With the U.S. homeownership rate around 65 percent, statistics show that owning one’s own home is still an important milestone and a part of the American dream.* Whether it’s a cottage on the lake, a sprawling home in the suburbs, or a condo in the city, owning a home continues to be an enduring symbol of family, security and prosperity.
“Buying a home is the best thing that could have happened to us,” says Veronica, a first-time homeowner in Elizabethtown, Kentucky, who recently bought a home with a USDA Rural Development loan. “It means our children will always have a place to live.”
Homeownership is one of the best investments you can make to build personal wealth. With each mortgage payment you make, you’re raising your net worth by increasing the equity in your home. And, when compared to the net worth of someone who rents ($5,200), the average homeowner comes out way ahead – 44 times greater than that of a renter – with a net worth of $231,400.**
If you’re looking to join the ranks of homeownership soon, you’re probably wondering where to begin. Because we know that buying a home can be overwhelming, we’ve put together these resources to help you get started.
1. VIDEO: First-time homebuyer Q&A
Do you need a lot of cash on hand? Do you need to be debt-free? Where do you even begin? Watch this short video to get answers to your questions on what it takes to buy a home.
2. BLOG: Five tips for first-time homebuyers
The more prepared you are to buy a home, the smoother the process. Our five tips can help you get in the best shape possible. We cover pre-approvals, credit scores, loan options, and what services you can expect from a Realtor®. Read our blog.
3. EBOOK: Get mortgage ready
Take advantage of our step-by-step mortgage guide that walks you through the home loan process, from the moment you spot your “must-have” home to the day you’re presented with the keys to the front door.* Download your First-Time Homebuyers Guide now.
4. RESOURCE: No- and low-down payment loan options
If you’re new to the homebuying process, you may not realize that you can choose a loan to best fit your needs and your budget. For example, Tony, a veteran, recently bought his first home by taking advantage of the VA loan which offers a no down payment option. “We have lived in a lot of places and now our daughter can call Kentucky home,” he said. “The house is beautiful and everything my wife ever wanted.”
View our loan options.
Making a difference
Amerifirst loan officer Jayne Dann worked with first-time homebuyer Meghan Ellett to find the right loan for Meghan and her three children in Avon, Indiana. Meghan chose the USDA Rural Development Loan for its zero down payment option and low monthly private mortgage insurance - both attractive incentives for first-time homebuyers.
Jayne and her team were recently recognized by the Indiana USDA Rural Development Program for their commitment to providing affordable housing opportunities to individuals and families. As part of the celebration, USDA State Director Michael Dora and his team planted a tree in Meghan's yard of her newly constructed home. (Jayne is second from right; Meghan and her children are far left).
Congratulations to Jayne and our Avon Indiana team for making a meaningful difference in the lives of others!
Is buying a home within your reach? With the right approach to financing, it can be. If you'd like to chat with one of our friendly loan officers to determine your options, reach out to us anytime.
*U.S. Census Bureau, 1/2020
**2016 Federal Reserve Survey of Consumer Finances
Not all borrowers will qualify. Contact us for more information on fees and terms.