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Millennials want to buy a house soon according to Bank of America

Millennials want to become homeowners in the next few years, but several are buying into certain house-purchasing myths, according to Bank of America.

Approximately 38% of first-time homebuyers have plans to buy their first house in the next two years, and 36% wish to buy a house within the next 3 to 5, according to Bank of America’s Homebuyer Insights Report. Still, a knowledge gap exists among renters.

Almost half of millennial renters believe a 20% down payment is required to buy a home and almost 43% think they have to pay private mortgage insurance if they don’t put twenty percent down. Almost 24% think they need to have a perfect credit score to successfully get a mortgage.

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