91% of millennial respondents in the 2017 survey view homeownership as a financial investment that is not easily obtainable. 91%! Let me repeat, you got this! Through programs like the USDA Rural Development loan, potential homeowners can apply for a mortgage with $0 down and low interest rates. This often means, mortgage payments that are equivalent to or in some cases less than what you’re paying in rent! And if you’d like to look at other loan options, or maybe owning a multi-unit so you can let renters help pay your mortgage payment (wicked smart… in my opinion), you can do this for as little as 3.5% - 5% down. Some loan options even allow the down payment to come as a gift from family members –thanks, Mom and Dad!
Still not sure you’re ready, know you’re not alone -
Other interesting findings in the survey:
- 67% worry about being approved for a mortgage
- 53% are afraid they won’t be able to make payments on a mortgage
- 36% of homeowners were not married when they bought their first home
- 42% of homeowners used gifted money towards a down payment
But, you can do this! Reach out to your favorite Cumberland County Mortgage loan officer and begin the conversation; it’s free, no-obligation, no-pressure, and can even be done via email or text. Or, you can start slow by browsing houses online and use a mortgage app to see what you’d be looking at for a payment – try our Corey Scott Team’s https://corey-scott.loanzify.com/ .
Stop dreaming, stop paying your landlord’s mortgage (or move out of Mom and Dad’s basement), and make home ownership your next achievement. Hey, according to our partner UWM, this means you’ll be more likely to complete other rites of passage like credit cards, auto loans, 401(k)s and new cars – adulting while sipping on your grande Caffè Americano!
- Megan Scott, (a very old) millennial Loan Officer with the Corey Scott Team