Many of us millennials are ready to buy a home, but are fearful and unsure of the process. We've been told time and time again that it is a LONG process, that it is unaffordable and out of reach for our generation but I'm here to tell you that is simply not true.
Here is what the process really looks like:
There is FREE money out there waiting for people like you and me to ask for assistance. There are two programs available in Duval County, Florida that assist with up to $15,000 in down payment and closing costs at ZERO percent interest.
Program 1: Headstart to HOME Ownership Program
Also known as Duval County's H2H Program, for first time homebuyers. The program has been set in place to assistant first time homebuyers will down payment and closing costs. There are a few requirements, which can be found here. Once you are working with a lender, they will know if you are eligible to apply for assistance.
What makes this program awesome for first time homebuyers is that the $15,000 in assistance is at a ZERO percent interest rate and is completely forgiven after 10 years.
For more information, visit the City of Jacksonville's website here.
Program 2: Movement Mortgage
Movement Mortgage has just launched an in-house financial assistance program that gives qualifying buyers a 3% Down Payment Grant that does not ever have to be repaid.
The Movement Assistance Program, also known as MAP, helps qualifying borrowers make ends meet when it comes to home buying. Want to know if you qualify for the MAP program? Ask for more details from your Movement Mortgage loan officer or visit movement.com/map
We've all heard the generalizations of millinnials: we spend too much money on artisan goods (particularly at brunch), we're poor, we idolize objects and the latest fads, we're lazy, we drink too much, and we like to treat ourselves too much (what's wrong with a little self care?)... The list goes on forever. What many older generations don't seem to understand is that we are in fact a successful, and thriving generation making an impact on the world.
Millennials make up one of the largest generations in history (even bigger than the baby boom). More than 40% of millennial workers were found to have a bachelor's degree or more, after a research study by PEW Research in 2016. That's 8% higher than their Generation X counterparts back in the year 2000. Our generation is entering its peak homebuying years and more than 93% of renters ages 18- to 34-years-old plan to buy a home someday, according to a study by Goldman Sachs. As many millennials are reaching this age, that someday just might be now.
So how do you acquire homebuying financial assistance?
Step 1: Find a realtor.
There are plenty of hard-working realtors out there ready to help you with the homebuying process. It's best to interview a few realtors and find the one that works for you. Realtors have experience and expertise and can help you streamline the entire homebuying process from connecting you with a lender to finding the right handyman to get repairs done.
Step 2: Go to a lender and get pre-approved!
One of the most important steps in the homebuying process is getting pre-approved for a home loan. It helps you stay on track for what you an afford, avoids any heartbreak later in the process, and helps your realtor show you homes that fit your criteria and budget.
Let your lender know that you would like to apply for financial assistance and they will apply for you on your behalf! It's that easy.
What are you waiting for?!
It's never too early to get to know the process. It's time to work on your homebuying dreams! Feel free to reach out to the Property by Ford team for any questions. :)
Written by: Lauren Avalos, Property by Ford team
Lee Ford, PA
922 3rd St N, Jacksonville Beach, FL 32250