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Why Wouldn’t You Buy!

DOWN PAYMENT ASSISTANCE PROGRAMS HAVE COME AVAILABLE THAT MAKE IT POSSIBLE FOR EVERYONE TO PURCHASE REGARDLESS OF THEIR SITUATION.

 

When you calculate the basic monthly payment for housing, owning is more often than not the cheaper route. As a national average, U.S. homebuyers traditionally pay about 15 percent of their yearly income on a mortgage, whereas renters are typically around 20-30 percent. With interest rates being historically low and home prices beginning to lower, the questions is, Why aren’t young Americans buying?

Based on market research, the answer to that question is that the majority believe, “they won’t qualify and can’t meet the down payment’s needed.” Other factors working against millennials are, affordability, students loans and fear of being tied down. Of these issues, the largest generally is the inability to have enough capital for a down payment. On an entry-level salary, a downpayment of 50k-100k will take you a lifetime to save. According to survey of 2,000+ millennials, the top concerns were as follows;

  1. 64% Down Payment
  2. 32% Credit Score
  3. 32% Student Loan Debt
  4. 25% Not Knowing How to Start
  5. 14% Credit Card Debt

Economists are stating that, “2015 will be an important year for first-time homebuyers, as millennials who have delayed home ownership overtake Generation X as the largest generational group of homebuyers,” according to the Zillow report. Given the positives in the market now, i.e. interest rates, low pricing, there are resources coming available to make it possible for millenialls to purchase without significant capital investment. One such resource is Down Payment Resource, whose mission statement is, “to connect people with hard-to-find financial resources. DPR helps potential homebuyers become qualified buyers by connecting them to downpayment assistance funds they may not have otherwise known existed. DPR is dedicated to helping solve the industry’s long-term challenge or identifying both eligible homes and eligible buyers for homeownership programs.”

How It Works:

Click the Down Payment Resource icon below and enter your information to see what programs are available. DPR considers a variety of information from, income, household size, location, background and occupation to match you with as many opportunities as possible.

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Available Programs:

Sounds too good to be true, read these Success Stories

 

Contact Ryan Clunan

rclunan@campionre.com
617.686.4966

172 Newbury Street
Boston, MA 02116