The answer must be student loans, right? Wrong! While paying back an education is part of the equation for some, it is not the only factor that holds Millennials back from buying their first homes.
A survey of young renters by Fannie Mae found that the factor that delays the most potential buyers is an insufficient credit score or history (53%), followed closely behind by "affording the down payment and closing costs (50%)."
There are many potential homebuyers who have delayed their purchase because they 'believe' that they do not qualify with the debt they have (debt-to-income ratio), their credit score or even the amount of savings they have. The challenge is that many of those who delay their purchases are not aware of the opportunities available, and are not aware that they would qualify now. Instead of wasting time paying rent, they could be building their own wealth by putting their housing costs to work for them through the equity in their home.
View the full PDF of Keeping Current Matter's A Milennial's Guide to Homeownership by clicking here.