🎯 You run a business. You can own a home, too.

8. “Lowest Rate = Best Loan”

Not always. That rock-bottom rate may come with high fees or strict terms. The best loan is the one that fits your life, not just your wallet.

9. “Assistance Is Only for First-Timers”

Wrong again. If you haven’t owned a home in 3+ years, you’re often considered a “first-time” buyer. And many Florida programs are open to repeat buyers, too.

10. “I’ll Just Wait Until I’m 100% Ready”

Waiting for perfect credit, perfect savings, and perfect timing? You might be waiting forever. Start the conversation now you could be way closer than you think.

💬 “Too many people wait until it feels ‘safe’ but real confidence comes from knowing your options.”
— Ron Roberts, Orlando Loan Advisor

🧠 TL;DR: What Buyers in Orlando Need to Know

• You don’t need perfect credit

• You probably don’t need 20% down

• Pre-approval beats pre-qualification

• You can recover from a denial

• Debt doesn’t mean disqualified

• You can buy if you’re self-employed

• Rates aren’t the only factor

• Local help is available

📍 Orlando-Specific Advantage

The Central Florida market is hot, and more buyers are jumping in before prices climb further. Whether you're in Clermont, Winter Garden, Oviedo, or Kissimmee knowing fact from fiction puts you ahead of the game.

Ron Roberts is your trusted mortgage broker in Orlando, Florida metro area

Buying a home is a major milestone and borrowers deserve more than a one-size-fits-all loan. That’s where Ron Roberts with Amerifund Home Loans, Inc. comes in. As a trusted mortgage consultant, Ron takes a personalized approach helping clients navigate each step with clarity and confidence. From the initial consultation to pre-approval, and from selecting the right loan to closing day, Ron is committed to crafting financing strategies that align with each borrower’s unique goals, budget, and lifestyle. If you're ready to take the first step toward homeownership, connect with Ron Roberts for a tailored mortgage consultation. He'll help make the journey smooth, informed, and truly your own.

Read Some 5-star reviews From Our Happy Clients

Ron was professional and excellent to work with. Very fast follow up, and got me an excellent service to get my house and better rate that right I recommend him and his company highly. It is called five stars and he has earned it.- Dimy

As a first time homebuyer I would have been a little lost but Ron was absolutely amazing from the first day until the closing table. If I ever had any questions or concerns (even in the middle of the night) he was there to help! I highly recommend Ron for your home loan needs!!! Couldn’t have done this without him!! Words can’t express my gratitude!!! – Zach

Start Your Free 15-min Strategy Call Today

Ron Roberts, Loan Officer with Amerifund Home Loans, proudly serves the Orlando metro and greater Central Florida area. As a local mortgage expert, Ron is committed to delivering honest answers, transparent guidance, and a truly stress-free experience from start to finish. With no hidden fees or surprise costs, his clients keep more of their hard-earned money where it belongs in their pocket. Whether you're buying your first home, upgrading, or refinancing, Ron is a trusted mortgage broker ready to serve you with integrity and personal attention every step of the way.

📞 Call Ron today at 321-332-8049 to get started.

💬 FAQ

Q: What’s a healthy debt-to-income ratio (DTI)?
Most lenders look for a DTI under 43%, but some programs allow up to 50% with compensating factors.

Q: How fast can I go from pre-approval to closing?
Typically 30 days or less but having your documents ready helps speed things up.

Q: What if I’ve had a bankruptcy or foreclosure?
You may still qualify after a waiting period (usually 2–3 years for FHA). Don’t assume it’s over talk to a lender.

Q: Can I still get a mortgage if I just changed jobs?
Yes especially if you stayed in the same industry. Some lenders may want to see a few pay stubs, but job changes aren’t automatic deal-breakers.

Q: Will checking my credit hurt my score?
Not significantly. A single mortgage inquiry usually drops your score by just a few points and multiple checks within a short time window are treated as one.

Q: Can I buy a home if I have student loans?
Absolutely. Lenders account for your monthly payments when calculating DTI. Student loans are common and not a blocker if managed well.

Q: Are online mortgage lenders better than local ones?
It depends on your needs. Local lenders often understand the Orlando market better and may offer personalized service. Compare both to see what’s best for you.

Q: Is renting better than buying right now?
It depends on your goals, but in many cases, buying builds long-term wealth especially with Orlando’s steady home appreciation and tax benefits.