Paving your path to homeownership

Homeownership is a major milestone — and one of the biggest purchases most people make in their lifetime. From saving for a down payment to ensuring your credit and finances are in order, the journey requires careful preparation and budgeting.

We’ve got a few tips to help you get started:

1. Minimize debt – Prioritizing paying down or off existing debt can make a big difference before applying for a Home Loan. Not only does it free up more money in your monthly budget for saving, but it also improves your debt-to-income ratio (DTI), which is a key factor lenders evaluate.
2. Review your credit – A strong credit score and credit history play a major role in your Mortgage approval and loan terms. It’s best practice to frequently monitor your credit for errors and track your score. This way, you’ll ensure your credit is in good shape when you apply. You can easily track your credit through our Savvy Money tool, available through Digital Banking¹. This free Member perk gives you access to your credit score and full report, along with insights into the key factors that impact your score.
3. Start saving – Saving for a down payment and closing costs can feel overwhelming, but setting up a dedicated Savings Account can help you stay on track. Keeping your funds separate makes it easier to save toward your goal. To accelerate your progress, consider automating monthly deposits into our High-Yield Savings Account². There's no minimum balance requirement and you get our best rates when you save up to $5,000².
   • Smart savings tip: Look for areas where you can cut back and reallocate funds to your savings, such as unused subscriptions, dining out and discretionary purchases.
4. Explore down payment assistance – There are many resources available to help cover the upfront costs of purchasing a home, including grants and specialized programs. For example, at Abound, we offer assistance through our Opportunities Abound Housing Grant. This grant provides funds to first-time homebuyers to help with down payments and closing costs, removing financial barriers that often prevent families from achieving homeownership. To find other grants and programs tailored to your needs, check out the Kentucky Housing Corporation³. They offer state-specific down payment assistance and Mortgage products to help you secure your perfect Kentucky home.
5. Get pre-qualified – A Mortgage pre-qualification gives you a clearer picture of how much you can borrow, so you can focus on homes within your price range. Our team makes the process simple and stress-free, so you can search with confidence. You can apply here to take the first step towards your new home.

At Abound, we’re committed to supporting our Members and the communities we serve. Whether you’re looking to buy a home, build one from scratch, acquire land or purchase an investment property, our experienced lenders are here to help. We’ll provide clear descriptions of our Home Loan and Mortgage options and guide you through the application process every step of the way.