LAKEWOOD, Colo. -- Jared Burns is a Lakewood resident and a millennial. And Burns, like a lot of millennials, would love to have a home sweet home.
But, like a lot of millennials, Burns knows it will take years of saving and living in his parents' basement just to come up with a down payment right?
Wrong, says Mack Humphrey, a loan officer with Fairway Independent Mortgage. Humphrey is going to deconstruct the No. 1 myth that’s scaring off millennials from a mortgage: That a 20 percent down payment is needed to get a mortgage.
“Conventional is not 20 percent down. Actually, conventional is only minimum 5 percent down. Twenty percent again is just to get rid of mortgage insurance, and there are other ways to get around mortgage insurance as well," Humphrey said.
So we put the rubber to the road and had Humphrey crunch Burns' numbers to see if the American dream is not just a dream for him.
“He can afford at least $270,000 worth of house," Humphrey said.
"Very surprised, very excited," Burns said. "Because now something that seemed impossible is very possible.”
Humphrey’s advice to millennials? Stop texting and start talking to a real estate agent.
Burns said he’ll be looking at homes this weekend.