This paper identifies the impact of borrowing constraints on homeownership in the U.S. in the aftermath of the 2008 financial crisis. The existence of credit rationing in the U.S. mortgage market means that some households for whom it would be optimal to choose to be homeowners may not be able to do so. Borrowers with certain wealth, income, and credit characteristics are unable to obtain a loan even if they are willing to pay a higher cost of credit (Wachter 1989). The Stiglitz and Weiss (1981) canonical model set up the rationale for this credit rationing. Using data from 2001, 2004-2007, and 2010-2013 Surveys of Consumer Finance (SCF), this paper measures the impact of changes in the income, wealth, and credit constraints on the probability of homeownership. Credit supply eased and then became considerably more restricted in the wake of the Great Recession.