Millenial First Time Home Buyer Loan

There are many myths associated with the millenial first time home buyer loan.

  • First all, you do not need 20% down payment.

  • Secondly, you can qualify for a new home mortgage on your own.

  • Thirdly, even if you have student loan debt it is possible to qualify.

  • Fourthly, you don’t have to pay off medical collection items.

  • Lastly, you don’t need to have been employed for the last three years to qualify.

 Millenial First Time Home Buyer Loan Programs:

The most popular one is the FHA loan program.  Why?  Because FHA allows borrowers to have less than perfect credit such as a fico score as low as 580.  They also allow borrowers to have a higher debt to income requirement.  This program allows an immediate family member such as your mother, father, brother, sister, aunt, or uncle to give you your down payment money during the loan process.  Do not accept any cash.  Your down payment money must be documented and papertrailed.

Borrowers needs a continuous two year employment history to qualify.  You will need to file your tax returns on time for the last two years.

Mortgage Loan Qualification Amount:

You will not find any mortgage calculator on this website.  Why?  We know you Millenials like to do everything online.  However, it is really important to talk with a live person.  You see the last thing a borrower needs is to be house poor.  House poor is when you buy a more expensive home even though you can afford it but then you can’t afford to go out and do fun things.  You never know when an unexpected bill is going to pop up.  Better yet what if you want to take a vacation?  Even worse, what if the air conditioning goes out, or you have a water leak that needs a repair or , a broken car, or a medical emergency?  All of this costs money.  It’s really important to factor in a certain percentage of your paycheck to go to your rainy day fund, to your saving fund, and to your fun fund.  Some people place a great emphasize in life on going out and having fun.  Therefore, it might be a good idea to buy a more affordable home that allows  you the freedom to go out rather than spending your weekends at home.

For more information go to our home page at and click on contact us. A licensed loan officer will be more than happy to return your call and answer your home mortgage loan questions.


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