FACTS ON MILLENNIALS AND HOMEBUYING
- U.S. millennials total 66 million individuals and 24 million independent households
- The median age for first-time homebuyers has remained virtually unchanged for the past 40 years: In 2015 it was 31 years old, compared with 30.6 in 1970-74
- Two-thirds of millennials haven’t reached that homebuying age of 31, and 22% are under 25 years old
- Millennials are renting for a median of six years before buying, compared with a median of five years for renters in 1980
- Millennials are expected to form 20 million new households by 2025
- The median income for a millennial older than 25 is $38,220
MILLENNIALS WANT TO BUY HOMES
A 2014 survey by housing finance giant Fannie Mae found that the majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons — including control of living space, flexibility in future decisions, privacy and security, and living in a nice home. Many young renters in the survey appear to be on the brink of homebuying, and 49% said their next move would likely be to own a home.
MILLENNIALS ARE LARGELY UNAWARE OF DOWN-PAYMENT OPTIONS
While younger renters cited a down payment and closing costs as the second-most-common reason for not buying, they may not know how much money is required. In a 2015 survey by Fannie Mae, 42% of those ages 18-34 said they didn’t know what lenders expect of them, and 73% were unaware of lower down-payment options that range from 1% to 5% of the home’s purchase price, as compared with the commonly cited lender preference of 20%.
- 1% DOWN CONVENTIONAL LOANS – Giving you a low down payment, a great rate and a head start on your equity
Many Mortgage Brokers underwrite loans with down payments as low as 0% to 6%, the most popular option for first-time homebuyers and those with lower credit ratings. RealtyTrac estimates that about 30% of all homebuyers put down 3% or less on the cost of the home.
- FIRST TIME HOME BUYERS – We have great alternatives for borrowers looking to purchase with a low down payment
“Many millennials believe they are unable to afford homes, when really many of them are unaware of the different financing options that exist — particularly those that allow for a down payment of 6% or less.
Superior Mortgage Lending is a Las Vegas Mortgage Broker by design. We partner with several lenders to offer multiple Loan Products and we are not captured with certain credit scores and can offer better rates and no fees.
Superior Mortgage Lending is excited to offer the Conventional 1% Down with Equity Boost
- Borrower puts down 1%, our investor contributes 2%*, giving 3% equity at closing
- Great low rates
- Close in 30 days or less
- Conventional 30-year fixed program
- Available with no monthly Mortgage Insurance
- Does NOT have to be First Time Home Buyer
- 100% Gifts allowed