A recent report from Realtor.com shows that 20% of Americans believe homeownership is out of reach. If you’re feeling that way, you’re not alone. With rising costs due to inflation, saving for a down payment may seem like an uphill battle. But the truth is, there are real solutions available — and they can make owning a home more attainable than you might think.
Even if your savings are limited or your credit isn’t perfect, two key resources could help you take the next step toward homeownership.
1. FHA Loans: A Flexible Path to Homeownership
FHA loans, backed by the Federal Housing Administration, are designed to help buyers who may not qualify for traditional mortgages. If your credit score isn’t where you want it to be or you haven’t saved a large down payment, this could be a great option.
Benefits of FHA loans include:
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Low Down Payment: You may only need as little as 3.5% down.
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Lenient Credit Requirements: FHA loans are more accessible to buyers with lower credit scores.
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Support for First-Time Buyers: These loans were created to make homeownership possible for more people.
To explore whether you qualify for an FHA loan, connect with a lender who understands your goals and can guide you through the process.
2. Homebuyer Assistance Programs: Extra Support When You Need It
Another resource many buyers overlook is homeownership assistance programs. According to Down Payment Resource, there are more than 2,000 programs available nationwide — and over 75% of them are specifically focused on helping with down payments.
Here’s why they matter:
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Meaningful Financial Aid: The average benefit for eligible buyers is $17,000.
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Layered Support: Some programs can be combined, increasing the total amount of assistance you receive.
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Expanded Access: These programs exist at the local, state, and federal levels, giving you multiple opportunities for support.
As Rob Chrane, CEO of Down Payment Resource, puts it:
“Some of these programs can be layered. You may not be limited to just one program.”
Start with the Right Team
To make the most of these opportunities, it’s essential to work with a trusted real estate agent and a knowledgeable lender. They’ll help you:
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Identify which programs you qualify for
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Understand your financing options
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Build a step-by-step plan toward purchasing your first home
Bottom Line
Even in today’s market, buying a home is possible. You just need the right guidance and access to the tools that can make it happen. If you’re ready to move from doubt to action, let’s connect and create a plan that works for you.