Millennials Don’t Know This Thing About Owning A Home
Millennials Confused About Down Payment Requirements
Everything you believe is a lie. Kind of.
At least, when it comes to mortgages and your down payment.
A recent poll of more than 3,000 U.S. consumers shows renters struggling to understand what it takes to get mortgage-approved, and because of it, many are opting to renew their leases instead of buying those homes they’d rather be owning.
The survey is from Ellie Mae and — on the question “What’s stopping you from buying a home?” — 53% of Millennials said “I haven’t saved enough for a down payment.”
People. You’re killing me.
You don’t need twenty percent down to buy a home. You haven’t since 1934, when the FHA was formed.
And, for the last five years, there have been subsidized mortgage programs to promote homeownership, low rates, and a way for renters to stop leasing where they live.
Can you buy a house? Yes you can. Or, maybe you can. But you can’t know until you ask.
So, get with your lender and see what’s possible. Go on. Go.
Today’s Mortgage Rates
Scott get the minivan! Mortgage rates are down today across the board.
Conforming loans, FHA loans, VA loans and USDA — everything’s down this Wednesday and that’s good news for today’s buyers of homes.
With lower rates comes lower payments, and that makes the Buy versus Rent decision a little simpler.
Your actual rate quote will vary based your loan size, your credit score, and where you live; and your lender makes a difference, too.
Talk to two or more lenders at least before making a decision and get the mortgage loan and rate that work best for you.
The Debt-to-Income Ratio You Need To Get Approved
There’s been an unexpected slowdown in New Home Sales.
According to U.S. Census Bureau data, the number of newly-built homes going into contract dropped 8 percent this past January on a month-to-month basis, and the number of new construction homes for sale topped 300,000 for first time since 2009.
However, because the government’s sample size on its New Home Sales report is small, we can’t always assign an abundance of confidence to its data.
And, in reading the footnotes of this month’s report, the Census Bureau notes a statistical margin of error of 19%, which means that New Home Sales may have actually increased by a lot.
So, maybe a better take on the new home market is the Home Builder Confidence report published once monthly, which just put up its best reading for a February since ever.
Real estate data can only tell part of the story.
Get with a local pro to find out what’s happening on the street.
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