Two Resources That Can Help You Buy a Home Right Now

Two Resources That Can Help You Buy a Home Right Now

A recent report from Realtor.com states that 20% of Americans don’t believe homeownership is achievable. If you feel the same way, you're not alone. Rising costs make saving for a home more challenging, but with the right guidance and resources, it’s still possible.  

There are options available to help you buy a home, even if your savings are limited or your credit isn’t perfect. Let’s explore two key solutions that could help you become a homeowner, no matter the market.

1. FHA Loans

If your down payment savings and credit score aren’t where you want them to be, an FHA loan could be your pathway to homeownership. According to the U.S. Department of Housing and Urban Development (HUD) and Bankrate, the key benefits of an FHA home loan include:  

• Lower Down Payments: They typically require a smaller down payment than conventional loans, sometimes as low as 3.5% of the home’s purchase price.
• Lower Credit Score Requirements: They’re designed to help buyers with credit scores that might not qualify for conventional financing. This means, when conventional loans aren’t an option, you may still be able to get an FHA loan.

The first step is to connect with a lender who can help you explore your options and determine if you qualify.

2. Homeownership Assistance Programs

And if you need a more budget-friendly down payment, that’s not your only option. According to Down Payment Resource, there are over 2,000 homeownership assistance programs available across the U.S., with more than 75% designed to help buyers with their down payment. Here’s why these programs can be valuable tools for you:

• Financial Support: The average benefit for buyers who qualify for down payment assistance is $17,000. And that’s not a small number.
• Stackable Benefits: To make it even better, in some cases, you may be able to qualify for multiple programs at once, giving your down payment an even bigger boost.

Rob Chrane, CEO of Down Payment Resource, confirms a little-known fact: many qualified buyers miss out on homeownership simply because they aren’t aware of the assistance programs available to them.

“Some of these programs can be layered. And so, in other words, you may not be limited to just one program.”

If you want to learn more or see what you qualify for, be sure to lean on the pros. A trusted real estate agent and a lender can guide you through the process, explain the help available, and connect you with resources to make buying a home a reality.

Bottom Line

If you’re ready to stop wondering if buying a home is possible and start exploring solutions, let’s connect.