Two Tools to Help You Buy a Home Today

Is homeownership out of reach? Here Are Two Solutions to Make It Happen

A recent report from Realtor.com reveals that 20% of Americans believe homeownership is out of reach. With rising inflation and the increasing cost of living, it's easy to feel that saving enough for a home is more challenging than ever. But the truth is, with the right resources and support, owning a home is still within your grasp.

There are options available to help make buying a home possible, even if your savings are limited or your credit isn’t perfect. Here are two solutions that could help you become a homeowner, no matter the market.  

1. FHA Loans

If your savings or credit score aren’t where you want them to be, an FHA loan could be your ticket to homeownership. According to the U.S. Department of Housing and Urban Development (HUD) and Bankrate, FHA loans offer key advantages: * Lower Down Payments: You might qualify for a down payment as low as 3.5% of the home’s purchase price, making it easier to save. * Flexible Credit Requirements: FHA loans are designed for buyers who might not qualify for conventional financing. So, even if your credit score isn’t ideal, an FHA loan could still be an option. *  Start by connecting with a lender who can help you explore your options and see if you qualify for an FHA loan. 

2. Homeownership Assistance Programs

If you need help with your down payment, you’re in luck. Over 2,000 homeownership assistance programs are available nationwide, and more than 75% of them are designed to assist with down payments, according to Down Payment Resource. Here's why these programs can be game-changers:  * Financial Support: The average benefit for buyers who qualify for down payment assistance is $17,000, which can make a significant difference. * Stackable Benefits: In some cases, you may qualify for multiple programs at once, further boosting your down payment. *  Rob Chrane, CEO of Down Payment Resource, confirms that some programs can be combined, giving you even more financial help. If you’re curious about what assistance you might qualify for, don’t hesitate to lean on the experts. A trusted real estate agent and lender can guide you through the process, explain your options, and connect you to the resources that can help make your dream of homeownership a reality. 

Bottom Line

If you’re ready to stop wondering if homeownership is possible and start exploring solutions, reach out to a knowledgeable agent and trusted lender. The right support can help you navigate the path to your first home.