What Millennials Don’t Know about Qualifying & Why It’s Keeping Them from Buying

Many customers, especially in the 18-34 year range, aren’t clear on what is needed to qualify for a mortgage and the many different loan programs available.

According to a 2015 Fannie Mae survey, 57% of respondents in this younger demographic perceived it to be difficult to obtain a mortgage, significantly higher than any other age group. Additionally, 73% of Millennials were unaware of 3-5% down loan programs; and almost half didn’t know or gave incorrect answers to the minimum credit score required. You can find the entire study here.

The below illustrates the different reasons for perceived difficulty in obtaining a mortgage given by all respondents.
Millennials

If you have Clients that are wanting to become homeowners, but aren’t sure if they can qualify, have them contact me today. We have a multitude of loan options that offer low down payments or can accomadote less than ideal credit scores.

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