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Millennials: I want to own a home, but I’m scared

Millennials: I want to own a home, but I’m scared

When it comes to purchasing a home for Millennials there are elements of ambitious conceit marked with the fear of commitment. The housing crises impacted Millennials ability to leap without the fear of impossibility or failure. At the time of the 2007 housing crisis most Millennials were either in college or going into their career fields. Renting was a normal way of not being a statistic of foreclosure, and more of a sense of I made it without the entitlement. Now with better housing conditions, Millennials inability to enter the market is a direct result of the economy putting stress on overstated requirements needed to accomplish home buying opportunity. Little do those critics know, there are many loan programs that help consumers purchase a house with little as 3 percent down and even some with as little as zero percent down. As a realtor, I’ve seen buyers get a check back at closing and not write one.

When talking to Millennials, student loans seem to be a huge discussion that gets in the way of buying a house. However in some Millennials mind, it has come to realization that they will be in their 40s, 50s, or 60s until they stop paying off student loans, but they will always need a place to call home. Unless you qualify for Student Loan Forgiveness then your debt path for elimination cannot be altered. Successfully paying off debt means you have a good paying job that give you flexibility to gain control over your finances. But gaining control could be a result in just paying your bills on time, putting a little in the savings account, and living a lifestyle that does not allow you to cut back on enjoying life.

I remember that feeling of renting my first apartment out of college, my one bedroom lifestyle. I thought to myself that I’ve come a long way. However there was a little bit of an empty feeling when I paid my rent because it did not come with a statement of my contribution or how much I’ve applied to my account to reduce my balance, and it was not home.  I noticed I was renting to keep my apartment rather to live and enjoy it. Perhaps this is the same thought of most Millennials, as they look more towards how they can invest rather than wasteful spending.  And once you open up that door of buying one house, then you are set up to buy multiple houses. There is the starter home that says you’ve made it which leads to your dream home, then ultimately sets you up for your retirement home. Your career accomplishment is only successful when you can look back a couple years and see the opportunity given has afforded you the ability to gain greater than what you previously possessed.

Homeownership has become the new social media posting frenzy when honoring your accomplishments. It’s more defined than showing off your vehicle or given excitement to a new job. Your job can always be taken away from you, but your home is what you can protect and control. Owning a home is land ownership which is something that not all African Americans were given the chance to have until after the Civil War.  Land ownership was the best way for blacks to secure and enjoy newfound freedom.  In the end, everyone can have a job some good and some not so good, but not everyone will own a home in their life time.  The facts are real.

About Stephen L.

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Stephen is a 2008 graduate of Sam Houston State University with a BBA in Banking and Financial Institution. He received his MBA from Walden University in August 2014 with an emphasis on Risk Management. He has worked for the top lenders including JPMorgan Chase, Wells Fargo, and USAA, and is currently working as the CEO of MAH in Dallas, TX. Stephen has held several positions in the industry from Underwriter to Assistant Vice President of Underwriting, reporting to the Vice President of mortgage operations. With a broad history and experience covering topics from underwriting to loan servicing, he has a keen understanding of the intricacies of the industry and its ever-changing landscape.

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