June is National Homeownership Month, and Silverton Mortgage, a leading direct residential mortgage lender, is striving to spread the message that Homeownership is for everyone while helping that American Dream come true.
ATLANTA, June 8, 2023 /PRNewswire-PRWeb/ -- June is National Homeownership Month, and Silverton Mortgage, a leading direct residential mortgage lender, is striving to spread the message that Homeownership is for everyone while helping that American Dream come true.
"Homeownership provides individuals and families with so many positives - the stability of having a set monthly payment, tax breaks for many, and the ability to gain equity and build generational wealth," said Josh Moffitt, CEO of Silverton Mortgage. "As a company, we are committed to providing loans to individuals and families and helping everyone start, and complete, their journey to owning a home of their own."
This national spotlight on homeownership began as a weeklong recognition in 1995 and was first proclaimed to last the entire month in June 2002 under former President George W. Bush. In 2022, the Biden-Harris Administration put forth a comprehensive effort to close the housing supply shortfall and is continuing to take action to address the barriers families are facing in today's housing market through the U.S. Department of Housing and Urban Development (HUD).
Silverton is celebrating homeownership month with a focus on how different generations, ethnicities, genders, and other demographics are approaching home ownership in the post-pandemic market.
"We recognize that home loans are as diverse as the people who seek them, and we work closely with borrowers to find the right program to fit their unique needs," said Dan Dadoun, president. "Our goal is to provide counsel to our customers to ensure they understand the ins and outs of the mortgage process and to make it as easy as possible to make their dreams come true."
According to the National Association of REALTORS®, Millennials (ages 23 to 41) continued to make up the largest share of the buyers in 2022 and have been the dominating purchasing group since 2014. The typical first-time buyer was 36 years old this year, rising from 33 last year, which may be a reflection of the current market and less affordability. The newcomers to the housing market are Gen Z (ages 18 to 22) making up just 2 percent of buyers and sellers in 2022. While their sample is too small to gather unique characteristics, it shows that a new generation is interested in homeownership and is sure to make a bigger impact in the future.
The NAR report also reflects that traditional household dynamics are undergoing a considerable shift. While the majority of buyers continue to be married couples, 17 percent were single females, nine percent were single males, and 10 percent were unmarried couples. This is the highest share of unmarried couples recorded. There is also an uptick in buyers who do not identify as heterosexual, which was up to 9 percent this year.
First-time buyers made up 26 percent of all home buyers in 2022, down noticeably from the previous year's 34 percent. There are still common myths that deter many from pursuing homeownership, the biggest one being that a 20 percent down payment is needed. That amount can seem insurmountable to many young buyers who are trying to save for a down payment. However, there are plenty of low and no down payment programs available for both first-time and repeat home buyers.
Homeownership for all means doing the work to make home loans affordable in underserved communities. Silverton does this by collaborating with state agencies and strategic partnerships in both the public and private sectors, to offer down payment assistance programs and educational resources to aid first time homebuyers. The company is committed to make real and lasting change in all the communities it serves, supporting programs such as the Metro Atlanta Chamber's (MAC) ATL Action for Racial Equity, a multi-year, multi-step action plan designed to help address the ongoing effects of systemic racism impacting the Black community in the city.
"The bottom line is that homeownership is not an unattainable goal. Regardless of age, race, gender, or sexual orientation, homeownership is something that should be within reach for all." Moffitt said.
About Silverton Mortgage
Founded in 1998, Silverton Mortgage has grown from a one-man operation to an acknowledged leader within the mortgage industry. For the last 3 years, more than 9 out of 10 borrowers said they would recommend Silverton to their friends and family. In addition, Silverton has repeatedly been recognized by the Atlanta Journal-Constitution, The Charlotte Observer, and the Atlanta Business Chronicle as one of the top places to work.
Silverton Mortgage also supports many community organizations with team time and resources including The Silverton Foundation, which provides mortgage and rent assistance to help reduce financial and emotional burdens for families with children who have been hospitalized or receive ongoing chronic or critical care treatments.
All loans are subject to credit approval.
Silverton Mortgage is authorized to originate FHA, VA, and USDA loans, but it is not an agent of, or affiliated with the U.S. Government.
Vanderbilt Mortgage and Finance, Inc., dba Silverton Mortgage, 1201 Peachtree St NE, Ste 2050, Atlanta, GA 30361, 404-815-0291, NMLS #1561, (http://www.nmlsconsumeraccess.org/), AZ Lic. #BK-0902616, Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act license, Licensed by the N.J. Department of Banking and Insurance, Licensed by PA Dept. of Banking, Rhode Island Licensed Lender. Licensing information: https://silvertonmortgage.com/licensing/. All information is believed accurate and is subject to change without notice. Equal Housing Opportunity 06/23
Media Contact
Tiffany Fessler, Silverton Mortgage, 7706053187, [email protected]
SOURCE Silverton Mortgage
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