More Millennials Are Buying Homes with Mom and Dad’s Money
Many of today’s first-time homebuyers are qualified to take on a mortgage and have the financial means to repay their obligations. They have sufficient income to take on additional debt and maintain strong credit histories. The biggest challenge first-time homebuyers often face is the ability to accumulate the additional funds needed to close.
With Michigan home prices on the rise, and a high level of competition for a short supply of homes, millennials are turning to relatives for down payment assistance to make their homeownership dreams come true.
Our CEO, Tim Ross, recently talked to the Detroit Free Press about this growing trend. Click here to read the full-length article, which includes insights and observations from other members of the real estate community, as well as information and guidelines for using gift funds from relatives to support home buying decisions.
