7 Must Dos For Successful House FlippingWatch our video belowDownload your Free Flipping Do's and Don't Guide BelowMarco here with Vital Source Realty!Here at Vital Source Realty, we are excited to
Think You Need A Big Down Payment To Buy A Home
Still Think You Need 15-20% Down to Buy a Home? Think Again!
According to a new study from Urban Institute, there are over 19 million millennials in 31 cities who are not only ready and willing to become homeowners, but are able to as well!
Now that the largest generation since baby boomers has aged into prime home buying age, there will no doubt be an uptick in the national homeownership rate. The study from Urban Institute revealed that nearly a quarter of this generation has the credit and income needed to purchase a home.
Surprisingly, the largest share of mortgage-ready millennials lives in expensive coastal cities. These cities often attract highly skilled workers who demand higher salaries for their expertise.
So, what’s holding these mortgage-ready millennials back from buying?
Myths About Down Payment Requirements!
Most of the millennials surveyed for the study believe that they need at least a 15% down payment in order to buy a home when, in reality, the median down payment in the US in 2017 was just 5%, and many programs are available for even lower down payments!
The study goes on to point out that:
“Despite limited awareness, every state has programs that provide grants and loans to make homeownership more attainable, with average assistance in various states ranging from $2,436 to $21,171.”
With so many young families now able to buy a home in today’s market, the demand for housing will continue for years to come. If you are one of the many millennials who have questions about their ability to buy in today’s market, let’s get together so we can assist you along your journey!
Off Market Specialist. Specialties: Buyer's Agent, Listing Agent, Relocation, Commercial R.E. I'm a real estate consultant who's made a career of an excellent track record of outstanding results an....
Latest Blog Posts
It's a VIRTUAL HOUSE PARTY!!! Join me to get key info on purchasing your FIRST or NEXT home during & after COVID-19. It's totally FREE!Listen Up 🗣️...Come party and learn at our first ever🎉
Coronavirus Uncertainty Plunges On Mortgage Interest Rates The worldwide spread of the coronavirus has sent shockwaves throughout global health care systems and governments, and the United States'
5 Massachusetts Towns Where Home Prices Declined in 2019Massachusetts home prices, especially in the Greater Boston area, have been increasing for about seven or eight years, but not every community