Buyers who receive homeownership counseling and education from us walk away with a clearer understanding of what it takes to buy a home and sustain homeownership. ~ Nick Beser, Director of Housing and Community Development
Baltimore, Maryland (PRWEB)
June 15, 2017
A Genworth Mortgage Insurance study recently found that in the past 10 years, three million first-time American homebuyers have been shut out of the home purchase market. Many of these buyers were young adults or members of middle or low-income communities. However, positive things are happening: This past quarter, first-time homebuyers represented almost 38% of the purchase market, up three percent from the historic U.S. average. This change is due in part to a shift in attitude: As young adults age, they are marrying and starting families, so they need more space and are looking for a home in which to settle. Rebelling against the high cost of rent, they are suddenly more motivated to buy. Nick Beser, Director of Housing and Community Development at nonprofit Guidewell Financial Solutions says, “Today’s young adults and working families may need help buying a home. The good news is that ownership is now within their grasp, because the market is beginning to listen to their needs.”
Guidewell Financial Solutions (also known as Consumer Credit Counseling Service of Maryland and Delaware, Inc.) offers three trends and tips to help prospective buyers prepare to own:
Trend #1: A good credit score is still important.
Many factors affect buyers’ ability to qualify for a mortgage. Lenders usually consider their income and employment. Their FICO credit score also has a significant impact on whether they are approved for a mortgage and the…