Tips to Simplify the Homebuying Process
Buying a home is a significant milestone, but for many, the journey to homeownership can feel overwhelming. From understanding mortgage options to navigating fluctuating interest rates, there are countless factors to consider. In recent years, millennials have taken the lead as the largest group of homebuyers, representing 33% of the market in 2024. However, as of 2025, baby boomers represent 42% of homebuyers while millennials declined to 29%. Cash purchases leveraging accumulated equity have been significant factors.
In recent years, first‑time homebuyers have been facing increasing challenges entering the housing market. According to the latest data, first‑time buyers now comprise about 24% of all home purchases, down from 32% last year, reflecting rising prices and affordability hurdles. Among these buyers, about 71% of younger millennials were first‑time purchasers in the past year, while older millennials also remain active in the market as first‑time buyers. These trends underscore a shifting landscape in homeownership, where fewer people are entering the market for the first time and many are delaying purchases longer than in the past.
The Consumer Financial Protection Bureau and the Federal Deposit Insurance Corp. both have resources to help demystify the homebuying process. But having a working knowledge of the process and available programs to assist first-time homebuyers is not enough to determine the right loan to meet a consumer’s unique financial needs and budget considerations.
That’s where West Gate Bank comes in. Our community bankers are expert lenders who can help explain not only what you can afford and what to expect during the process, but other factors to consider when determining the right time to buy a home.
For those who are ready, there are several options available in addition to conventional loans, including mortgages insured by the Federal Housing Administration. FHA loans only require a 3.5% down payment and typically have higher loan-to-value ratios and lower credit score requirements than conventional loans (though buyers will have to refinance if they want to avoid paying private mortgage insurance for the life of the loan).
The U.S. Department of Veterans Affairs offers generous borrowing terms to servicemembers, veterans and surviving spouses, often requiring no down payment or mortgage insurance. While the VA has only a few requirements for things like debt and sufficient income, VA lenders may add requirements.
USDA Rural Development Loans are government-backed loans geared to low-income and moderate-income families looking at homes located in an eligible rural or suburban area.
In addition to available federal homeownership and home-buying assistance programs, there are numerous programs sponsored by state and local governments, as well as other organizations, that make homeownership more affordable. In Nebraska, NIFA offers affordable loans help Nebraskans buy their first homes.
As you embark on your homebuying journey, remember that you're not alone. At West Gate Bank, we are here to guide you every step of the way, whether you're ready to buy now or still planning for the future. With our team of expert lenders, personalized financial advice, and access to a range of loan options, we can help you make informed decisions that fit your unique financial situation. And even if you're not ready, we can help you build a budget and set achievable goals. When the time comes, you'll be fully prepared to turn the key to your new home.