Guide For Parents Of Cash-Strapped Millennial Home Buyers

There are several ways parents can help their adult children achieve homeownership: loans, co-borrowing, and gifts.

Source: Guide For Parents Of Cash-Strapped Millennial Home Buyers | Mortgage Rates, Mortgage News and Strategy : The Mortgage Reports

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qtq80-rzoHvNMortgage and real estate experts often discuss the importance of marketing to millennials.  It stands to reason.  Millennials are a vibrant and growing niche in the real estate and lending markets. 

Millennials have not had it easy in this economy.

It is true that this economy has not been kind to many market segments, especially mellennials.  Because many millennials graduated with student loans in a stagnant job market, they do not have the financial ability to fulfill the down-payment and income requirements of mortgages.  Consequently, the mortgage industry has continued to develop safe products for a wide consumer base.  Products like FHA, Home Ready, USDA, VA, and Non-Prime responsibly support the changing needs of the real estate industry.  

Innovative mortgage products alone won’t help all the potential 1st time buyers.

qtq80-Gjgvd2Unfortunately, mortgage products alone can’t support the needs of many first time buyers.  Thus, alternative financial strategies are an important part to successful home ownership.   As a result, many parents are helping their adult children buy their first home. Give this article a read from the Mortgage Reports.  There are many useful financial strategies for parents of millennials.

Finally, providing mortgage suggestions to buyers in the market is a responsibility for all of us working in the industry.   As agents and lenders we must have knowledge of product and financial strategies which will support the purchasing needs of our valued customers.

As always feel free to send me a text, write an e-mail, or give me a call if you want to continue the dialogue.

Happy House Hunting!

Mike
mnelson@equityprime.com
720.213.6260
@michaelfnelson2
NMLS: 1314188
Licensed in:

Michael Nelson - Equity Prime
California
Michael Nelson - Equity Prime, LLC
Colorado

 

 

 

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