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Three Ways To Connect With Millennial Homebuyers
DALLAS (8/1/13)--As they mature, Gen Y members are becoming prime targets for the mortgage market.
 
Here are three ways credit unions can position themselves to serve Gen Y's mortgage needs:
  • Offer education on home-buying opportunities. Provide rent vs. buy calculators to help them see the savings in purchasing a home, advised CU Members Mortgage Senior Vice President Linda Clampitt. First-time homebuyer seminars also help motivate buyers and set proper expectations.
  • Make products available. Most Millennials don't have large sums of cash at their disposal, yet they don't want to delay their housing needs to save a large down payment, Clampitt said. The Federal Housing Authority (FHA) is still a low down payment option for them. If credit unions aren't offering FHA assistance, they need to know Gen Y has a growing need for this program.
  • Provide technology solutions. Gen Y members want their needs met on demand, even with home loans. An online home loan application provides the opportunity to apply at their convenience, she said.
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