You may have heard that homeownership is no longer the American Dream it once was, but the truth is that the number of homeowners in this country continues to be strong. In fact, the average percentage of Americans who own a home has been above 64% since 1980, and at 65% for the past fifteen years.
With mortgage rules recently tightened by the federal government to ensure good lending practices, many potential buyers wonder if they can be successful home buyers. But despite new lending rules, Americans are still finding ways to own (and pay for) their own piece of the American Dream. The new rules may require more effort, more paperwork, and more time to qualify for a loan, but they haven’t kept a majority from buying. In fact, some things haven’t changed a bit: good credit and a steady job will always go a long way to getting you into a home of your own.
What has changed is the abundance of resources prospective buyers can consult for help along the path to homeownership. From first-time buyer incentives, to homeownership classes, to mortgage assistance programs, you’ll have the help you’ll need to become a homeowner. Start with a good mortgage broker and a knowledgeable realtor, and you’ll soon be on your way. The dream of homeownership is alive and well.