If you are, you aren't alone. But the reason why so many people are waiting might surprise you. It’s not necessarily because they don’t want to move—it’s because they’ve convinced themselves they can't.

A recent survey from Bankrate found that 42% of Americans believe you need "excellent" credit to qualify for a mortgage.

If you’ve looked at your credit score recently and felt a pit in your stomach because it wasn't "perfect," we have some good news for you: That number might not be the roadblock you think it is.

The Reality vs. The Perception

Where does this fear come from? It’s usually a misunderstanding of the data.

It is true that the median credit score for homebuyers is high—around 775, according to the New York Fed. But remember, a median is just the middle point. It is not the minimum requirement.

The reality is much more flexible.

• Data shows that roughly 10% of homebuyers secure mortgages with credit scores around 660.

• Many buyers are successfully purchasing homes with scores in the 600s.

There Is No "Magic Number"

If you are waiting for a specific, perfect number to appear on your credit report, you might be waiting too long. Even FICO (the company that calculates the scores) admits there is no universal standard.

"There is no single 'cutoff score' used by all lenders... each lender has its own strategy, including the level of risk it finds acceptable." — FICO

Why You Shouldn't Disqualify Yourself

The biggest mistake potential buyers make is rejecting themselves before they ever talk to a professional.

Lenders look at the whole picture—your income, your debt, and the loan type—not just one three-digit number. If you are currently renting because you assume you can't buy, you could be missing out on building your own wealth.

The Bottom Line

Your credit score is important, but it doesn't have to be perfect.

Don't let a myth keep you from your dream home. The best way to know where you stand is to stop guessing and start talking.

Let’s connect today. We can pair you with a trusted local lender who can look at your specific situation and show you what is actually possible!