Affordable mortgage options: Homebuyer success stories

Buying a home is a big milestone, but many feel it’s out of reach. The reality? You don’t need a conventional mortgage to make it happen. Affordable financing options, like Federal Housing Administration (FHA) and Veterans Affairs (VA) loans or the U.S. Bank American Dream Mortgage are helping more people overcome challenges like down payments and credit scores.

These solutions are opening doors for first-time homebuyers and families, making it possible to achieve the dream of homeownership. Here are some real-life stories from homeowners who used affordable mortgages to overcome their personal financing hurdles and successfully purchase new homes.

A father builds financial security and generational wealth for his family.

Elijah Rush’s homeownership journey started in 2022 when he walked into his neighborhood U.S. Bank branch and met Mortgage Loan Officer Marla Dickinson. The two worked together for more than a year to help Rush become mortgage-ready, including building his credit and putting a savings plan in place.

Rush then qualified for and used the U.S. Bank American Dream Mortgage to purchase a home in Kansas City, Mo., last year. The loan not only helped to fulfill his dream of owning a home; he also views the house as a big step forward in building generational wealth and a strong foundation for him and his family.

“Now I know my money is going toward investing in a home to pass on to my kids and build generational wealth for them," says Rush. To others who want to achieve the dream of homeownership, he says, “It’s OK for it take time [for you] to be in a place to buy.”

A growing family finds help with a down payment.

Summer Crowner and her husband were looking to purchase a new home for their growing family of four in Peoria, Ill. Their first step was reaching out to U.S. Bank Mortgage Loan Officer Kelli Everett.

Crowner admits she had a lot of questions and “what if” scenarios running through her head. “Kelli was fantastic throughout the entire process,” she says. “She provided us with all of our options and explained how each and every one of those options would affect us to find the best one for our situation.”

The couple ended up choosing an FHA loan, in large part because it came with a low down payment amount and it also allowed them to access a grant that provided financial assistance for the down payment.

“The grant was probably the only way that we were able to purchase a home at this current time,” says Crowner. The grant covered about half of the down payment, and the Crowners were able to put the grant money on top of the money they had saved.

“Everything came together and helped us in the long run,” says Crowner. Although it’s not a forever home, the house they purchased will give the family the space they need now and provide a steppingstone for the future, she adds.

A couple finds a place to start a family.

Kiara Gardner and husband Joseph Lenoir started their homeownership journey in St. Louis, Mo., with online research on first-time homebuyer programs and resources. That’s where they discovered U.S. Bank Mortgage Loan Officer Jeff Rupich.

“I’ve been thinking about buying a home since I was 17 years old,” Gardner says. “I’ve been paying someone else’s mortgage every time I sign a lease, so I finally decided to go for it.”

Rupich introduced the couple to the U.S. Bank Access Home Loan. The special purpose credit program provides up to a combined $17,500 in down payment and closing cost assistance for qualified buyers in 11 pilot markets, including St. Louis.

To qualify, Gardner and Lenoir completed a first-time homebuyer class with a local housing counseling agency, Beyond Housing.

Gardner and Lenoir eventually closed on a three-bedroom, three-bath home in the Spanish Lake neighborhood of St. Louis – making Gardner the first in her family to own a home.

“My family loves seeing this for our younger generation,” she says. “It’s a transition and gives us more space to start a family.”