Feeling Stuck on the Path to Homeownership? Here Are 6 Common Hurdles… and How to Get Past Them

If you’ve been dreaming about buying a home but keep running into roadblocks, you’re not alone. Most aspiring homeowners face at least one major challenge—and many face several. Whether it’s saving for a down payment, qualifying for a mortgage, or just finding a home that fits your budget, the process can feel overwhelming.

But here’s the good news: there are real, workable solutions to each of these challenges. I’ve helped many buyers in Minnesota navigate these exact issues, and I’d love to help you too. Let’s walk through six common obstacles—and how you can move past them.

1. The Cost of Living Feels Too High

Between rising home prices, limited inventory, and everyday expenses, it’s easy to feel like homeownership is slipping out of reach. Nearly half of prospective buyers say the cost of living is their biggest concern.

What you can do:

• Explore nearby communities that offer more affordable housing options.

• Look into financial assistance programs designed for first-time buyers.

• Focus on reducing debt and increasing income where possible to free up more room in your budget.

2. Saving for a Down Payment

Many buyers think they need to save 20% for a down payment—but that’s not always the case. The average down payment for first-time buyers is closer to 9%, and there are programs that require even less.

What you can do:

• Ask about low and no down payment loan options (some start at just 0–3.5%).

• Explore down payment assistance programs or grants you may qualify for.

• Set up a dedicated savings account with automatic contributions to build your funds steadily.

3. Not Sure You’ll Qualify for a Mortgage

Worried about your credit score or income? You’re not alone. But many buyers are surprised to learn they already qualify—or that they’re closer than they think.

What you can do:

• Ask about MyPath2Own, a program designed to help buyers with credit or income challenges prepare for homeownership.

• Consider a co-signer or government-backed loans like FHA, which have more flexible requirements.

• Work on improving your financial health by paying down small debts and avoiding new ones.

4. Homes in Your Budget Are Hard to Find

With prices rising, it can feel like there’s nothing available in your price range. But there are creative ways to expand your options.

What you can do:

• Ask about Mortgage Credit Certificates (MCCs), which can reduce your tax liability and increase your take-home income.

• Expand your search radius to include nearby suburbs or smaller communities.

• Consider different property types—like condos, townhomes, or manufactured homes—or homes that need a little TLC.

5. Credit Score Concerns

Your credit score plays a big role in your mortgage rate—and your monthly payment. But even if your score isn’t perfect, there are ways to improve it.

What you can do:

• Make payments on time whenever possible.

• Pay down balances to lower your credit utilization.

• Check your credit report for errors and dispute anything that doesn’t look right.

6. Higher Interest Rates

Yes, rates have gone up since the pandemic lows—but they’re still below historical averages. And there are ways to make them more manageable.

What you can do:

• Ask about rate locks to protect against future increases.

• Look into temporary buydowns that lower your rate for the first few years.

• Improve your credit score to qualify for the best available rate.

Let’s Make Homeownership Happen

If you’re ready to take the next step—or just want to know where you stand—I’d love to help you create a personalized homeownership plan. There’s no pressure, just guidance and support to help you move forward with confidence.

This post is for educational purposes only. Loan programs and rates may change, and all loans are subject to approval. Be sure to consult a tax advisor for any questions about deductions or credits.