Think Homeownership Is Out of Reach? Here’s How You Can Make It Happen
A recent Realtor.com report found that 20% of Americans don’t believe homeownership is achievable—and if you’re feeling the same way, you’re not alone. With rising costs due to inflation, saving for a home can feel overwhelming. But the truth is, there are resources available to help you buy a home, even if your savings or credit aren’t perfect.
Here are two key options that could help make homeownership a reality for you—no matter the market.
1. FHA Loans: A Pathway to Homeownership
If your down payment savings or credit score are holding you back, an FHA loan might be the solution. Backed by the Federal Housing Administration (FHA), these loans are designed to help first-time homebuyers who may not qualify for conventional financing.
According to the U.S. Department of Housing and Urban Development (HUD) and Bankrate, FHA loans offer several advantages:
✅ Lower Down Payments – FHA loans often require as little as 3.5% down, making it easier to buy without needing a massive savings account.
✅ More Lenient Credit Requirements – These loans are available to buyers with lower credit scores, helping those who may not qualify for a conventional mortgage.
To find out if an FHA loan is right for you, connect with a lender who can review your options and determine if you qualify.
2. Homeownership Assistance Programs: Free Money for Buyers
If saving for a down payment is your biggest hurdle, you’re not alone—but help is available. According to Down Payment Resource, there are over 2,000 homeownership assistance programs across the U.S., and more than 75% of them provide down payment assistance.
Here’s how these programs can help:
💰 Financial Support: The average benefit for qualified buyers is $17,000—a significant boost that can bring homeownership within reach.
🔄 Stackable Benefits: Some programs allow buyers to combine multiple assistance programs for even more financial support.
As Rob Chrane, CEO of Down Payment Resource, explains:
“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 see which programs you qualify for, work with a trusted real estate agent and lender who can guide you through the process and connect you with available resources.
Bottom Line
Homeownership is possible—even if you think it’s out of reach. With options like FHA loans and down payment assistance programs, you have more pathways to buying a home than you may realize.
Ready to stop wondering and start exploring your options? Connect with an expert real estate agent and lender today to take the first step toward owning your home.