According to a recent report released by Harvard University’s Joint Center for Housing Studies homeownership among millennial households are dropping. “As of 2015, adults under age 35 made up 19 percent of households nationally but less than 10 percent of homeowners.” Additionally, homeownership among that age group has dropped by more than 27 percent in the last decade. There are many factors that are contributing to this trend, but we have tools to be able to help you achieve your goals in homeownership.
Credit Report: As a mortgage advisor, we see many different credit challenges that borrowers face. We can help you develop a plan to improve your credit to be approved for a loan at better rates.
Down Payment: When you have a large down payment 20 percent or more you will have access to better rates and avoid paying for mortgage insurance. Down payments can come from your own personal savings, or gifted from family members. But for some 20 percent down is not an option. In many areas where rent is high a low-down payment option makes sense. Your down payment can vary based on several factors: credit score, location of home, affiliations with organizations such as the VA. Many people will have access to 3 percent down programs for conventional loans, or 3.5 percent from FHA for borrowers recovering from a financial event. If 3 percent is too much, there are even 1 percent options for qualified borrowers.
Home Buying Process: When you are buying a home, there are many moving parts with lots of legal documents that require a team of professionals to ensure a timely home buying transaction. We have cultivated the relationships with some of the best professionals in the Puget Sound region to ensure you have a drama-free experience.
What is holding you back? Rent is usually market priced meaning that the price goes up each year. When you purchase a home with a fixed rate, you are controlling your monthly housing expense. Talk to us today and let us help you find out if now is the right time to be buying a home.