When I log on to Facebook and scroll down my Newsfeed, I am normally bombarded by selfies, inane rants typed in all caps to truly convey one’s rage, and cat videos.
But wedged in between these typical posts are friends’ and colleagues’ life milestones, one of which being:
The first home purchase.
If you are a twenty-something, you’ve probably seen it. A couple proudly standing in front of their newly purchased house, hand in hand, with a ‘SOLD’ sign somewhere in the background. There may even be matching clothes and/or a drooling baby involved.
I have often expressed my reluctance when it comes to owning a home (Exhibit A), and while the sentiment still remains, I can’t deny the appeal of eventually transitioning out of apartment life and finally being able to put my Pinterest board and hours of HGTV watching to use (House Hunters and Property Brothers, I promise to do you proud when the time comes).
Chances are your average first-time Gen Y homebuyers’ credit will fall short of perfect. JoAnne Raemaker, loan officer for CU Members Mortgage, took this into account when helping two of her clients finance their first home:
“[The client] and I spent a lot of time on the phone discussing each issue, and numerous emails went back and forth almost on a daily basis, and many times, several times a day. Communication is key during this process – especially in their situation where things were a bit more complicated. So expect the unexpected, keep communication channels open, and be willing to explain the details several times if necessary.”
This is all the more important when you take into account that many young homebuyers are struggling with the hurdle of scraping together a large downpayment.
Does your credit union accommodate Gen Y members and the financial realities that they face? Let us know in the comment section below!
DeAndre Upshaw is a former Young & Free Texas Spokester. He's a marketing professional living in Dallas and a Beyonce enthusiast. DeAndre is the host and executive producer of The State of Awesome. Follow him on Twitter and check out his personal website.