This report explores the approach to encouraging homeownership practiced by Homewise, a homeownership organization based in New Mexico. Homewise differs from many other homeownership organizations in that it lowers required downpayments and monthly payments, and has a vertically integrated model, from initial inquiry to final financing and post-purchase services. The report describes the Homewise model and presents evidence on the characteristics and outcomes of Homewise clients. Homewise’s model suggests that with a carefully structured, vertically integrated system, homeownership can be encouraged in ways that better align risks and incentives for the counselor, borrower, and lender.