"Majority of millennial's not only want to own a home, but 85% of millennial's in 2019 considered it a major part of the american dream!"
Unfortunately, myths surrounding home ownership – especially those related to down payments and FICO scores – might be keeping many buyers out of the arena. Also reveals:
"Millennials have to navigate a lot of obstacles to be able to own a home, according to the 2020 survey saving for a down payment is the biggest barrier for 55% of millennial's."
Millennial or not, unrevealing two of the biggest myths that may be standing in the way of home ownership among all generations is a great place to start the process.
Myth 1: "A 20% Down Payment Is Needed”Many buyers often overestimate what they need to qualify
for a home loan.
While many buyers still think they need to put at least 20% down for a new home, they don’t realize how many assistance programs are available with as little as 4% down. With a bit of research, many renters may be able to enter the housing market sooner than they ever think.