In Home Loans, Tips & Advice

Buying a home as a Millennial.

Imagine the day when you can call the shots in your own home, sleep peacefully without the sound of slamming doors, say goodbye to bad parking, and install those granite counter tops you’ve been dreaming of. When it’s your house, it’s your rules! Did you know, you could accomplish all of these things while actually building equity in a home with each monthly payment?

If you’re a Millennial, owning a home isn’t just something to dream about anymore, it can be a reality – your reality. With rates historically low and various loan options that offer no-to-low down payment requirements, you can reach your homebuying goals with help from PrimeLending.

Benefits of Buying a Home

Making the move from renter to buyer comes with a few perks.

  • Build your own equity when you make mortgage payments each month.
  • Fixed-rate mortgage payments are stable where rent payments can fluctuate at the end of each lease.
  • You have more square footage in a house, plus a backyard and garage.
  • Community and neighborhood involvement.
  • Mortgage payments are potentially lower, leaving you more money to spend on the things that matter to you.
  • Mortgage interest is tax deductible* meaning a possible increase in savings.
  • You can count on enjoying investments made in new paint, flooring and even appliances for years to come

Getting Prequalified**

If you’re thinking of buying a home, it’s only natural to want to go online and start looking up houses that are for sale – but that’s not always the best idea. If you get your heart set on a certain home, imagine how disappointing it could be to later find out that it’s not within your budget. The first step for any home loan should start with a prequalification. All that means is that you meet with a lender and provide information on your credit, income, assets and debts, and in return, you’ll get an estimate of the size of a loan you can afford. That way, you’ll save time by focusing solely on houses that are in your price range.

Down Payment Assistance 1

Coming up with the cash for a down payment on a house may seem challenging, or even impossible, to some Millennials, but it doesn’t have to be. There are a number of programs that can help make homeownership more affordable, many with low- and no-down payment options; and some connected to popular government-backed loans. Buying a home may be more affordable than you think, be sure to ask your loan expert about our down payment assistance options.

Popular Loan Options for First-Time Homebuyers

If you’re putting off purchasing your first home because you’re not sure where to start, a PrimeLending loan expert can help you determine the best fit for your needs. Check out some of the most popular loan options for first-time homebuyers here:

  • FHA An FHA (Federal Housing Administration) home loan is backed by the government and offers lower down payment options, flexible income and credit requirements and low closing costs to help first-time homebuyers, seniors and others with financial limitations.
  • USDAA USDA Rural Development Guaranteed Housing Loan Program loan is guaranteed by the U.S. Department of Agriculture and offers financial assistance to people wanting a home away from the city. A USDA loan offers no down payment, low interest rates, low PMI payment and flexible credit qualifications.
  • VA – If you’re a qualified veteran or family member, VA loans offer benefits such as no down payment, no private mortgage insurance (PMI), possible VA assistance, higher loan value and much more, as VA loans are backs by the U.S. Department of Veterans Affairs.

Ready to Become a Homeowner?

The entire process typically takes less than 30 days. While it may seem like a daunting task in the beginning, a PrimeLending Loan Officer will guide you through every seamless and simple step. Our process really is all about you, and we’ll do whatever we can to ensure your experience is stress-free and hassle-free.

 

*PrimeLending is not authorized to give tax advice. Please consult your tax professional for tax advice for your specific situation.

**A prequalification is not an approval of credit, and does not signify that underwriting requirements have been met.

1Certain restrictions apply. Not available in all areas. Please contact your PrimeLending loan officer for more details

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