6 Common Homebuying Hurdles—and How to Jump Over Them Like a Pro
If you’ve been dreaming about buying a home but feel like the universe keeps tossing hurdles in your path, you’re not alone. Over three-fourths of Americans say they’ve hit roadblocks on the way to homeownership.* The good news? Most of these obstacles have solutions—and I’m here to help you find them.
Let’s break down six of the most common challenges and talk about how you can overcome them (with a little expert guidance from yours truly).
1. High Cost of Living
Between rising home prices, low inventory, and the cost of living creeping up, it’s easy to feel like homeownership is slipping out of reach. In fact, 46% of prospective buyers say the cost of living feels too high.*
What can you do?
Explore neighborhoods just outside your target area—sometimes a short drive can mean big savings.
Check out government programs that offer financial assistance for eligible buyers.
Focus on paying down debt and boosting income where possible to free up more room in your housing budget.
Want to see what your monthly mortgage payment might look like? [Use my calculator here]—or better yet, reach out and I’ll walk you through it.
2. Saving for a Down Payment
The myth: You need 20% down. The reality: The median down payment for first-time buyers is closer to 9%. And there are plenty of options if you’re not there yet.
Solutions:
Ask me about low and no down payment loans (some start at 0–3.5%).
Explore down payment assistance programs and grants you might qualify for.
Set up a dedicated savings account with automatic contributions to build your down payment faster.
3. Qualifying for a Mortgage
Worried about credit or income requirements? You might already qualify—and if not, there are ways to get there.
Solutions:
I can walk you through MyPath2Own, a program designed to help buyers with debt, income, or credit challenges prepare for homeownership.
Consider a co-signer or government-backed loans like FHA, which can be easier to qualify for.
Work on improving your financial health: pay down smaller debts, reduce credit card balances, and avoid new debt before applying.
4. Lack of Affordable Homes
Home prices have climbed, and 35% of buyers say finding an affordable home is tough.* But don’t give up—there are creative ways to make it work.
Solutions:
Ask me about Mortgage Credit Certificates (MCCs), which can reduce your federal tax liability and boost your take-home income.
Expand your search radius to nearby suburbs.
Consider smaller or older homes you can renovate over time—or look at condos or manufactured homes.
5. Poor Credit Score
Your credit score matters, but it’s not the end of the road if yours isn’t perfect.
Solutions:
Make payments on time—this has a huge impact.
Pay down balances and reduce credit utilization.
Check your credit report for errors and dispute inaccuracies.
6. Higher Mortgage Interest Rates
Rates aren’t at pandemic lows anymore, but they’re still below historical averages. And there are ways to make them work for you.
Solutions:
Ask me about rate locks to protect against increases for up to 120 days.
Explore temporary buydowns to lower your rate for the first few years.
Improve your credit score to qualify for the best rate possible.
Ready to Make It Happen?
If homeownership feels out of reach, let’s change that. I’ll help you create a personalized plan to tackle these hurdles and get you closer to your dream home. Reach out today—I’d love to help you make it happen.
*Source: NerdWallet 2024 Home Buyer Report
Disclaimer: The above information is for educational purposes only. All information, loan programs, and interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deductions.