Create Your Own Path to Homeownership

For a long time, the popular idea of “home” has been a picture-perfect house with a yard and white picket fence, yet that definition doesn’t reflect everyone’s budget, dreams or lifestyle today. Homeownership has evolved and as the economy shifts, lifestyles change and personal values develop, more people are redefining what home means to them. 

Since there’s no one-size-fits-all-path to homeownership anymore, buyers are now empowered to choose a more personal, flexible path to owning a home. Let’s explore some alternative ways to achieve homeownership and how to finance a home that’s right for you.

What home looks like today

For some, home is a condo in the heart of the city. For others, it’s a manufactured home with modern finishes in a community that feels like family. While single-family houses are still popular, we’re seeing more homeowners embrace ADUs (additional or accessory dwelling units) and multigenerational living—sharing a home (and expenses) with extended family to make homeownership more accessible and affordable.

The common thread? What matters most is how your home fits your life—not the other way around.

Find an alternative homeownership option

When choosing a home, it’s important to understand your options. Here are a few examples of creative alternative housing solutions:

• Manufactured homes—Manufactured homes have come a long way in design, energy efficiency and durability. Built at a manufacturing facility and transported to the site of your choice, this option can offer a practical solution if you have a specific location and want to move in faster. Keep in mind, some communities or lenders may have restrictions or zoning rules that limit where the home can be placed. See our blog, Considering Buying a Manufactured Home? Explore Financing Options.
• ADUs—A small self-contained house complete with a bedroom, bathroom and kitchen, ADUs are another appealing option to consider in a competitive housing market. An important note, ADUs are generally limited to about 1,200 square feet and cannot be larger than the primary dwelling. Read Reasons to Build an Additional Dwelling Unit on Your Property.
• Multigenerational living—Bringing an extended household under the same roof can bring social and financial benefits. However, sharing space means less privacy, so be sure to set healthy boundaries from the start. Learn more in our blog, Planning and Financing Your Full House: Options for Multigenerational Living in a Competitive Housing Market.
  
  

Financing for alternative housing solutions

When forging your path to homeownership, you deserve financing that fits your lifestyle and financial situation. And you don’t have to do it alone or without the right support. In fact, there are several financing options that can help:

• Manufactured homes—There are traditional financing options for new manufactured homes, and other loan types may be available depending on the lender. At Banner, our all-in-one manufactured home loan lets you finance the new home along with the land/lot and site preparation costs (foundation, landscaping, utilities, etc.).
• ADUs—When building an additional or accessory dwelling unit, you can qualify for financing through a home equity line of credit (HELOC), a home construction loan or other mortgage solutions. 
• Multigenerational living— Specific to multigenerational living, our Household Plus Mortgage helps you qualify for a larger loan by letting residing family members or boarders contribute to the household income when you buy or refinance a home. And if you plan to build, our All-in-One Custom Construction Loan lets you include the lot purchase and construction into one mortgage with one closing. Different loan types may include options from the Federal Housing Administration (designed for first time homebuyers) or Veterans Benefits Administration (for active service members or veterans) as well as conventional financing.

Be empowered to choose your own path 

When it comes to owning your own home—I encourage you to think outside the box. If you build or buy, choose a home that reflects your values, lifestyle and needs. 

Whether you're a seasoned buyer or just starting out, it’s important to work with a lender who understands your values and respects your definition of home. Your banker can connect you with a knowledgeable loan officer who can explain the loan process and provide expert guidance along the way. 

See more blogs related to homeownership.