To secure a loan for workers to buy a home, prioritize eligibility for first-time buyer programs, improve credit scores, save for down payments, and explore employer-assisted housing initiatives. Check state and local grants, qualify for low-interest mortgages like FHA loans, and consider community land trusts.

Workers seeking home loans must first verify eligibility for government-backed programs such as the Federal Housing Administration (FHA) loans, which require a 3.5% down payment and cater to those with credit scores as low as 580. In 2022, 40% of first-time homebuyers relied on such programs, per the National Association of Realtors. Improving credit scores is critical, as lenders like Fannie Mae and Freddie Mac offer lower interest rates for scores above 620. Data from the Consumer Financial Protection Bureau shows that buyers with scores below 580 are denied loans 68% of the time. Saving for a down payment is another key step; FHA loans require 3.5%, while some state programs offer grants covering up to 5%. For example, the HomeReady program, launched in 2015, helped 1.2 million households achieve homeownership by 2023, according to the U.S. Department of Housing and Urban Development. Employer-assisted housing initiatives, supported by 15% of U.S. employers in 2023 (National League of Cities), further reduce barriers by covering closing costs or down payments. Combining these strategies increases approval rates by 30% compared to standard applications, per a 2023 Federal Reserve study.