ESCANABA, Mich. (WZMQ) – As summer approaches, people are planning DIY home projects. That includes millennials, more now than in recent years.
Financing companies like GreenStone Farm Credit Services have noticed a change when it comes to millennials and their homes. According to financial services officer Amber Hanson, more millennials are interested in purchasing a place to live than renting.
“We look at the trends and see that most millennials have paid off student debt,” Hanson said. “They want to make that American dream come true, which is of course owning a home.”
However, in the current market, Hanson says there are not many houses for sale. She says those looking to own a home are turning to other options.
“We do have many millennials that are coming in and looking to purchase property and then doing either do-it-yourself construction projects,” said Hanson.
GreenStone offers construction financing to rural homeowners for projects like constructing a garage or adding onto a house. Hanson says before applying for a loan, there are a few factors to consider, such as credit score, debt ratios, budget, and location.
“If you’re looking at a rural resident loan, which is going to be less than five acres, we’re not able to fund those within the [Escanaba] city limits,” Hanson explained. “If you’re looking at a country living loan, which is more than five acres, kind of the sky’s the limit. We do have some access restrictions, so if you’re in a place like Gogebic County, we do need to make sure that there is legal deeded access.”
Hanson says many millennials are concerned about interest rates.
“If you look at where rates have been wholistically, we’re really not higher than what we’ve been,” she said. “However, if you want to take a short glance back in the past two years, we are.”
GreenStone works to offset that with services like yearly dividend checks that go back to borrowers. Hanson says it is all done in an effort to create solutions for homeowners of all ages.
“We’re just really going to talk about if this loan would be a good fit for you or not,” she said. “We’ll go through a loan request and then hopefully get you the home you’re dreaming of.”
For more information on financing a DIY project through GreenStone, click here, email amber.hanson@greenstonefcs.com, or visit GreenStone in person at 1801 North Lincoln Road, Suite A.
