Your Guide to Affordable Homeownership

By Lance Elliott, Community Development Mortgage Officer

The homebuying market is unpredictable, and unfortunately, it has historically excluded many potential homebuyers. Frandsen Bank & Trust offers loan and down payment options to make homeownership more accessible and to close the homeownership gap in our communities.

Understanding your options as you navigate the process, from pre-qualification to closing, is important. Additionally, affordable loan programs and downpayment assistance options can help ease your financial concerns. Lance Ellliott, community development loan officer, can help you naviage your unique homebuying journey.

Level-Set on Your Finances

As you embark on your unique homeownership journey, it's a wonderful time to level-set your finances. List all your income sources and monthly expenses, from car payments, medical expenses, credit cards, student loans, and groceries.

"It's essential to understand where your money is going. You could uncover opportunities to free up cash for your future home." Lance says.

A great rule of thumb is your mortgage should generally be no more than 28 percent of your gross monthly income, while total debt payments should ideally stay below 36 percent.

Your mortgage loan office can work with you to navigate the pre-qualification process, ensuring you understand the process and what you can afford – even before you have a home in mind.

Explore Assistance Programs

Lance works with unique financial readiness, affordable financing, and even downpayment assistance programs to help more people achive their goal of homeownership. Some available financing options include:

• Frandsen Accessible Homeownership Mortgage

• Mortgage Rate Relief

• Government Funding Programs

• Frandsen Bank & Trust Downpayment Assistance

• Home$tart

• First Generation Homebuyer Loan Program

• First Generation Homebuyers Community Downpayment Assistance Fund

• Various county/neighborhood options

Lance Elliott is a community development mortgage oficer at Frandsen Bank & Trust Bank and Trust. With more than 14 years of experience, Lance specializes in assisting first-time homebuyers and thoroughly understands down payment assistance programs and processes. Contact Lance or your local Frandsen mortgage lender to discuss the availability and qualifications for loan and down payment programs. ^?