Sooner or later, we all want a place to call our own. More and more, it’s beginning to look like that time has come for the next generation of homebuyers.
“A recent study reveals that as of early 2017, as many as 34 million renters aged 25-44 now had credit that made them eligible to get a mortgage loan,” states Rick Piette, owner of Las Vegas-based Premier Mortgage Lending.
“Thirty-four million. That’s a huge number. Especially when you realize that as of the end of May, the total inventory of existing homes for sale in the U.S. is only 1.96 million.
“That’s not to say, of course, that every one of those 34 million will be running out and buying a home next week. But for those who are smart and recognize the unique opportunity available to them today, it may be the perfect time to take advantage of building a financial base for both their short- and long-term goals.
“At Premier Mortgage, we’ve been working with Las Vegas residents for years, helping people and families from many different situations get into a home of their own. From those who lost their homes during the housing crash and went through a foreclosure or short sale, to finding mortgage loans for those with poor credit to overcome; and providing loans for those seeking to make the transition from renting into ownership for the first time.
“With the increase in this 25-44 age group now having the ability to qualify for mortgage loans, it’s going to have a big effect on landlords as these renters begin to vacate rental properties in growing numbers. Ultimately, this may even benefit those who continue to rent – as occupancy rates slowly decline and landlords face pressure to find new ways to retain tenants.
“While we at Premier Mortgage love the idea of helping everyone who wishes to own their own home make it a reality, we also know that for many reasons – there will always be those who need to rent and maintain flexibility in their housing situation,” Piette adds.
“But it’s important that renting also be affordable for those people, too. As we see it, this may be a positive move to help equalize the rental and ownership markets in Las Vegas. It’s definitely something we’re going to keep an eye on to see what changes transpire from these new developments.”
If you’re wondering if you are among that new group of renters who can qualify to obtain a mortgage loan, contact Premier Mortgage lending at 702.485.6600 and our experienced Loan Officers can help you discover your home ownership options. Ask about our true “No Fee Loans” that save borrowers thousands, and our real “1% Down Loans,” perfect for those who are letting the lack of 10-20% down payment savings hold them back from owning a home.
Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas, Henderson, and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.