Omaha Real Estate

Still Think You Need 15-20% Down to Buy a Home? Think Again!

Still Think You Need 15-20% Down to Buy a Home? Think Again! | MyKCM

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 homebuying 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.”

Bottom Line

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!

 

Still Think You Need 15-20% Down to Buy a Home? Think Again!
share
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… more
Housing Is Still Affordable in the United States!
share
Lately, there have been many headlines circulating about whether or not there is an “affordability issue forming in the housing market. ” If you are considering selling your current house and moving up to the home of your dreams, but are unsure… more
5 Tips for Starting Your Home Search
share
In today’s Omaha real estate market, with low inventory dominating the conversation in many areas of the country, it can often be frustrating to be a first-time homebuyer if you aren’t prepared. In a recent realtor. com article entitled, “How to… more
NEW LISTING! Omaha Home for Sale in Signal Home
share
SPECIAL FINANCING. PAY NO LENDER FEES. SAVE $4, 000 TO $7, 000! CALL 402-676-6700. A nice and cozy starter townhome is waiting for you. Step inside and see the awesome high ceilings and loft area perfect for reading in your easy chair. Charming… more
The True Cost of NOT Owning Your Home
share
Owning a home has great financial benefits, yet many continue to rent! Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for the entirety of America’s existence. Realtor. com … more
NEW LISTING! Papillion Home for Sale in Quail Creek
share
SPECIAL FINANCING. PAY NO LENDER FEES. SAVE $4, 000 TO $7, 000! CALL 402-676-6700. PRE-INSPECTED! You’ll be amazed at the gorgeous setting of this home tucked away in a cul de sac in the woods of Quail Creek. Enjoy the peace and tranquility while… more
Mortgage Interest Rates are Still Going Up… Should You Wait to Buy?
share
Mortgage interest rates, as reported by Freddie Mac have increased by close to a quarter of a percent over the last several weeks. Freddie Mac, Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors are all… more
NEW LISTING! Omaha Home for Sale in Maple Village
share
SPECIAL FINANCING. PAY NO LENDER FEES. SAVE $4, 000 TO $7, 000! CALL 402-676-6700. The perfect starter and move-in ready home is waiting for you. Step inside and see the beautiful kitchen with lots of storage space and a dinette area. Lovely… more
Are Home Prices Softening or Are They Falling?
share
We are beginning to see reports that more housing inventory is coming to the market and that buyer demand may not be increasing at the same pace it did earlier this year. The result will be many headlines written to address the impact that these… more
How Much Has Your Home Increased in Value?
share
Home values have risen dramatically over the last twelve months. In CoreLogic’s most recent Home Price Index Report they revealed that national home prices have increased by 6. 2% year-over-year. CoreLogic broke down appreciation even… more