If you’re a millennial, you might think that being able to own your home is something you can only dream of doing much later in life. However, home ownership could very well be within your grasp, provided you adopt the right strategy and seek the right professional help.

Below are just some of the common, misguided beliefs adopted by millennials that could prevent them from becoming homeowners:

I’ll never be able to afford a down payment as a millennial

Actually, home ownership might cost less than you think, and down payment minimums aren’t all that high. In fact, a down payment can be as low as 5{bd1536148bd3ae10febdf5a127c08f4c507df5b42a4549ff04ca3214ac31ad67} of the purchase price, and a down payment of less than 20{bd1536148bd3ae10febdf5a127c08f4c507df5b42a4549ff04ca3214ac31ad67} includes the bottom rate, compared to 20{bd1536148bd3ae10febdf5a127c08f4c507df5b42a4549ff04ca3214ac31ad67}, the latter of which is often much higher as the risk or cost of CMCH default insurance is carried by the lender.

My credit score isn’t good enough

Did you know that a score of 680 is all you need to get into home ownership, and to get access to the very best mortgage rates, too.

If you’ve got a credit score of 680 and no significant missed payments during the last 24 months, this is considered as ‘perfect credit’. Provided you’ve had access to credit for 2 years (in the form of a car loan or credit card, for example), then a 680 score could secure you a great deal on a mortgage.

I can’t possibly ask my family to help me out

If you’re lucky enough to have parents or relatives that can help you out with a down payment, why shouldn’t you ask them for help? In most cases, parents are more than happy to help their kids out, and it would only be a loan, right?

So, if you’ve got the funds for a minimum down payment and a glowing credit score, what should you do next?

• Get yourself organized and ready

Take a good long look at your credit score, and find out ways of improving it so that you can impress lenders. Any reputable lender will want to know what your overall financial situation is, and they’ll likely begin by scrutinizing your credit score.

• Put a budget into place

Even if you’ve managed to secure a down payment from a family member, there will still be many other costs associated with buying your own home, and budgeting for those expenses as early as you can in the process, is always a smart move.

• Start shopping around

It’s never too early to start getting yourself familiar with the mortgage process and some of the terminology used within the industry. So, start browsing properties, reading up on mortgages and learning new ways to save money and get a great deal.

Once you’ve decided you want to seriously start looking for a property to buy, it can be helpful to meet up with a mortgage broker, who will know the housing market inside out in your area, and have access to lenders and deals that you might not otherwise have known about.

If you’re wise with your money, listen to the experts, and are determined to be a millennial property owner, it’s absolutely within your reach!