First-Time Homebuyer Assistance Programs | OneUnited Bank

For many, homeownership feels out of reach, especially in today’s market where housing prices continue to rise and the state of America’s economy remains turbulent. However, hope is not lost.

First-time homebuyer programs provide down payment assistance and affordable mortgage options designed to help individuals enter the market.

* Importantly, OneUnited Bank’s home loan services and first-time homebuyer programs operate in select cities including Boston, Los Angeles, and Miami where we have physical branches. Our other services are available nationwide through our digital-first banking approach.

The Gen Z Housing Predicament

Gen Z faces a unique set of challenges when it comes to buying a home. An unstable job market, rising living costs, and substantial student loan debt make the dream of homeownership seem unattainable.

These financial hurdles have delayed traditional homeownership timelines, but positive efforts are being made to address these barriers. For example, Vice President Kamala Harris’s campaign initiative to provide up to $25,000 in down-payment support for first-time homebuyers aims to alleviate some of these financial barriers. This initiative, which focuses on working families and first-generation homeowners, underscores the growing momentum behind making homeownership more accessible.

Despite several barriers, Gen Z wants to establish its roots. According to a recent survey, 72% of Gen Z plans to purchase a home within the next six years. The key to turning this aspiration into reality in today’s market lies in tapping into available resources, such as first-time homebuyer programs and down-payment assistance initiatives.