Primary Residential Mortgage Provides a Lenient Loan Alternative for First-Time Home Buyers

Homeownership rates in the US have dropped due to the aftermath of the Great Recession and high housing prices. Primary Residential Mortgage, a mortgage firm based in Salt Lake City, offers FHA loans that help first-time home buyers acquire their first home with low credit scores and down payment.

Homeownership rates have hit 48-year lows, according to Fortune. First-time home buyers are also waiting for at least six years – the longest time ever recorded – before purchasing real estate, the report added.

Time also reported that homeownership among people aged 35 and younger has fallen due to the aftermath of the Great Recession with the burden of student loan debt.

First-Time Home Buyers in the US

According to the New York Times, the median age of first-time home buyers is 32, and they have a median salary of $72,000. Among them, 18% are single women, and only 8% are single men.

Zillow’s report on home buying trends revealed that affordability was the top priority for first-time homebuyers and the predominant choice were single-family homes. Home buyers aged 35 and below were more likely to buy homes that cost more than their initial budget compared to other generations.

Problems First-Time Home Buyers Face

A separate study by Zillow said two main issues of first-time home buyers are affordability and the impact of other generations. Baby Boomers are refusing to move out of their homes, making it difficult for younger generations to look for free, affordable spaces. With the burden of student debt, homeownership has become out of reach. Only 39% of millennials were able to reach the financial requirements of buying a property.

Finding Financial Support in FHA Loans

Most first-time home buyers sign up for FHA home loans, a mortgage program insured by the Federal Housing Administration (FHA).

According to Zillow, the FHA loan program was created to address the wave of foreclosures in the 1930s and to stimulate the housing market by making loans more accessible and affordable for people with low credit scores.

Primary Residential Mortgage, a mortgage firm based in Salt Lake City, Utah, offers FHA loan options to make home buying easier for first-time buyers. According to the firm: “The requirements for FHA loans are much lower than conventional loans. You can qualify with a credit score of at least 640 and a down payment of just 3.5% of the final loan amount.”

Additionally, FHA loans also offer low-interest rates and better home stability. FHA programs can help buyers keep their home from foreclosure.

About Primary Residential Mortgage

Primary Residential Mortgage is a mortgage firm in Salt Lake City, Utah that provide a variety of mortgage services. Apart from FHA loans, they also offer rural housing loans, VA loans, and assistance for mortgage goals for first-time buyers and second home buyers. Visit their website on https://www.primaryresidentialmortgage.com.

Designed by CyFocus.com
Powered by CyFocus.net
%d bloggers like this: