The current economic environment, characterized by slow growth, eroded household net worth, strict lending standards, and tight credit, presents sobering challenges to would-be homeowners, particularly if they earn low incomes or belong to a racial or ethnic minority. Renter households have seen their incomes fall and rents increase since the economic downturn, and the number of renters among the severely housing cost-burdened has risen.1 Although house prices and interest rates have declined, purchasing a home is out of reach for many of these families because they have insufficient cash for down payment and closing costs, cannot pay down debts, have low credit scores, and are subject to higher borrowing costs.2 For American families, who typically borrow to purchase homes, access to credit represents opportunity and financial security. In the wake of the housing crisis and the resulting spike in foreclosures, however, credit is extremely difficult to obtain and is likely to remain so for some time