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Homebuying Millennials

 
Homebuying Millennials
Who is in the next up-and-coming block of first-time homebuyers? It’s Generation Y, the Millennials, born between 1980 and 1995. Until recently most stories involving Millennials and homebuying discussed how this age group was staying away from the housing market, but a March report from the National Association of Realtors found that they are now the biggest group of homebuyers, at 32% of all buyers.
The Government Wants People to Buy Homes 
And to encourage that, they’ve made it a bit easier to do so. Fannie Mae and Freddie Mac offer a 97% LTV program for first-time buyers — that means only a 3% down payment, and that money can come from a gift. 
The 3% down program is now in competition for clients with the FHA’s 3.5% down payment program. This is actually a long-standing offer for first-time buyers, made sweeter this year by the reduction in annual mortgage insurance premiums, ultimately making homebuying less expensive. Plus, FHA loans accept credit scores as low as 580 (and possibly lower, for a higher down payment). So there are several programs for Millennial first-time homebuyers to choose from.
But What Do Millennials Want in a Home? 
Location, location, location. The location of the home can be ... more

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