Many Long Island NY Homebuyers Can Get Help

Many Long Island NY homebuyers could get down payment assistance without winning a jackpot or the lottery

A study to make Long Island NY homebuyers realize they could qualify for a free down payment without hitting the jackpot and winning the lottery found that 87 percent of all U.S. homes qualify for down payment help.

Long Island NY Homebuyers Need to Investigate Options

Many Long Island NY homebuyers, especially Millennials, have not fully investigated their home financing options because they are pessimistic about qualifying for a mortgage. The Homeownership Program Index highlights the wide range and availability of down payment programs available to today's Long Island NY homebuyers. 91 percent of the 2,290 programs in the registry have funds available to lend to eligible homebuyers. Income limits vary depending on the market and programs extend beyond just first-time Long Island NY homebuyers. It's important for buyers to research down payment programs as part of their loan shopping process.

Historically low homeownership rates across nearly every age demographic have led to a public policy push to lower the barrier to homeownership through down payments as low as 3 percent, but the fact is, the barrier to homeownership is often much lower than even that 3 percent for borrowers who take advantage of one of the myriad down payment help programs available across the country.

RealtyTrac looked at 2,290 down payment programs from Down Payment Resource's Homeownership Program Index and found that out of more than 78 million U.S. single family homes and condos in 1,792 counties with sufficient home value data, more than 68 million (87 percent) would qualify for a down payment program available in the county where they are located based on the maximum price requirements for those programs and the estimated value of the properties.

Long Island NY Homebuyers May Be Missing the Boat

You could be REALLY missing the boat if you don't at least look into one of the free down payment plans available across the country.

We have seen a dramatic increase in financing options available and loosening of credit scores with conventional 3 percent down payments readily available for qualified Long Island NY homebuyers. This is great news for the millennials and Long Island NY homebuyers re-entering the market.

Get more information about how first time Long Island NY homebuyers, whether Millennials or not, can get started in the home buying process in our section on Long Island NY Home Buyer Tips to your right under Long Island NY Real Estate Categories.

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Long Island NY Home Buyers Want These Features

More millennials are expected to become Long Island NY home buyers this year, and they might have a wish list of features that set them apart from previous generations of house hunters. We have assembled a list of features that The Federal Savings Bank has also noted as being desired by Long Island NY home buyers, especially among millennials:

Features Millennial Long Island NY Home Buyers Demand

Long Island NY home buyers want features like a separate laundry room in any home they are looking to buy these days

Separate laundry room. According to the National Association of Home Builders on January 26th, the No. 1 feature millennials demand is a separate laundry room. Many first-time Long Island NY home buyers said they would pass on houses that did not have this room.

Several storage areas. Another must-have is plenty of storage, including a walk-in pantry and garage storage. This could give millennials more room to hold and organize their belongings after spending time renting in apartments or living with their parents.

Energy-efficient technology and equipment. A separate report back in October 2014 by the National Association of Realtors found millennials are also demanding technology that is sustainable or energy-efficient. These include LED lighting as well as heating and cooling systems that save energy.

Simple and open spaces. While older generations liked the look of crown molding and other details, millennial Long Island NY home buyers are not so much interested in these design elements, according to NAR. Instead, they prefer open spaces in houses to spread out.

Overall, millennials will look for homes that fit in their budgets, which could mean smaller houses, according to NAHB.

Although millennials will likely seek out less pricier homes, they are less likely to favor houses made with inexpensive materials.

Get more information about how first time Long Island NY home buyers, whether millennials or not, can get started with the home buying process in our section on Long Island NY Home Buying Tips to your right under Long Island NY Real Estate Categories.

We post daily tips and news for Long Island NY home buyers at Twitter, and also on our Facebook Page. We'd love you to check us out there too.

Long Island NY Homebuyers Say Location Still Matters

Nearly half of Long Island NY homebuyers surveyed by The Demand Institute who say they plan to move at some point in the future say that location still matters for them.

While some Long Island NY homebuyers say they will move for a larger or nicer home, or perhaps buy a home for the first time, three out of every four movers say that a location consideration is a reason for moving.

Most Long Island NY homebuyers surveyed still say location is an important factor

Most Long Island NY homebuyers who answered the survey said they won't go very far. More people seem to be wanting to move closer to city centers and are looking for denser, more walkable living. But most Americans in general say they will still continue to choose to live in the suburbs.

Findings of Long Island NY Homebuyers Surveyed

For most Long Island NY homebuyers, the location of their home is as important as or even more important than the physical home itself. So it's not surprising that location-related reasons play a critical role in the decision on when and where to move. 75% cite one or more location-related reasons for why they are planning to move.

While location plays a big rol in housing decisions, most Long Island NY homebuyers say they will stay in state, and more than half (59%) will move within 30 miles of their current home, and 27% of those plan to move less than 10 miles from where they live now.

A big factor for Long Island NY homebuyers is the desire to feel safe where they live. "Safe Neighborhoods" is a top unmet housing need for many Long Island NY homebuyers, as well as most Americans nationwide.

Other location-related priorities vary greatly. Those with school-age children care about good schools, while those in the workforce want to be close to their job. Others want to be in walkable areas near entertainment, services and public transit, and some don't want to be close to anything at all.

Since most Long Island NY homebuyers have at least one car, they continue to be fine with being a short drive from most services and amenities. Still, most do want to be within walking distance of one or two places, like a park, bus stop or convenience store.

