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Are Millennials Aware That They Are Mortgage Ready?

Thursday, March 28, 2019   /   by June Quilantang

Are Millennials Aware That They Are Mortgage Ready?


Many millennials have been taking their time focusing on things that matter to them. But just because they're not as quick to act on traditional goals, doesn't mean they are not ready for them. Let's take their qualifications for mortgage approval, for instance, many are not even aware they are mortgage ready.

History shows that people tend to buy their first home around age 30. Nearly 5 million millennials will turn 30 in the next two years. This will continue to fuel demand for housing.

This is also one of the many reasons why the millennial homeownership rate has continued to grow over the past few years. 48.4% of Americans between the ages of 30-34 now own a home.

There are over 46 million millennials (33% of the generation) who are considered "Mortgage Ready", meaning they meet the qualifications to be approved for a mortgage today!
  • a FICO Score > 620
  • a Back-End Debt to Income Ratio < 25%
  • no Foreclosures or Bankruptcies in the last 7 years
  • no severe delinquencies in 1 year
Rob Chrane, CEO of Down Payment Resource, commented on the findings of the report,

"We now know there are millions of buyers with the income & credit necessary to qualify to buy a home.

The biggest question is:
Do they know it? ...Unfortunately, many renters don't investigate homeownership simply because they don't believe it's an option."

The good news is that more and more millennials are realizing that they can afford a home now. Even so, more can be done to increase awareness of low down payment programs to attract even more of this generation.

New data from realtor.com shows that in December, millennials accounted for 42% of all new home loans originated in the month. This is more than any other generation.



Reblogged from: http://bit.ly/2TZrA5g  



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The data relating to real estate for sale or lease on this web site comes in part from MHMLS. Real estate listings held by brokerage firms other than eXp Realty - New York Real Estate Experts are marked with the MHMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. The information appearing herein has not been verified by the Mid-Hudson Multiple Listing Service, Inc. or by any individual(s) who may be affiliated with said entity, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose. ©2020 Mid-Hudson Multiple Listing Service, Inc. All rights reserved.