Homeownership May Be Closer Than You Think

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Homeownership May Be Closer Than You Think

With home prices, interest rates, and housing inventory making headlines, it’s easy to assume buying a home is out of reach, especially for first-time buyers. But many aspiring homeowners are surprised to learn there are more options available than they realize.

In a recent KPTV MoneySense segment, Christopher Sailus with OSCU discussed ways buyers can prepare, plan, and take meaningful steps toward purchasing a home, even today’s market.

Myth: You need 20% down to by a home

One of the biggest misconceptions about buying a home is that you need a 20% down payment — but according to Sailus, that’s simply not true:

“People still approach us and say you need 20% down, and you absolutely do not.”

In many cases, qualified buyers may be able to purchase a home with as little as 3% down, opening doors that many prospective homeowners didn’t realize were available.

Understanding your options is often the first step toward turning homeownership into a realistic goal.

Help may be available

Many buyers are also unaware of the various programs designed to help make buying a home more affordable.

Down payment assistance programs can come from a variety of sources, including:

State-funded programs
Federal housing initiatives
Private foundations
Community grants

Because each program has its own eligibility requirements, working with an experienced loan officer can help uncover opportunities that fit your situation.

Why getting pre-approved matters

Before you start touring homes, getting pre-approved can provide a clear understanding of your budget and help identify potential hurdles early in the process.

Pre-approval can help you:

Know how much home you can afford
Estimate monthly payments
Strengthen your offer when you’re ready to buy
Address potential challenges before house hunting

For many buyers, seeing real numbers and understanding what’s possible provides the confidence needed to move forward.

Your homeownership journey starts with a conversation

Whether you’re just beginning to explore your options or ready to take the next step, the right guidance can make all the difference.

Oregon State Credit Union’s mortgage team is here to help you understand your options, explore available programs, and create a path toward homeownership.