There are important benefits associated with more walkability. More walkable communities report stronger expectations with home price growth, and are also more likely to report that their quality of live has improved in the past few years.

As you can see, there is tremendous diversity among Long Island NY homebuyers in terms of features and benefits. This diversity will likely persist going forward, given that these differences reflect divergent consumer needs and preferences. And this is a good thing, providing Long Island NY homebuyers with options consistent with their life stage and preferences.

If you're considering joining the ranks of Long Island NY homebuyers but are not sure where to begin, give us a call or fill out our short contact form here on our site. We're always available to sit down and discuss your moving plans with you and help you find the right neighborhood for your lifestyle and desires.

First Time Long Island NY Homebuyers Disappearing

First-time Long Island NY homebuyers now account for only one-third of all home purchases, the lowest share since 1987.

That's according to an annual survey conducted by the National Association of Realtors, which questioned a random sample of people who purchased homes between July 2013 and June 2014.

First time Long Island NY homebuyers seem to be vanishing according to the National Association of Realtors

Reasons First Time Long Island NY Homebuyers Are Vanishing

Of the many reasons first time Long Island NY homebuyers seem to be disappearing, rising rents and repaying student loan debt makes saving for a down payment more difficult, especially for young adults who've experienced limited job prospects and flat wage growth since entering the work force. Adding even more trouble for would-be first time Long Island NY homebuyers, those finally in a position to buy have had to overcome low inventory levels in their price range, competition from investors, tight credit conditions and high mortgage insurance premiums.

Wages should go up as the job market continues to improve, but first time Long Island NY homebuyers report that getting a mortgage is a lot harder than they expected.

NAR Chief Economist Lawrence Yun said in a statement recently, "Less stringent credit standards and mortgage insurance premiums commensurate with current buyer risk profiles are needed to boost first-time buyer participation, especially with interest rates likely rising in upcoming years."

The median age of first time homebuyers nationwide was 31, and their median income was $68,300. Their typical purchase: a 1,570-square foot home costing $169,000, something that is increasingly more difficult to find in the Long Island NY real estate market.

The typical repeat buyer, by contrast, was 53, with an income of $95,000. Repeat buyers bought bigger and more expensive homes.

Home sellers, meanwhile, are getting older: 54 on average now vs. 46 back in 2009. The typical seller has been in his or her house for 10 years — a new high.

If the share of first time Long Island NY homebuyers continues to shrink, many homeowners who would like to move up to a more expensive house may find it harder to sell their current home.

To stay abreast of news that affects the Long Island NY real estate market, bookmark our site and check back often. We also post tips and news daily at Twitter and Facebook.  Be sure to follow us there.

Young Long Island NY Homebuyers – Overcoming Hurdles

Many young "would-be" Long Island NY homebuyers are finding themselves in a position that young Long Island NY homebuyers haven't been in before.

Statistics tell us there aren't as many young Long Island NY homebuyers as there used to be. Thirty-six percent of American homeowners are 35 and younger, the lowest on record since 1982, when the census's Housing Vacancy Survey began tracking homeownership by age. Those age 65 and older have a much higher rate of homeownership – 80 percent – but that's expected. The longer you live, the more time you've had to save and buy a house.

Many young Long Island NY homebuyers are beginning to wonder if they've done something wrong, and will they ever have a place of their own.

Long Island NY homebuyers are finding themselves facing financial hurdles

Financial Hurdles for Long Island NY Homebuyers Today

There are numerous factors pushing against millennials' plans to become Long Island NY homebuyers, including the economic hangover from the recession, but student loans are a major obstacle. Even if a lender doesn't see your massive student loan debt as something that could prevent you from making a mortgage payment, plenty of potential homeowners do.

Student loans have kept many potential Long Island NY homebuyers on the sidelines in recent years, and that trend is poised to get even worse going forward.

Other "would-be-buyers" are burdened with the lack of any credit history at all. Lenders generally see you as a risk if you have no credit history.

The best advice most lenders have for young Long Island NY homebuyers is to establish some credit as soon as possible. Getting a credit card will help, providing you don't abuse it and turn no credit into bad credit. The average millennial is two to four times more likely to make a late payment than older generations. So be careful with credit cards.

Your geography may be an obstacle. If you graduated from college and moved to  Long Island NY with a lot of student debt and no other credit, your chances for becoming one of the few Long Island NY homebuyers in your age bracket to own their own home is slim.

If you have good credit, a good job, some funds for a down payment, and are not strapped with a lot of student debt, getting a mortgage may still be a challenge if you're using the bigger lenders. Sometimes it's better to shop the smaller lenders and credit unions. Oftentimes they may be willing to keep your mortgage "in-house" rather than re-selling your loan to Fannie Mae or Freddie Mac.

Smaller lenders can work around some circumstances and situations with less red tape, and without having to worry about guidelines on the loan resale market.

Consider an FHA loan. These loans are insured by the Federal Housing Administration and are for first-time Long Island NY homebuyers, although the FHA defines that as anyone who hasn't owned a house in three years. Generally, you'll need a down payment of at least 3.5 percent and a credit score of at least 580, although some lenders won't even begin a discussion unless you're in the mid-600s.

Talk to as many lenders as possible, and see what specific programs they offer and what the best rate around is. Go in person to a branch office and speak directly with a loan officer. Your chances of becoming one of the newest Long Island NY homebuyers is much better going that route than trying to apply online, or through a larger lender.

We can help you find the best lender for your set of circumstances. Contact us and let us help you get on the right path to becoming a Long Island NY homebuyer.