Category: Millennials

We Can’t All Rely on the Bank of Mom and Dad

Home prices are increasing faster than incomes, especially for younger households. Add in things like the pandemic and student loan debt, and it’s hard for many to see a path to homeownership.

Many millennials are turning to the bank of mom and dad. A recent report from Apartment List found that 63 percent of millennials surveyed do not have any savings for a down payment, and more than 20 percent expect financial help from family towards a down payment. keep reading

Manufactured Homes, Plus Down Payment Assistance, Could Be an Affordable Housing Solution

Down Payment Resource, the nationwide database for homebuyer programs, today released its Fourth Quarter 2020 Homeownership Program Index (HPI). The number of total programs is 2,305, and over 81 percent (81.4) of programs currently have funds available for eligible homebuyers.

Down Payment Resource (DPR) communicates with 1,129 program administrators to track and update the country’s wide range of homeownership programs, including down payment and closing cost programs, Mortgage Credit Certificates (MCCs), affordable first mortgages and more.

One notable change in the Fourth Quarter 2020 HPI was a 3 percent increase in the number of programs that allow for manufactured housing. As low inventory and price increases hinder first-time homebuyers, manufactured homes may be an affordable option. keep reading