1. Insufficient credit score or history
The credit standards got tougher after the crash but that doesn't mean you are out for the count. 2/3 of millenials meet the industry standard minimum credit score of 620. Tip: Get your free credit score. Sites like credit karma will put you in the know of exactly where you are at and what items you need to clean up your score.
Did you get denied for a Target card and now you think your credit is crap?
Find out for sure. Most people refuse to look out of fear. It's better to know what you are dealing with, so let me put you in touch with the best lenders in town.
2. Millenials are largely unaware of the many down payment options available.
42% of home buyers say they didn't know what lenders would expect from them and 73% are totally unaware that 3-5% down payment options even exist! Plus, did you know I can roll your closing costs right into your loan? It's possible you will only have to pay out of pocket for a down payment.
3. Insufficient income for monthly payments
A wise man once said - Mo money mo problems. Your bills tend to stretch to where your
income level is. Simple budgeting tactics and awareness can help you move towards
home ownership goals. Check with a lender before you count yourself out. On average, the monthly debt to income ratio is at 32%, well within the range most lenders look for! It's definitely worth a conversation to get you out of your insane rental payment.