Calling All Millennial Home Buyers

Dated: October 18 2019

Views: 283

In the United States, the millennial generation consist of roughly 80 million Americans born between 1980-2000.  We're positively described as open-minded and confident among other characteristics.  In terms of real estate, many of us are considering home-ownership.

Are you ready to buy a home?  Ask yourself these 5 questions first.

1.  Do I have steady income?

Ok, so obviously, it would be difficult to make a monthly mortgage payment without a steady income stream, right?  Besides, you may not qualify for a home loan without it.  Millennials are typically known for switching jobs frequently and having a side "hustle".  Well, that's okay.  It doesn't necessarily mean your income isn't steady, especially for those instances when you leave a job on Friday and start another one on Monday.  (Hint:  Just don't do that when you're applying for a home loan!)  Side "hustles" can be great.  I've done ride-sharing for extra cash, and it was beneficial for me and income that I can show I've received.  If you working on this area of your life, good for you!  Keep pushing your resume out there and network, network, network!

2.  Is my credit score high enough?

I use free websites to obtain my credit score and alerts about my credit. A conventional loan requires a minimum 620 credit score while a FHA requires a minimum of 580.  Having a great score earns you a great interest rate on your home loan.  

3.  Do I have enough money saved?

Some loans require no down payment (VA loans) and some conventional loans as low as 3% down streaming up to 20% down.  A down payment is not the only consideration.  Remember, you will need cash for inspections, appraisals, and titles.  

4.  Am I ready to be settled?

You don't have to live in the home forever, but perhaps, more than a year or two would be a beneficial commitment.  If you have to relocate, you have options.  I can assist you with selling your home or finding a property manager to help you in rent it out.

5.  What kind of home do I want?

There so much to consider here.  Location, Location, Location!  Picture your dream house and then explain that to your real estate agent.  I'll give you my example.  I would like a country ranch on one acre in the country outside of suburb that is move-in ready with at least 3 bedrooms and 2 bathrooms.  Keep realistic expectations based on your budget and the local market.  

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