DENVER — The Trump Administration is deciding whether or not to declare a national housing emergency. U.S. Treasury Secretary Scott Bessent said the federal government wants to lower the cost of housing while also increasing supply.
Denver7 has extensively covered the housing affordability crisis in Colorado, and solutions some communities have come up with ways to try to help. You can find some of our coverage below.
Denver7 also wanted to get a better idea of what a national housing emergency might mean for you.
"I don't think we really know what that means, what he can actually do," Chief Lending Officer at Ent Credit Union Jon Paukovich said.
He explained some of the options on the table could include opening federal land for housing or make additional programs available to homebuyers.
While some factors are up in the air, Paukovich said there are still some things homebuyers should keep in mind, no matter what.
The most important thing he suggested is to understand your financial situation.
"Start talking with a loan officer to begin the process if you're interested in buying a home," Paukovich said. "You may want to buy a home. It may not be the right time. You may need to get some finances in order."
He also warned there's a lot more to consider than just the purchase price, especially for first-time homebuyers.
"I think a lot of times people can get focused on, if mortgage rates fall below 6%, and I can get a 5.875%, 30-year fixed interest rate, that'll be a great rate," Paukovich explained. "So much in homebuying is not fixed. We've seen property taxes because home values have gone up, increased dramatically as well. We've seen if you have to repair something in your home, those costs have gone up. It can really send someone over the edge."
If you're trying to save up for a down payment, Paukovich recommended looking into FHA loans, portfolio loan programs at credit unions and other down payment assistance programs.
"It's all about making the right financial choices and just having the discipline to do that," he said.
Related coverage:
- New report lays out possible solutions to Colorado's affordable housing crisis
- First-ever affordable housing project has its grand opening in Frederick
- With affordable housing 'like winning the lottery,' Frisco leaders weighing changes: Denver7 | Your Voice
- City of Littleton breaks ground on first affordable housing development funded through ordinance
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