Navigating the path to homeownership can be challenging, especially for young adults. Discover how Family Power Financials are revolutionizing the journey.
Learn More About Family PowerHomes are expensive, and prices have only gone up. Most young buyers say that affording the down payment and closing costs is their top concern, with 40% citing this as a major barrier.
Just as daunting, about 39% say simply saving enough for a down payment is a huge hurdle. The increased cost of living, rising home prices, and climbing mortgage rates (hovering near 7% for many) have caused a lot of frustration.
And it’s not just about the purchase price. Monthly mortgage payments, property taxes, and homeowners’ insurance all pile on, making it tough to budget and plan confidently for the future.
Debt is a big part of the story for those under 35. High rent, student loans, credit card debt, and even car loans chip away at your ability to save.
In fact, about 40% of first timers say student loan debt is a key reason they struggle to buy a home. Top that off with a high-inflation environment, and every dollar feels stretched further than ever.
The largest source of wealth for Americans is responsible home ownership.
Median Net Worth of homeowners is forty times higher than renters.
Regardless of homeowner age, over the last fifty years, responsible home ownership has been the path to building wealth.
"Responsible home ownership means that you can afford the monthly mortgage payments, taxes, homeowner insurance and repairs."
Family Power Financial is offered by innovative financial institutions. These mortgages are not sold into the traditional secondary market of FreddieMac, FannieMae and GinnieMae.
This means more flexibility, innovation, less bureaucracy and more ‘make sense’ underwriting.
This flexibility is at the core of Family Power: helping borrowers and their families work together to make home ownership more attainable.
Parents, grandparents, siblings, aunts, uncles, companies and churches can help.
Family Power is traditional in that the first-time homebuyer owns the home and holds the Deed to their property.
Instead of expensive Private Mortgage Insurance, Loan Level Price Adjusters and too many fees to count, Family Power lets your family and extended family help in a variety of ways:
