HomeMortgageSilverton Mortgage Celebrates Nationwide Homeownership Month

Silverton Mortgage Celebrates Nationwide Homeownership Month

June is Nationwide Homeownership Month, and Silverton Mortgage, a number one direct residential mortgage lender, is striving to unfold the message that Homeownership is for EVERYONE whereas serving to that American Dream come true.

“Homeownership supplies households of all make-ups and ages with so many positives – the steadiness of getting a set month-to-month cost, tax breaks for a lot of, and the power to realize fairness and construct generational wealth,” mentioned Josh Moffitt, CEO of Silverton Mortgage. “As an organization, we’re dedicated to offering loans to households and serving to everybody begin, and full, their journey to proudly owning a house of their very own.”

This nationwide highlight on homeownership started as a weeklong recognition in 1995 and was first proclaimed to final the complete month in June 2002 underneath former President George W. Bush. In 2022, the Biden-Harris Administration put forth a complete effort to shut the housing provide shortfall and is continuous to take motion to handle the boundaries households are going through in as we speak’s housing market by way of the U.S. Division of Housing and City Growth (HUD).

Silverton is celebrating homeownership month with a deal with how completely different generations, ethnicities, genders, and different demographics are approaching residence possession within the post-pandemic market.

“We acknowledge that residence loans are as various because the individuals who search them, and we work intently with debtors to seek out the proper program to suit their distinctive wants,” mentioned Dan Dadoun, president. “Our objective is to supply counsel to our clients to make sure they perceive the ins and outs of the mortgage course of and to make it as straightforward as doable to make their goals come true.”

In accordance with the Nationwide Affiliation of REALTORS®, Millennials (ages 23 to 41) continued to make up the biggest share of the patrons in 2022 and have been the dominating buying group since 2014. The standard first-time purchaser was 36 years previous this 12 months, rising from 33 final 12 months, which can be a mirrored image of the present market and fewer affordability. The newcomers to the housing market are Gen Z (ages 18 to 22) making up simply 2 p.c of patrons and sellers in 2022. Whereas their pattern is just too small to collect distinctive traits, it reveals {that a} new era is involved in homeownership and is bound to make a much bigger affect sooner or later.

The NAR report additionally displays that conventional family dynamics are present process a substantial shift. Whereas the vast majority of patrons proceed to be married {couples}, 17 p.c have been single females, 9 p.c have been single males, and 10 p.c have been single {couples}. That is the best share of single {couples} recorded. We’re additionally seeing an uptick in patrons who don’t establish as heterosexual, which was as much as 9 p.c this 12 months.

First-time patrons made up 26 p.c of all residence patrons in 2022, down noticeably from the earlier 12 months’s 34 p.c. There are nonetheless frequent myths that deter many from pursuing homeownership, the most important one being {that a} 20 p.c down cost is required. That quantity can appear insurmountable to many younger patrons who’re attempting to avoid wasting for a down cost. Nonetheless, there are many low and no down cost applications obtainable for each first-time and repeat residence patrons.

Homeownership for all means doing the work to make residence loans reasonably priced in underserved communities. Silverton does this by collaborating with state companies and strategic partnerships in each the private and non-private sectors to supply down cost help applications and academic assets to assist first time homebuyers. The corporate is dedicated to make actual and lasting change in all of the communities it serves, supporting applications such because the Metro Atlanta Chamber’s (MAC) ATL Motion for Racial Fairness, a multi-year, multi-step motion plan designed to assist tackle the continued results of systemic racism impacting the Black neighborhood within the metropolis.

“The underside line is that homeownership isn’t an unattainable objective. No matter age, race, gender, or sexual orientation, homeownership is one thing that ought to be inside attain for all.” Moffitt mentioned.



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