Rising cost of homes is a concern for borrowers. Rising concerns for borrowers. (Source: Shutterstock)

For many Americans hoping to buy a home in 2023, cost is a major roadblock. According to a fourth-quarter 2022 U.S. Home Affordability Report from real estate data curator ATTOM, due to rising mortgage rates, the cost of homeownership rose to 32.3% of the average consumer income in Q4 – its highest proportion since 2007 and up from 23.8% the year prior.

One credit union helping prospective homeowners make their dream come true despite the tough market is Citizens Equity First Credit Union (CEFCU). The $7.7 billion, Peoria, Ill.-based institution announced Thursday the rollout of a new grant program, Downpayment Plus, which will provide up to $10,000 each to 70 qualified low-income homebuyers.

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Natasha Chilingerian

Natasha Chilingerian has worked in the credit union space for over a decade. She joined CU Times as managing editor in 2015 and was promoted to executive editor in 2019. Before that, she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union) in Los Angeles from 2013-2015, and as a CU Times freelancer from 2011-2013. She has been a professional writer and editor for more than 17 years, specializing in news and lifestyle journalism as well as marketing copywriting for companies in the finance and technology space.

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