Here are some of the reasons people often cite for not buying a home, and a reality check on why they shouldn't give up hope.

Reason 1: I don't have enough money for a down payment

This is probably the most common reason for not buying a home. After all, very few people have a large amount of cash on hand and a 20% down payment is required to buy a home, right? Re.

The need for a 20% down payment has been a myth for years, causing many potential homebuyers, including millennials, to miss out on the opportunity to purchase a home, says Christina Bartning of National MI, a private mortgage insurance company in Emeryville, California.

With support from the Federal Housing Administration or the Department of Veterans Affairs, you can often put down as little as 3 to 5 percent, according to AJ Smith, a personal finance expert at SmartAsset.

Additionally, Mike Murray, a real estate professional with the Murray Home Team at Coldwell Banker in Annapolis, Maryland, says, "For young buyers with good credit and a steady job, grants are a great way to subsidise the down payment. Often these grants can be obtained by taking a home-buying course or purchasing a home in a designated community development area."

However, if you have a low down payment, keep in mind that you'll need private mortgage insurance before you can pay your loan down to the 20% threshold.

Reason 2: I can't afford my mortgage

Kenneth Cagan, a real estate agent with The Cagan Team in Coral Springs, Florida, says, "Some people don't realise that they're paying more in rent than they are in mortgage payments." Landlords are trying to recoup their taxes, insurance and maintenance costs while still making a profit. Buying a home, on the other hand, is an investment in yourself."

To find out whether it makes more sense to rent or buy a home in your neighbourhood, try Realtor.com's Rent vs. Buy Calculator.

For low- to moderate-income first-time homebuyers, there are also many first-time homebuyer programmes available to help you pay your mortgage.

Reason 3: My credit history isn't good enough for a mortgage loan

You've had some late payments or other bad history in the past that can affect your credit score. But that doesn't mean a mortgage is hopeless.

Smith says, "If you've paid off your credit cards and keep a steady job, your application may be approved."

Potential homebuyers with bad credit also have options such as rent-to-own programmes, financing through the seller and loans from private lenders.

And get this: some private mortgage insurance programmes allow credit scores as low as 620, Smith says.

In the meantime, you can slowly improve your credit score by paying your bills on time, keeping balances low and having a low number of enquiries, Murray says. A licensed loan officer should be able to create a year-long outline for you to get your credit on track.

But there's an important caveat: Typically, mortgage rates are higher for those with lower credit scores. If you have a low credit score, you may need to make a higher down payment.

Reason 4: I don't have any credit history

Anne Postic of Mortgages.com says there are ways to build a credit history even if you don't have a credit card.

If you're a renter, talk to your landlord about reporting your payments to build a history; Experian makes it easy for landlords to report your payments, or you can do it yourself.

Reason 5: I haven't worked long enough

Work history is important," says Jeremy David Schachter of Pinnacle Capital Mortgage in Phoenix, Arizona. But even if you've recently changed jobs and have only been working for a month, you can qualify based on your income and field.

A letter of verification from your boss or workplace can be a big help, so if you're concerned that your relatively short work history might be an issue, be sure to ask about it.

Reason 6: I can't find a home I like in my price range

Angeline Sackett, a real estate agent in Fort Myers, Florida, says, "People often think they have to buy their last house first. But realising your dream home takes time. After all, there's a reason they call a first home a "starter home," isn't there?