A woman has revealed the exact process she went through in order to buy a house at the age of 26, without any savings or help from her parents.
Ask young people about the housing market in almost any country around the world and you'll most likely get an exasperated sigh in response.
As older generations and homeowners and the response will be that we spend too much on take away coffees or avocado on toast and not enough time living miserably to save every last penny.
Advert
Alternatively, you might find someone who's been lucky enough to save up half of their wages by living rent-free in their childhood bedroom or even fortunate enough to be gifted a deposit entirely.
For the rest of us however, things aren't so easy. But doesn't mean it can't be done, as one woman in the US recently proved by buying a house at the age of 26 with no savings and 'no help from the bank of mum and dad'.
Four years ago, Madison Hill, now 30, decided it was time to put down roots in her city of Tulsa, Oklahoma.
Earning around $45k (£33) a year and not wanting to empty her bank account out entirely, Madison decided to look into what schemes were available to help her get on the property ladder.
Advert
After completing a masters in city planning she discovered numerous schemes in place for young people.
This included applying for a Federal Housing Administration loan (FHA loan), which allows prospective homeowners in the US the ability to purchase a property which a smaller deposit.
For Madison, this meant she only needed a deposit of $3.5k (roughly £2.5k), which she covered by applying for the down payment assistance program.
In order to cover the remaining $6.5k (£4.7k) closing fees on her home, Madison withdrew the funds from her employer sponsored pension, known as a 401(k) plan, which meant she was able to purchase her three-bedroom home.
Advert
Explaining how she was able to apply for all the relevant programmes, Madison said: "I did a master's in city planning, and that is where I learned about programs like these
"I was making $45k a year, I barely had any savings for a home and didn't have to empty my account to buy the house."
She went on to add that such schemes are available for people in the US with 'low to medium incomes', allowing them to make their way onto the property ladder much easier.
She now pays $900 a month (£661) for the property - which includes, mortgage, insurance and property tax - and won't have to repay unless she decides to move out or refinance her home.
What schemes are available to prospective homeowners in the UK?
Unfortunately for us Brits, things can be a little more complicated (and significantly more expensive) when it comes to buying a home, especially since Help to Buy ISA schemes ended in 2019.
Advert
However there are plenty of schemes available to help you get on the ladder.
Earlier this year Barclays announced a £0 deposit for anyone using a Right to Buy (RTB) discount on council or housing association homes.
There is also the First Homes scheme for anyone living in England, which could potentially save you 30% to 50% less than its market value. However availability is limited.
Brenna Cooper