Is it avocado toast? Surely, millennials have more valid reasons why less than a third of them are homeowners in the U.S. per data crunched and analyzed by ABODO. What’s stopping them from buying a home and why is this number decreasing? Interested in buying a home? Speak with a lender today! The ABODO Analysis Millennials, ABODO noted, make up the adult generation now. In 2015, 32.1% of the millennial generation aged 18 to 35 bought homes. Ten years back and 39.5% in that age group were already homeowners per the apartment listing service company. Take a look at the…
July could make things easier for prospective mortgage borrowers as CNBC.com mused. First is the three major credit bureaus’ removal of derogatory records from credit reports, and there is Fannie Mae lowering its debt-to-income ratio requirement. How will each update benefit consumers like you seeking mortgages this time? Experian, Equifax and TransUnion and Higher Credit Scores Beginning July 1st, the Big 3 credit bureaus will remove new or existing (i) state and federal tax liens and (ii) civil judgments from their databases and consumers’ credit reports. For the credit bureau to expunge such public records, your civil judgment or tax…
I have 20% to put down on a home. Says no one in general. The 20% down payment is enough to scare some prospective homebuyers who ought to know that it’s clearly not a hard and fast rule. Some buyers can get by with 3.5% or 5% of the purchase price on a home. It’s a matter of finding a loan program that offers financing beyond 80% and weighing the costs and benefits of going after it. Not All Makes a 20% Down Payment LA Times recently described the 20% down payment as all but dead. The report iterated that…