Thinking about buying a home? You don’t have to go it alone
By Ashley Settle Podesta, Regional Builder Sales Manager, Wells Fargo Home Lending
For most Americans, buying that first house represents a significant achievement that allows us to put our mark on our own space and, for some, create room for family and pets.
Yet for many the path to homeownership can seem elusive. Some may not see homeownership in their future at all.
A new Wells Fargo study1 shows that Americans see homeownership as an investment in their future, yet they are concerned about the steps they need to take to put themselves into a position to buy. They’re concerned about saving for the down payment or the work they might need to do to obtain credit. In fact, 44 percent of non-homeowners cite saving for the down payment as barrier to buying, more so than any other obstacle.
I find myself asking, are you taking the steps that are right for your financial situation and homeownership goals? Are you letting barriers get in the way of your goals?
We are fortunate to live in a time where access to information is abundant, but if you don’t know where to start or how to sort through all the information, it can be hard to find the exact information that may be right for you and your financial situation.
The good news is you don’t have to go it alone.
I have the privilege of working for a company that engages in these important conversations on a daily basis, and is working on multiple fronts to advance sustainable homeownership. We have found that a great way to navigate the path to homeownership is by conversation with a trusted financial professional. By reaching out to a mortgage lender, a banker or even a housing counselor, you can start putting together a plan that is specific to you and will help get you on your way – and you may even find out that the barrier you thought was so insurmountable wasn’t really a barrier at all.
Here are a couple steps to help you get started:
Research your lender and reach out. Identify a lender who has a breadth of products, including low down payment options, and who is willing to provide you personalized guidance. Then just start the conversation.
Ask about down payment options.  Ask your lender about down payment requirements and options, including low down payment loan programs and down payment assistance programs in your area. If you don’t already have one, create a budget for your monthly spending, so you can identify areas where you can save. Set aside unexpected windfalls, such as tax refunds, to help grow savings.
Know your goal. Your home mortgage consultant can help, and so can a financial health banker or a housing counselor. A discussion about spending, saving, debt and credit will help you make decisions about what you can afford, how much you need to save and whether you need to do work to improve your credit score.