Many people are under the impression that they will need a massive down payment in order to purchase a home. This couldn’t be further from the truth and today we’ll show you why.
Do you still think that you need 15% to 20% for a down payment to buy a home? Think again. According to a new study from the Irving Institute, there are over 19 million millennials in 31 cities who are ready, willing, and able to become homeowners.
Now that the largest generation since the Baby Boomers has come to prime home buying age, there is no doubt that there will be an uptick in the national homeownership rate. This study also revealed that nearly a quarter of this generation has the credit and income needed to purchase a home. So what’s holding these mortgage-ready millennials back? Myths about down payments.
Most of the millennials surveyed for the study believed that they would need at least 15% for a down payment on a home. In reality, the median down payment for homebuyers in the U.S. in 2017 was just 5%. There are many programs that offer even lower down payment options. Despite limited awareness, each state has programs that provide grants and loans that make homeownership more attainable. Assistance ranges from $2,400 to over $21,000.
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 that have questions about their ability to buy in today’s market, let’s get together so that we can assist you along your journey.
If you are considering buying or selling a home in the DFW metroplex, don’t hesitate to give us a call or send us an email today. We would love to help.