How Can I Afford a Home With High Prices and Rates? 5 Strategies That Work

With mortgage rates higher than we’ve seen in recent years and home prices still climbing, many people feel like buying a home is impossible. But here’s the truth: it’s not about waiting for rates to drop—it’s about using the right strategies to afford a home now.

If you’ve been on the fence, here are five powerful ways to lower your costs and make homeownership a reality in today’s market.

1. Take Advantage of Down Payment Assistance

Think you need 20% down? You don’t. There are programs that offer low or no down payment options, and some even provide grants or second loans to cover part of your upfront costs. These programs are designed to help buyers—especially first-timers—get into a home with less cash upfront.

👉 Pro Tip: I work with multiple down payment assistance programs. If you’re interested, let’s see what you qualify for!

2. Use a Seller-Paid Rate Buydown

With today’s market slowing down, sellers are more willing to negotiate. One great strategy is asking the seller to cover a temporary rate buydown, which lowers your mortgage rate (and payment) for the first few years.

This can make your home more affordable right away and give you time to refinance when rates drop.

3. Look at Alternative Loan Programs

Did you know that traditional 30-year fixed loans aren’t your only option? There are other mortgage programs that could save you money, including:

✅ Adjustable-Rate Mortgages (ARMs) – Lower rates for the first 5-10 years
✅ Non-QM Loans – Flexible options for self-employed buyers and investors
✅ Interest-Only Loans – Reduce your monthly payment initially and invest the difference

4. Buy a 2-4 Unit Property and Use Rental Income

If you’re open to a creative approach, house hacking could be a game-changer. By purchasing a duplex, triplex, or fourplex, you can live in one unit and rent out the others—helping offset your mortgage payment.

With the right financing, you may even be able to use projected rental income to qualify for the loan.

5. Get Pre-Approved and Lock in Your Budget

One of the biggest mistakes buyers make is assuming they can’t afford a home without checking their options. When you get pre-approved, you’ll know exactly:

✅ What loan programs you qualify for
✅ What your monthly payment will be
✅ If you can get assistance with your down payment

Many buyers are surprised to learn they CAN afford a home—they just need the right plan.

Final Thoughts: Don’t Wait, Strategize

If you’re holding off on buying because of high rates or prices, you might end up paying even more later. The key is not waiting—it’s working with the right strategy.

I specialize in helping buyers like you find creative ways to afford a home. If you want to explore your options, let’s connect!

📞 Schedule a free consultation today.