Did you know that more Millennial women than men made FHA financed, primary home purchases in 2016? This was reported by Ellie Mae based on information obtained from their Millennial Tracker Report. Who knew such a tracking mechanism existed, but obviously it does.
Based on the report, the use of FHA financing to purchase their primary home was:
- 41% of single Millennial women
- 38% of single Millennial men
- 35% of married Millennial women
- 28% of Married Millennial men.
In both categories, single and married, more Millennial generation women used FHA financing for their home purchase than men. But, what does this mean?
From my perspective, it means that Millennials are starting to purchase homes and whether women or men, that’s good news for everybody.
Further, these borrowers are no slouches. The average FICO score among all Millennial home buyers, in December, was 746. Considering all the concerns about student loan debts it seems these Millennial are doing okay managing their finances.
Also, they are smart! They are taking full advantage of the FHA financing because of the low down payment requirements.
Millennials are a new generation of home buyers. They want their share of the American dream and are very careful about how they go about obtaining it. They are highly educated and technology savvy.
They expect high-quality service with ease of application, communication, and closing. They are not your grandfather’s borrower. (No offense to any grandfathers. I am proud to be one).
So, educate your originators and staff to know your customers, what they want and how to best service their needs. No matter woman, man, Millennial or Baby Boomer; they are all potential customers. Serve them well and you serve yourself.