Thanks to Jon Whittington of Compass Home Loans LLC who provided this info on various types of loan options that fit your style and season of life.
The Right Loan for Millennials
More than ever before, each new generation experiences life in stark contrast to their parents. The Millennials epitomize this, especially in how they spend their money. While some Baby Bommers acquire status symbols as proof of their success, Millenials place a high value on using their finances for experience rather than things.
One of those key experiences that Millennials crave and embrace is to have a home of their own. A place where they can celebrate with their friends and create Insta-worthy memories. In addition, many of them prefer to buy a house or condo with high-tech automation—or anticipate adding these connected features after moving in.
Although 85% of Millennials consider one of their parents to be their best friend—and may turn to them for advice—purchasing a home in today’s market is far different than buying one just 15 years ago. Since 90% of this powerful generation hopes to eventually buy their own home, we’ve put together a list of mortgage options that are well-suited to the Millennial homebuyer.
This program features a lender-paid paid temporary interest-rate buydown that lowers monthly mortgage payments during the first two years of a fixed-rate loan (either FHA or Conventional). Smart Start provides the benefits of a variable-rate mortgage without the risks of unknown interest rate increases characteristic of Adjust Rate Mortgages (ARMs).
New Doctor or Dentist Loan
Designed for those who have recently completed their residency or fellowship, this Doctor Loan may make it possible for you to secure a larger mortgage with a lower down payment than with a Conventional loan. Qualifying doctorate degrees include MD, DO, DDS and DMD.
You don’t have to be a grower or buy farmland to take advantage of a USDA Rural Loan’s lower interest rate and $0 down payment. A surprising number of small towns and suburbs are considered rural based on the USDA definition. You do, however, need to fall within low- to moderate-income guidelines for your area. This option is definitely worth checking out!
This is just the tip of the mortgage iceberg! There are many other financing options available with Compass Home Loans. Contact Jon for more information on the many options! Ask him about how they make their loans Millennial-friendly with an all-digital mortgage and fast and secure mobile app.