Article

2020-01-16 Economy

More Than A Quarter Of Prospective Millennial Home Buyers Have Less Than $1,000 Saved

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Posted by Besoeker 2020-01-16 03:29|| || Front Page|| [5 views ] Top

#1 Really? Back in the ancient times which I seemed to have lived through, 10% down and enough to cover the costs of processing were the standard. In other words, they're not even close to be being a home buyer (unless you're working hard on the next big mortgage default to shut down the economy).

Posted by Procopius2k 2020-01-16 06:01|| 2020-01-16 06:01|| Front Page Top

#2 Seems all the "liar loan" action is in new car financing these days. The housing market is tight enough supply-wise that there's no need for it.

Posted by M. Murcek 2020-01-16 07:14|| 2020-01-16 07:14|| Front Page Top

#3 We bought our first house in 1982 with an FHA mortgage. In those days it was about 2% down at 19.5% interest — and we were thrilled we caught it on the dip from 21% in those early Reagan years — plus another fraction of a percent for mortgage insurance until we’d paid the thing down to 20% equity.

The house did have to pass a more stringent FHA inspection, but we were happy for the added feeling of security — especially because we were buying a fixer-upper. Mr. Wife wanted profit and pleasure from exercising skills acquired working for his uncle the contractor. That first house was a two-family, and the rent from the first floor apartment paid about half our monthly payment, which mean most of our paychecks went into building materials for the next five years. Working ‘til midnight five days a week is fun when one is young, and one saves a small fortune by not going out drinking...

FHA-backed mortgages are still available, according to the website.

Posted by trailing wife 2020-01-16 08:29|| 2020-01-16 08:29|| Front Page Top

#4 I bought when Las Vegas started going to big tract subdivisions. Talked to the sales team, filled out the paperwork, got a Visa card, then used the card cash advance for the down payment.

Posted by Skidmark 2020-01-16 08:47|| 2020-01-16 08:47|| Front Page Top

#5 $1000 would buy about 3 tattoos - kids have their priorities...

Posted by Glenmore 2020-01-16 09:22|| 2020-01-16 09:22|| Front Page Top

#6 3.5% down is needed for FHA financing. The article points out that many of those prospective buyers plan on using gift funds from family for that down payment.

Posted by Crusader 2020-01-16 10:05|| 2020-01-16 10:05|| Front Page Top

#7 Almost nobody has money to buy a house in China. We bought a small one, but that is mostly because GF had some equity built up in two small houses we sold.

Here, parents normally give their son a house, so someone will marry him. Girl's are on their own, and they know it, so they are incredibly tough.

Posted by Beau 2020-01-16 12:57|| 2020-01-16 12:57|| Front Page Top

#8 Bet they have $1,000 phones, $5k computers, and a new car.

Posted by 49 Pan 2020-01-16 18:18|| 2020-01-16 18:18|| Front Page Top

#9 Millennials are ass deep in college debt too.

Posted by Texhooey 2020-01-16 23:44|| 2020-01-16 23:44|| Front Page Top

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