Not too long ago, a generation of potential homebuyers struggled to make their dream a reality.
Today, millennial buyers in Seattle, Renton, Tacoma and beyond are a force in the real estate market. And it’s growing.
A new report by the Census Bureau reports that younger millennials represent the group with the greatest annual increase in homeownership rate.
In fact, the rate of homeownership for millennials, currently at 37.5 percent, increased by nearly a full percentage point year over year. The next group, or the oldest among the millennial generation, stands at over 60 percent in the homeownership rate.
At 75.1 percent, homeownership is highest among those between the ages of 55 and 64.
There is a lot of excitement among first-time home buyers and for good reason.
When you learn about the opportunities that FHA and VA loan programs provide, you’ll have even more reasons for optimism.
Both loans offer some nimbleness when you enter the market. The VA loan, for instance, requires no down payment. The FHA loan is more lenient in its borrower credit score and down payment requirements, giving first-time homebuyers the confidence and resources they may need to make a competitive offer.
If you’re a veteran, or you’re thinking about buying your first home, you can certainly benefit from these two powerful financing programs.
Have questions? Contact us today and let’s talk about it.