With housing prices outpacing incomes, buying a first home can feel out of reach for many young adults. But parents may be in a position to help bridge that gap. Ruby shares how she helped her 23-year-old son become a homeowner and why today’s condo and townhome market may offer opportunities.

Helping Your Kids Take the First Step Toward Homeownership

When Ruby’s son Alejandro was ready to buy a home, he and his roommate could afford the monthly payments, which were comparable to what they were paying in rent. The challenge? He couldn’t qualify for the mortgage on his own.

Ruby stepped in as a non-occupant co-borrower, helping him secure financing while Alejandro and his roommate took responsibility for maintaining the home and making the payments.

With more inventory and motivated sellers in the condo and townhome market, there may be opportunities for families to explore. The key is understanding how parental assistance can help a young buyer qualify while ensuring the monthly payments remain manageable.

Could this work for your family?

Every family’s financial situation is different. Salmon Bay Community Lending can help you explore your options, run the numbers, and determine what’s possible.

Reach out to Salmon Bay Community Lending to start the conversation.