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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 municipalities, nonprofit organizations, and financial institutions.
These examples, based on the experiences of typical homebuyers with low to moderate incomes, outline three families’ paths to homeownership without large down payments and 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:
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 could purchase their first home with a Department of Veterans Affairs (VA) loan. Features of this type of loan 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 FirstHomeSM 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. The Wells Fargo Home OpportunitiesSM program helps those with small down payments and limited credit histories, while the Wells Fargo Easy-to-OwnSM Good Neighbor Next Door program enables civil servants to buy homes in the neighborhoods in which they work.
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