The Jersey Shore by Karl Hess: Buy a Home in Ocean County with Zero Down!

Buy a Home in Ocean County with Zero Down!

Still Think You Need 15-20% Down to Buy a Home in Ocean County? Think Again!

According to a new study from Urban Institute, there are over 19 million millennials in 31 cities who are not only ready and willing to become homeowners, but are able to as well!

Ocean County First Time Home-buyer Programs

Now that the largest generation since baby boomers has aged into prime homebuying age, there will no doubt be an uptick in the national homeownership rate. The study from Urban Institute revealed that nearly a quarter of this generation has the credit and income needed to purchase a home.

Search for Your Dream Home in Ocean County

Surprisingly, the largest share of mortgage-ready millennials lives in expensive coastal cities. These cities often attract highly skilled workers who demand higher salaries for their expertise.

So, what’s holding these mortgage-ready millennials back from buying?

Myths About Down Payment Requirements! 

Most of the millennials surveyed for the study believe that they need at least a 15% down payment in order to buy a home when, in reality, the median down payment in the US in 2017 was just 5%, and many programs are available for even lower down payments!

The study goes on to point out that:

“Despite limited awareness, every state has programs that provide grants and loans to make homeownership more attainable, with average assistance in various states ranging from $2,436 to $21,171.”

“Zero” Money Down USDA Program: A USDA home loan is a zero down payment mortgage for eligible rural and suburban homebuyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture.

Advantages of the USDA Home Loan Guaranteed Program:

  • 100% financing
  • No down payment requirement
  • No Mortgage Insurance
  • No Cash Reserves Required
  • Loan up to 101% of appraised value
  • Seller Contributions Limited to 6%

Bottom Line

With so many young families now able to buy a home in today’s market, the demand for housing will continue for years to come. If you are one of the many millennials who have questions about their ability to buy in today’s market, let’s get together so we can assist you along your journey!

Karl Hess & Keller Williams Shore Properties provides expert real estate services to residential buyers and sellers in Ocean County. Contact us today for more information on Ocean County Real Estate and for professional assistance navigating this complex home market.

As always, thank you for your time and feel free to get in touch if you have any questions. Karl Hess, Keller Williams Shore Properties - #1 Real Estate Office in Ocean County

 

 

 609-553-7926

Find Your Dream Home on The Jersey Shore in Ocean County!

www.TheJerseyShoreHomeFinder.com

 

 Licensed in New Jersey.  Keller Williams Shore Properties 

1400 Hooper Ave. Toms River NJ 08753 Phone: 732-797-9001

 

 

 

Comment balloon 1 commentKarl Hess • November 02 2018 01:33PM

Comments

You sure are the local expert!  Keep the great information coming!

Posted by Kristin Johnston - REALTOR®, Giving Back With Each Home Sold! (RE/MAX Realty Center ) 18 days ago

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