A $1.4 million loan from an investment bank, a $300,000 loan from a credit union, a free personal home loan and a home equity line of credit could get you a place in a neighborhood, said Jason Stoll, a spokesman for the National Association of Realtors.
Stoll said the association is helping to guide consumers through the process, and the group has received over 200,000 consumer complaints from people who wanted to buy.
St. Louis-based Bank of America is among the lenders offering a home loan program to consumers, with loans starting at $300 for a home worth less than $500,000.
The bank’s website offers home loan programs for $300.
Banks are also starting to offer home equity loans, with interest rates ranging from 2 percent to 5 percent.
The U.S. housing market is in the midst of a housing recovery, and some experts are expecting the economy to get back to normal by the end of this year.
But homeownership remains a big issue in the United States, with a record of 6.4 percent of households lacking a home.
About 17 percent of the U.K. population, for example, is considered home-owning.
Homeownership is also down from more than 40 percent in the 1980s and 1990s, according to the Pew Research Center.
The median household income for people in the U.-S.
has fallen from $51,000 in 1981 to $47,600 in 2014, according the U-K.
The unemployment rate in the US was 5.4% in 2016, according a report by the Federal Reserve Bank of New York.
It fell to 4.7% in 2020.
And the rate of household debt has risen from $1,800 in 1981, according an estimate from Moody’s Analytics, to more than $3,700 today.