--- title: New Affordability Options in Homebuying description: New opportunities for affordability have emerged, offering prospective homebuyers greater flexibility in achieving their homeownership dreams image: https://info.carringtonmortgage.com/hubfs/shutterstock_1470589568.jpg --- [Skip to content](https://info.carringtonmortgage.com/information-center/new-affordability-options-in-homebuying#main-content) ![bell icon](https://info.carringtonmortgage.com/hubfs/raw_assets/public/Templates/2022/svg/Alert-Notifications-Icon.svg) [![Carrington Mortgage Services](https://info.carringtonmortgage.com/hs-fs/hubfs/carrington_logo_final_2col_rgb.png?width=250&height=57&name=carrington_logo_final_2col_rgb.png)](https://www.carringtonmortgage.com) - [About Us](https://www.carringtonmortgage.com/our-mission) - [Careers](https://www.carringtonhc.com/careers) - [Investors](https://www.carringtonhc.com/investors) - [Contact Us](https://www.carringtonmortgage.com/contact-us) [Recent Transfer](https://www.carringtonmortgage.com/new-customers) [Customer Login](https://www.carringtonmortgage.com/login) MAKE HOME WORK Manage My Home arrow-down-anticon/submenu Manage My Mortgage arrow-down-anticon/submenu Learning Center MAKE HOME WORK Manage My Home arrow-down-anticon/submenu - I Am Ready to Start - [Buy a Home](https://www.carringtonmortgage.com/home-loans/buy-a-home/check-existing-customer) - [Refinance My Home](https://www.carringtonmortgage.com/home-loans/refinance-a-home/refinance-step) - What Loan Is Right For Me? 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Let’s explore some options that have come to the forefront recently, including the 40-year mortgage and temporary buydowns. By understanding your financial options and defining the “must-have” features in your future home, you can make informed decisions to boost your buying power and make your homeownership dreams a reality.    **The 40-Year loan** Traditionally, mortgage loans have been offered with a 30-year term. In response to the rising cost of homeownership, lenders have re-introduced the [40-year mortgage option](https://info.carringtonmortgage.com/information-center/homeownership-is-now-more-affordable-introducing-40-year-loans) on certain loan types. By extending the loan term, borrowers can benefit from lower monthly payments. Although it may result in paying more interest over the life of the loan, the reduced monthly payment can provide additional financial flexibility, particularly for first-time homebuyers.    **Temporary buydowns** [Temporary buydowns](https://info.carringtonmortgage.com/information-center/the-ultimate-guide-to-understanding-buydowns) have gained popularity as an effective tool to reduce initial mortgage payments and ease affordability concerns. With this option, the seller contributes funds to be placed in an escrow account for a temporary interest rate buydown. The buydown allows homebuyers to enjoy lower payments depending on the length of the buydown, which can be for 1, 2 or 3 years. During the early years of homeownership when financial resources might be limited, this option helps buyers enjoy lower monthly payments.    **Determine your list of “must haves”** When you start your home search, it’s helpful to determine what is important to you in your new home. By prioritizing your needs and wants, a local real estate agent can help you find the best home for your budget. Maybe having a large yard for your pets and kids is important, so you’re willing to look in more affordable or up and coming locations that will offer you more space. Or maybe the location, school district or proximity to work is the most important for your family, so you’re willing to compromise on square footage or amenities. Whatever the priorities end up being, having a clear list will allow you to narrow down the search to homes that maximize your budget, while still checking all the boxes. Experienced REALTORS® know the local market well, and can provide options you may not have considered.     When you are ready to get started, Vylla Home, Carrington’s affiliated real estate brokerage, has agents nationwide who are ready to assist, and our [Homeownership Concierge](https://info.carringtonmortgage.com/concierge) can easily connect you with an agent in your area as well as help you review affordable mortgage opportunities.    At Carrington, we encourage you to explore all your options and seek expert advice to determine which one aligns best with your financial goals. Our dedicated team is here to guide you through the process and provide support as you navigate the path to homeownership. If you’re interested in speaking to our Homeownership Concierge, you can contact them at **800-202-8934**, or submit an inquiry [here](https://info.carringtonmortgage.com/concierge).  Together, we can leverage these expanded affordability options and make your dream of owning a home a reality.   ## Related Articles [![](https://info.carringtonmortgage.com/hubfs/AdobeStock_341128778.jpeg)](https://info.carringtonmortgage.com/information-center/home-appraisal-101-the-basics) [Purchase](https://info.carringtonmortgage.com/information-center/tag/purchase) [Buying & Selling](https://info.carringtonmortgage.com/information-center/tag/buying-selling) ### [Home Appraisal 101: The Basics](https://info.carringtonmortgage.com/information-center/home-appraisal-101-the-basics) Buying a home is one of the biggest decisions you can make. It’s important to understand the [homebuying process](https://info.carringtonmortgage.com/information-center/a-checklist-to-buying-your-dream-home), including the appraisal, because a home’s value... [Read More](https://info.carringtonmortgage.com/information-center/home-appraisal-101-the-basics) [![](https://info.carringtonmortgage.com/hubfs/Servicing%20Newsletter/Benefits%20of%20Servicing%20with%20Carrington.jpg)](https://info.carringtonmortgage.com/information-center/benefits-of-servicing-with-carrington) [Paperless](https://info.carringtonmortgage.com/information-center/tag/paperless) [Auto Pay](https://info.carringtonmortgage.com/information-center/tag/auto-pay) [HomeAmp](https://info.carringtonmortgage.com/information-center/tag/homeamp) ### [Benefits of Servicing with Carrington](https://info.carringtonmortgage.com/information-center/benefits-of-servicing-with-carrington) Here at Carrington, we want to set you up for success on your homeownership journey. 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