HUD secretary discusses plans to expand homebuying in Florida
During a Palm Harbor visit, HUD Secretary Scott Turner outlined plans to help younger Americans buy homes through expanded construction and more flexible mortgage financing.
Younger Americans could soon have more paths to homeownership as federal officials work to expand housing options and make mortgage financing more flexible, U.S. Housing and Urban Development Secretary Scott Turner said Tuesday.
During a visit to Palm Harbor, Turner outlined efforts to help more Americans buy homes, including encouraging new housing construction, reducing development barriers and changing how lenders evaluate borrowers' creditworthiness.
Turner joined U.S. Rep. Anna Paulina Luna at a D.R. Horton development, where builders, real estate professionals and young residents discussed the challenges facing first-time buyers, according to Spectrum News.
"We want to focus on the young Americans to get them into the real estate game and to build generational wealth," Turner said.
The timing matters. According to the National Association of Realtors®' 2025 Profile of Home Buyers and Sellers, the median first-time buyer age reached a record 40, while first-time buyers accounted for just 21% of purchases.
Opening more doors to homeownership
Turner pointed to changes in mortgage credit scoring as one way to help younger buyers enter the market.
Beginning Jan. 1, 2027, the Federal Housing Administration will accept two additional credit-scoring models, VantageScore 4.0 and FICO Score 10T, alongside traditional FICO scores.
The newer models can consider certain rental payment histories and other financial information, potentially helping borrowers who pay their bills consistently but haven't established much traditional credit.
"It's a stewardship model. We teach our children and young people, hey, pay your bills on time, pay your rent on time and utilities on time. But hence from this point, historically, they haven't gotten credit for that," Turner said, according to Spectrum News.
For renters and buyers who previously struggled to qualify, the change could make another conversation with a lender worthwhile. Other lending qualifications will still apply, and payment histories must be available to the scoring models.
More homes, more choices
Turner also emphasized the need for additional housing, estimating a nationwide shortage of 5 million to 7 million units.
He said single-family homes, condos, multifamily properties and manufactured housing all have a role in meeting demand. Federal efforts to streamline regulations and reduce construction costs are intended to encourage more development.
More housing choices could eventually help buyers find homes that fit their budgets, although mortgage rates, insurance, taxes and other ownership costs remain important considerations.
For prospective buyers who've put their plans on hold, the combination of new financing options and efforts to increase housing supply offers a reason to revisit what's possible.
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