Golden Triangle Millennials Eager to Buy Homes

Our local “Millenial” generation is coming of age, and many of them have expressed the desire to go from simply renting a place to live, to investing in a true home. Combine that with a local economy that is improving steadily, incredibly low interest rates, and good availability of housing, and you have the perfect trifecta for anyone looking to purchase a home in the Golden Triangle – whether you’re just getting out of college or you feel it’s time to get out your old apartment and into a proper house, something which is often cheaper in the long run! Save money, gain stability, and put down roots in a town you love — That’s Good for Business!

Courtesy of WCBI

An apartment listing website recently conducted a study indicating that 84-percent of millennial renters in Mississippi want to purchase a home in the next two years. Whether you are one of these renters, or you have already established yourself in your career, this is a great time to buy a home.

stephen jones wcbi pic“Locally our economy is pretty good, you know we still have jobs being created. I think that helps out a lot when people are working,” says real estate agent Stephen Jones. ” The interest rate is still low, so it’s definitely still a great time to buy. Once the interest rate goes up, you buy less house.” he went on to give a bit of advice that we can all benefit from: “Well the number one thing that I would suggest is calling a local mortgage company and getting pre-approved. Once you’re getting pre-approved it makes the process a whole lot easier,” he says.

Jeff Farnham works for one such mortgage company, JTS & Company. He gave advice on what companies look out for:  “Job stability, overall credit, what your credit profile looks like, if there’s any money you can put down, how long do they want to finance the home?” He went on to say that, even if you can’t put down much of a down payment – or even none at all – many companies will be glad to work with you in order to come up with an affordable solution:  “So we’ll do some 100 percent financing if their eligible. Sometimes we look at FHA that only requires a 3 and half percent down payment, and it will actually allow a gift. If the homebuyer doesn’t have the money themselves, mom and dad can make a little gift for them,” says Farnham.

Generally speaking, as long as your credit score is 650 or higher, it should be smooth sailing.

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