A recent report from Realtor.com reveals that 20% of Americans feel homeownership is out of reach. You might be among them. With inflation increasing everyday costs, saving enough for your first home can seem daunting. But here's the good news: with the right tools and support, achieving homeownership is still possible.

There are ways to make home buying a reality today, even if you don't have a lot of savings or your credit isn't ideal. Let's take a look at two solutions that could help you buy your first home, regardless of the market conditions.

1. FHA Loans

If your savings for a down payment and your credit score aren’t quite up to par, an FHA loan might be the solution you need to purchase a home. The U.S. Department of Housing and Urban Development (HUD) and Bankrate highlight some major benefits of an FHA home loan:

Lower Down Payments: These loans generally need a smaller down payment compared to conventional ones, sometimes as little as 3.5% of the home's purchase price.

Lower Credit Score Requirements: are here to assist buyers whose credit scores might not meet the standards for conventional financing. Essentially, if conventional loans aren’t an option for you, there’s a chance you could still qualify for an FHA loan.

Connect with a lender to discuss your options and see if you qualify.

2. Homeownership Assistance Programs

If you’re looking for a more budget-friendly down payment, you have other options available. There are actually more than 2,000 homeownership assistance programs across the U.S., as reported by Down Payment Resource. Over 75% of these programs aim to help buyers tackle their down payment. Here’s why these resources can be incredibly beneficial 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.The typical amount of down payment assistance for qualifying buyers is about $17,000. That’s a significant sum.

Stackable Benefits: You might find that you can qualify for several programs simultaneously, which could really enhance your down payment.

Rob Chrane, the CEO of Down Payment Resource, reveals a lesser-known fact:

““Some of these programs can be layered. And so, in other words, you may not be limited to just one program.”
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— Rob Chrane, CEO of Down Payment Resource

If you're looking to gain more insight or figure out what you qualify for, reach out to the experts. A reliable real estate agent and a lender can walk you through the steps, clarify the available assistance, and link you to resources that can help turn your homeownership dreams into reality.