Leaders Creating Policies and Programs to Make Home Ownership a Reality for Young People
Young people realize that the fastest way to accumulate wealth is buying instead of renting a home. But the increasing costs of home ownership combined with stagnant wage growth has forced many young people to forgo buying a home and instead rent.
For many years, only the young people whose parents have the financial means to help them have been able to buy a home in their early 20's. However, that is changing thanks to many new programs that are dedicated to making home ownership a reality for lower-income people.
Organizations like local banks and credit unions are offering programs to help their members navigate through the process and get the best mortgage rate possible. Without these programs in place, many community members would have no idea where to start on their journey to becoming home owners. Also, these organizations are partnering with state and federal agencies to provide programs for people who could not otherwise afford a home.
These programs aren't limited to low-income people . Certain government loan options exist that allow low interest rates for college graduates looking to buy their first home. These students can take advantage of special rates that could save them thousands in the long run. Similar loans also apply to teachers and other professionals in the public sector.
There is also a variety of different tax credits and deductions available for homeowners in certain income levels and situations. One such tax credit is the First Time Homebuyer Tax Credit, which allows buyers $8000 or $1500.
Clearly, community, state, and national leaders are beginning to realize that Americans need help with home ownership and they are taking steps to make it possible.
Learn if you qualify for federal assistance here and get investing today.