Going Beyond Conventional Loans with Millennial Buyers
A recent National Mortgage News headline read, “Mortgage Lenders Must Teach Millennials About Loan Options.”
…that’s not exactly news.
That topic has been covered here at least a few times. With rates up and affordability down, new loan options are exactly what many millennials need to become homeowners. According to Ellie Mae, 68% of the mortgages given to millennials between August and October were conventional loans, 27% were FHA, and 2% were something else.
FHA is not a bad option, but it is the “something else” that will be necessary to help some millennials overcome the financing challenges presented by today’s market. Millennials are not a lot like previous generations when it comes to homeownership. They may have less to put down. They may have not-so-typical work histories. They may be purchasing a home before getting married.
Whatever the case, getting those millennials financed takes some time, effort, and education about options available to them. Getting those millennials pre-approved for financing prior to entering a market with such limited inventory is even more important.
At Embrace we have our Approved to Move program which is a fully underwritten application. All you need to do is find the home.
We have our Beyond program for those who are self-employed or may have had credit issues or limited credit histories. We also have Extended Rate Lock to help facilitate those unique circumstances that may arise.
When paired with our extensive knowledge of FHA, VA, and USDA, working with Embrace provides the opportunity to explore all financing opportunities that are available to the millennial buyer.