Semper’s HALO Program is Helping Millennials Buy More Homes
May 16, 2019
Student loan debt is one of the top reasons Millennials struggle to purchase their first home. This debt affects whether you can move out of mom’s basement in your 20s or if you will be living at home well into your 30s (no matter how your Mom loves having you home). According to a recent 2019 survey by Realtor.Com, Millennials are the generation most likely to agree that it is essential for their partner / potential partner to be a homeowner. Which means, in short, owning a home takes you from a 6 to a solid 8 on the attraction scale. No one wants to be the person to admit they still live at home with Mom when you are 25 or older.
Saving for a down payment seems nearly impossible when your student loan averages around $30-70K as soon as you throw that graduation cap in the air. Student loans increase your debt to income ratio (DTI) which then affects your ability to qualify for a mortgage, not to mention that being late or missing one student loan payment can affect your credit score dramatically. According to Forbes.com, former students in the U.S. alone owe $1.56 trillion dollars in student loan debt.
Semper’s HALO Down Payment Assistance Program can help you get home faster with no money down, no cash up front and 100% financing. Semper will make having to save 20% of the home’s estimated value a thing of the past. Whether it is your first home or not, we are happy to be able to provide up to 3.5% down payment assistance to those who qualify. Semper’s HALO will help those who have good credit but limited funds for a down payment buy a home & start the next chapter. It can also help those who have a nest-egg saved but would rather keep it for a rainy day get into a second smaller and more manageable property. Semper wants this generation to invest in their future. Owning a property and making payments on time will positively affect your credit score and get you out of your Mom’s house. Just remember, when you are a homeowner you are instantly bumped up two points on the attractive scale. This will lead to more dates which could potentially lead to grandchildren & isn’t that what your Mom really wants anyway? Contact Semper HQ or your local branch today to see if the HALO program is the right choice for you.