Did you know the millennial generation rents the most and makes up 27.3 percent of all renter households? The second fastest-growing group of renters, people ages 35 to 44 make up 21.5 percent of all renters. If these people ever decide to buy houses instead of renting, Los Angeles could experience another housing boom.
The LA Times recently wrote, “Call them the prodigal millennials: Statistical measures and anecdotal reports suggest that young couples and singles in their late 20s and early 30s have begun making a belated entry into the home-buying market, pushed by mortgage rates in the mid-3% range, government efforts to ease credit requirements and deep frustrations at having to pay rising rents without creating equity.
One of the biggest points in the debate over rent vs buy is No down payment needed to rent. Now we have a number of banks that are moving toward zero down payments. Banks like to have the homeowner put some skin in the game, 10% to 25% is usual, but
- Veterans Affairs (formerly the Veterans Administration) guarantees no-down purchase mortgages for qualified veterans.
- Navy Federal Credit Union, the nation’s largest in assets and membership, offers 100 percent financing to qualified members for buying primary homes.
- The Department of Agriculture’s no-down payment Rural Development mortgage guarantee program is so popular that it has been known to run out of money before the end of the fiscal year.
- The Federal Housing Administration insures loans with small down payments. And private mortgage insurers have lowered their down payment requirements.
Coal to Cash Homebuyers, Inc. is here to help homeowners out of any kind of distressed situation and help first time homebuyers find the house of their dreams. As investors, we are in business to make a modest profit on any deal, however there are no fees, up-front costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.
Coal to Cash Homebuyers, Inc. is part of a nationwide group of thousands of investors who are helping tens of thousands of homeowners every year. We may not be the “traditional” route, but we CAN help and we can do it quickly, which they don’t want YOU to know about!
Give us a call today at 805-426-9988 to let us know what YOU need help with!