According to a recent Realtor.com report, 20% of Americans feel like owning a home is out of reach. Maybe you’re thinking the same thing. With inflation squeezing the budget, saving up for a house can feel tougher than ever. But don’t lose hope — with the right resources, homeownership is still possible.
Even if your savings or credit score aren’t perfect, there are options that can help you buy a home today. Here are two solutions that could get you closer to owning your first home in the Triangle:
1. FHA Loans
If your down payment or credit score isn’t where you’d like it to be, an FHA loan might be the answer. According to HUD and Bankrate, FHA loans offer:
- Lower Down Payments: FHA loans typically require as little as 3.5% down.
- Lower Credit Requirements: Even if your credit score isn’t high enough for a conventional loan, you may still qualify for FHA.
The first step is connecting with a lender to explore your options and see if you qualify.
2. Homeownership Assistance Programs
Did you know there are over 2,000 homeownership assistance programs available across the country? And 75% of them help with down payments! Here’s why these programs could work for you:
- Financial Help: The average down payment assistance for qualifying buyers is around $17,000.
- Stackable Benefits: In some cases, you can combine multiple programs for even more support.
As Rob Chrane, CEO of Down Payment Resource, says, “Some of these programs can be layered. You may qualify for more than one.”
Ready to explore your options? Partner with M&J Realty Group and lender who can guide you through the process and connect you with the right resources. Homeownership is within reach!
Source: KCM