With interest rates remaining surprisingly low and lenders offering loans requiring little, if any, cash down payment, it seems that homeownership has never been easier.

That is particularly true for the first-time buyer, who may qualify for special types of financing designed to make owners out of former renters.

In this country, we have made homeownership a national priority. Owning a home is perceived to be a good thing, and we encourage it in our tax laws, our educational system and even in our national songs ("Home on the Range").

But lost in the rush is the fact that there are some individuals who should not buy a home. Hardly anybody ever talks about the disadvantages of homeownership, but something has gone wrong.

For most of this year, the 13-county metro area has seen 2,500 homes per month advertised as going into foreclosure, with several of those months seeing the number exceed 3,000. And it's not limited to Atlanta: Foreclosure numbers have skyrocketed all across America.

Many of these foreclosures are borrowers in their first year of ownership. I consider these particularly tragic because their credit is now severely damaged, making future ownership highly unlikely.

Legitimate credit counselors do a great job of helping those who qualify to get their spending under control, but all too often the financial load is simply beyond rescue.

There can be no question that we have seen a remarkable increase in the number of foreclosures in recent years and that this increase corresponds, in part, to increased efforts to make it easier for first-timers to buy a home.

Several factors have contributed to the dramatic increase in foreclosures in recent years. Congress has pressured Fannie Mae and Freddie Mac to approve loans to people who would not have qualified several years ago. This has been accomplished through:

• Loans that require little or no cash down payment. Abandoning the principle of a "vested interest" through a substantial down payment has made it easy to walk away from a home loan.

• Nontraditional credit references. Borrowers with almost no established credit can still qualify for a loan by presenting evidence of satisfactory utility accounts.

• Higher overall debt-to-income ratios. Consumers now are almost expected to carry a much higher debt load than their parents. How else can we have everything we want?

In addition, recent programs such as the Nehemiah Loan allow people to borrow even their down payment. Coupled with a seller who offers to pay closing costs, this scenario allows even the most cash poor among us to potentially qualify for ownership.

The initiative has worked. More Americans than ever live in a home owned by the head of the household. And that's a good thing. As I have said so many times, homeownership is the primary means of wealth accumulation in America today. It should be available to all who seek it.

Solutions to this problem aren't easy and may violate personal feelings as well as rules of political correctness, but they should be considered. Here they are:

•Fannie Mae could easily require that first-timers successfully complete a simple course on the responsibilities of ownership. Many of those experiencing foreclosure come from families that have always rented. Lack of a tradition of ownership may be a primary cause of default.

• Lenders could assign a home adviser to follow up with buyers for the first 12 months of ownership, simply calling to offer advice related to the house. This could include advice on budgeting, repairs, possible refinancings, tax benefits and, most of all, the importance of making monthly payments on time.

•  Fannie Mae could offer first-timer loans with interest rates that improve over time as prompt payments are made. A small premium in the rate could easily pay for upfront education and after-loan follow-up and then could drop off after the borrower demonstrates a sustained ability to pay on time.

Some so-called advocates will decry the concept of charging a higher interest rate for first-time buyers, but such a program would work. It also would reflect the fact that more risk is associated with first-time buyers than with repeat owners.

Perhaps more importantly, I believe it could have a significant impact on helping to lower foreclosure rates nationwide.

If we are committed to advancing the level of ownership in this country, it only makes sense to provide first-time buyers the education and resources they need to make that ownership successful. Only then can we share the American dream.

John Adams is a broker and investor. He is host of the "John Adams Radio Show," a call-in program dealing with homeownership and real estate, from 1 to 3 p.m. Saturdays on NewsRadio 640 (WGST). For more real estate information or to make a comment, visit www.money99.com.