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Despite reports of rising house prices, low-to-moderate income earners can still become homeowners today; with even a modest down payment or a limited credit history, you could own a home. Opportunities exist for homebuyers with moderate incomes through programs from cities, nonprofit organizations, and financial institutions.
These examples, based on the experiences of typical homebuyers with low-to-moderate incomes, outline different paths to homeownership without large down payments or perfect credit scores.
Sarah is a recent college graduate who just landed her first professional job. She’s ready to become a homeowner because she has a stable career, plans to live in the area for the foreseeable future, and has enough money for a down payment on a home.
A fixed-rate mortgage might help Sarah achieve her goal. Features include:
Beth lives near a small town in the country with her husband and little boy. Their income is steady but modest, allowing them to afford monthly housing payments but not save much. Beth is renting a home now and has always wanted to become a homeowner, but doesn’t know her options.
Beth’s family, like other low-to-moderate income buyers in rural areas, may be eligible for financing through the Guaranteed Rural Housing Program administered by the U.S. Department of Agriculture (USDA) Rural Development. These loans feature:
Rick is an active-duty servicemember who recently has returned from a long tour overseas. He and his wife dream of raising their two young children in a home of their own.
Rick and his wife may be eligible to purchase their first home with a Department of Veterans Affairs (VA) loan. Benefits and considerations of doing so include:
To become a successful homeowner, think carefully about the decision to buy, making sure that homeownership suits your personal and financial situation. Buying a home involves much more than securing a loan and making your monthly payments.
To help get you started, the Wells Fargo My FirstHome® interactive module provides an overview of the path to successful homeownership, and the My Home RoadmapSM service provides free homeownership counseling and support materials to borrowers who are not yet ready to purchase a home.
If you’re ready to purchase a home but the scenarios discussed above don’t mirror your own, keep in mind that you may still be eligible for purchase assistance from your city, county, or state. Certain financial institutions also offer programs to make homeownership a possibility for many low-to-moderate income homebuyers. For example, the Wells Fargo Home OpportunitiesSM program helps those with small down payments and limited credit histories. Another option is the Wells Fargo Easy to Own SM Good Neighbor Next Door program , which encourages law enforcement officers, teachers, firefighters, and EMTs to buy homes in the neighborhoods in which they work.
We’re committed to helping you as you work toward financial success. Here you’ll find a wide range of helpful information, interactive tools, practical strategies, and more — all designed to increase your financial literacy and help you reach your financial goals.