1) I need a lot of money to buy a home... False. There are still low down payment loan programs available, helping plenty of home buyers afford the home they want.
2) I need to have perfect credit to qualify for a mortgage... False. It's true that mortgage approval gets easier with higher credit scores, but we are still able to work with less than perfect credit.
3) Qualifying for a mortgage is hard... False. Many people who went through a mortgage around 5 years ago may see a difference in the amount of documentation that is needed to qualify now, but historically speaking, documentation is not a new thing. People are being approved for mortgages every day. Be prepared to supply documentation and all should go well.