Scott Moize Jr.

Great Western Home Loans

  • About
    • About Scott
    • Privacy Policy
    • Site Security
  • Resources
    • Calculators
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Testimonials
    • Client
    • Agent
  • Blog
  • Apply
  • Contact

Millenials Have Great Homebuying Tools Available To Them

April 3, 2014 by Scott Moize Jr.

Millenials Have Great Homebuying Tools Available To ThemThe economy seems to be finally turning, and home loan interest rates are still historically low. Real estate values are starting to climb as well, all of which makes for a growing opportunity for new homeowners to get into the market before it gets too expensive again.

Millennials Don’t Seem To Be On Board

They represent the next generation of homebuyers, but a number of barriers can seem to be smack in the way, discouraging many. Yet there are ways around these issues.

According to the Boston Globe, only 32 percent of Millennials are homeowners in 2014, either with a house or a condominium. A number of factors contribute to this situation, and the big issue is finding a viable career. The general unemployment rate for young people is at 16 percent nationwide, almost double the regular average for all ages combined.

Add in the fact that many have large student loans eating up what income is earned in loan payments, and that doesn’t leave much for saving into a down payment or a mortgage payment. In fact, one out of three college graduates right now has moved back in with the parents.

The career-chase situation is not a new one. The previous bunch, Generation X, experienced the same thing in the early 1990s with just as high an unemployment rate. The big takeaway from their experience is that the dip and labor famine is temporary. Most Generation X folks now are well-employed and living in regular, affordable homes across the country.

Further, Some Very Helpful Tools Are Still Available For New Buyers:

  • Any homebuyer with military status can take advantage of Veterans Administration loans with far better rates than the normal market, making mortgage payments cheaper.
  • Those buying in rural areas can take advantage of rural homebuyer’s assistance programs provided by the U.S. Department of Agriculture to help people move to small towns and similar communities.
  • The Housing and Urban Development Agency provides HUD loans that make it very affordable for those with limited income to purchase HUD-owned homes as first-time buyers and get into real estate.
  • And the current market still has plenty of quality used homes from prior foreclosures that are marked well below their real value to move these units in sales.

Of course, the big response from Millenials is how do I earn more to even get started. Like Generation X folks before them, Millenials can’t wait for a job to be made available on a platter. While looking, many smart folks have started their own businesses on the Internet. If a current job is enough to cover current bills, a second income can be entirely dedicated to saving, which can generate thousands of dollars quickly. Even a part-time second job that creates $1,000 a month produces $12,000 a year and in two years enough for a sizable down payment.

Don’t give up, but definitely try smarter.

Filed Under: Uncategorized Tagged With: Home Buying Tips, Millenials, New Buyers

Scott Photo

Contact Scott


Mortgage Sales Manager

Call (214) 755-5307

NMLS #595311
Servicing Texas
Logo
CLICK TO APPLY →

Connect with Scott

Have a Question?

  • This field is for validation purposes and should be left unchanged.

Consumer Compliant & Recovery Fund Notice

CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.

Browse Articles by Category

Recent Articles

  • DIY Lovers: ‘Greenify’ Your Home with These Three Eco-friendly Home Improvement Projects
  • What’s Ahead For Mortgage Rates This Week – March 1, 2021
  • Common Mistakes The Experienced Homebuyers Tend To Make
  • An Overview Of Mortgage Points On Home Loans
  • Case-Shiller Reports Home Prices Rise at Fastest Pace in 7 Years
Scott Moize - NMLS# 595311
First United Mortgage Group
NMLS #400025
This is not a commitment to make a loan. Loans are subject to borrower and property qualifications. Contact loan officer listed for an accurate, personalized quote. Interest rates and program guidelines are subject to change without notice.
First United Mortgage Group is an Equal Housing Lender.
EQL Logo
NMLS Consumer Access

Our Location


One Lincoln Park
8750 N. Central Expressway
Suite #930
Dallas TX, 75231

Copyright © 2021 · Powered by MySMARTblog