Buying a home is a major purchase, and it’s natural to want to hold out for the perfect home. But just because you can’t afford your dream home right now doesn’t mean you should sit on the sidelines until you can.
A recent report commissioned by Bank of America shows that more millennial home buyers are adopting this approach and opting not to wait until they can afford their dream home.
D. Steve Boland, a Bank of America consumer lending executive, explains the general findings of the report:
“After years of seeing millennials on the sidelines, it’s clear some are recognizing it might not make sense to wait. We talk to younger buyers every day about homeownership, and they understand the benefits it can have on their long-term finances.”
The report found that 79% of millennial homeowners say homeownership has had a positive impact on their long-term finances. What’s more, 68% of millennial homeowners view their current home as a stepping stone to their forever home.
Other notable findings include:
- 95% feel proud of owning their own home
- 86% believe owning a home is more affordable than renting
- 60% of all homeowners surveyed would tell their younger selves to start saving for a home sooner
Need Help With Your Down Payment?
If the down payment is keeping you from buying a home, we encourage you to check out TSAHC’s down payment assistance options. TSAHC provides grants of up to 5% of the mortgage amount to help with your down payment and closing costs.
And you don’t need perfect credit to qualify. You may be eligible if you meet certain income requirements and have a credit score of at least 620. You don’t have to be a first-time buyer, but first-time buyers can also apply for a special tax credit called a Mortgage Credit Certificate. Click here to see if you meet the requirements.
Ready to Leap into Homeownership?
TSAHC also offers quarterly webinars to explain the home buying process. Click here to learn more and register for the next webinar on July 26th.
On the House blog posts are meant to provide general information on various housing-related issues, research and programs. We are not liable for any errors or inaccuracies in the information provided by blog sources. Furthermore, this blog is not legal advice and should not be used as a substitute for legal advice from a licensed professional attorney.