Millennials are still struggling to become homeowners, and one of the biggest reasons is their student loan debt. According to the National Association of REALTORS, a whopping 80 percent of millennials don’t own a home! Millennials are expected to delay home buying for an average of 7 years due to their staggering student debt. Read this article to learn about down payment programs for millennial home buyers with student debt! You may be able to get your dream home sooner than you think!
National Homebuyers Fund
For potential buyers having trouble saving up for a large enough down payment there are assistance programs and grants available to help. The National Homebuyers Fund (NHF) has down payment assistance programs in many states. They offer down payment grants or closing assistance for up to 5 percent of the loan amount on a home for sale in Providence.
Companies Offering Home Buyer Assistance Programs
More companies are now offering homebuyer assistance programs as well. They recognize the student loan debt challenge with millennial buyers and seek to help these buyers overcome this hurdle. However, it is recommended that buyers seek the advice of a financial expert before participating in one of these programs to purchase a house for sale in Concord.
Are you thinking about a new house for sale in Charlotte? There are builders out there who have programs available to help with the reduction of student loan debt. For instance, through these programs, you are allowed to redirect a specific percentage of the purchase price of a Waxhaw home for sale to student loan payoff.
Again, make sure to consult a financial professional before choosing any of these programs. It’s important to make sure that it works for your specific situation. Have you used down payment programs when purchasing your Charlotte home? Please share your experience!