Millennials (the generation of people born between 1981 and 2000), consist of some 90 million people. And those people are entering the ranks of first-time home buyers in larger and larger numbers. In fact, in the summer of 2014, almost 30% of home buyers were millennials, according to With that in mind, here are some tips that young first-time home buyers should keep in mind:

  • Boost Your Credit Score: Your credit card debt on revolving accounts versus your available limits is a big part of your credit score. Paying cards down and keeping low balances can really bump up your credit score.
  • You May Not Need a Large Down Payment: While you may think you need a 20% down payment, many loan programs require much less. Loans guaranteed by the Federal Housing Authority (FHA) only require 3.5% down payments, and many conventional loans require only 3%. Loans guaranteed by the Department of Veteran’s Affairs (VA) or the US Department of Agriculture (USDA) may not require any down payment. And remember, you may be able to make your down payment with a gift from a family member.
  • You May Not Need Two Years at Your Job: In fact, you may only need a few months on the job or even less. Having a job establishes your base income. Some lenders are willing to consider your work history combined with your school enrollment to document a two-year timeline.

It’s Not too Early to Get Started

If you’re a younger consumer wanting to be a first-time home buyer, call 407-733-6425, or you can browse the rest of the Embrace Home Loans’ website. We’re experts in helping people like you get financing for homes, and we can review your financial history and help you understand the options that may be available to you.

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