Buying a home might feel out of reach, especially with rising costs making it harder to save. In fact, a recent report from Realtor.com shows that 20% of Americans don’t believe homeownership is achievable. But if you’ve been on the fence about buying because of savings or credit concerns, there’s good news—resources exist that can help you get into a home, even in today’s market.
Here are two powerful solutions that could make homeownership a reality for you:
1. FHA Loans
If you’re struggling with a down payment or your credit score isn’t perfect, an FHA loan could be a great option. Backed by the Federal Housing Administration (FHA), these loans are designed to help buyers who may not qualify for conventional financing. According to the U.S. Department of Housing and Urban Development (HUD) and Bankrate, FHA loans offer:
- Lower Down Payments – You may only need as little as 3.5% down, compared to the 10-20% often required for conventional loans.
- More Lenient Credit Requirements – FHA loans are accessible to buyers with lower credit scores, making homeownership more attainable even if your financial history isn’t perfect.
The first step? Talk to a lender who can review your financial situation and help you determine if an FHA loan is the right fit for you.
2. Homeownership Assistance Programs
Beyond FHA loans, did you know there are over 2,000 homeownership assistance programs available across the U.S.? More than 75% of these programs are designed to help with down payments, making them a valuable tool for buyers with limited savings.
Here’s why these programs can be a game-changer:
- Financial Support – The average benefit for qualifying buyers is $17,000, which can significantly ease your upfront costs.
- Stackable Benefits – Some programs allow you to combine multiple forms of assistance, giving your down payment an even bigger boost.
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.”
Not sure where to start? A trusted real estate professional and lender can help you navigate these opportunities and find programs that fit your specific needs.
Bottom Line
You don’t have to put your homeownership dreams on hold. If concerns about savings or credit have made you hesitate, let’s connect and explore the options available to help you buy a home in Tampa today.
