Young people are known to complain about the lack of down payment in most of their endeavors. This has led to a 29-year-old entrepreneur known as Yifan Zhang to come up with a solution. She recently recounted how most of her friends used to complain about the issue. Having bought a home with her husband last summer, Mrs. Zhang figured out that she could make an extra income by listing her spare bedroom on Airbnb. She discovered that the money from the spare bedroom was enough to cover her mortgage. Using her entrepreneurial skills, she was able to establish Loftium. This is a service company that is located in Seattle, Washington. For starters, the company agrees to offer home buyers a home deposit of $50,000. On the other hand, the recipients had to agree to list their spare bedroom on Airbnb for the next three years. At the same time, they had to agree on a deal about how they would share their income with Loftium during the same period. According to the founder of the company, she mentioned that the services are for people who don’t have parents to help. It’s also for people who don’t have high salaries to cover mortgages without struggling. Together with Adam Stelle, they co-founded the company to assist people who are done trying. The want to help people who are almost giving up.
Fannie Mae executives recently released a report noting that many young people see the dream of owning a home as an impossibility. Fannie Mae is a finance mortgage giant controlled by the US government. This point was also echoed by Jonathan Lawless who is the customer solutions vice president at Fannie Mae. The organization had earlier suggested that it was looking for creative ways that would help aspiring homeowners especially the ones that were paying student loans. The firm also announced that they would consider the students that were being assisted by their parents or employers to pay their loans. Mr. Lawless also said that many renters were struggling with savings. There is a fear in the current generation that the doubt may rise to unmanageable levels. Loftium targets families and young workers who wish to buy a house below $600,000. Beyond Seattle, Loftium says that it will open new branches in Raleigh, Denver as well as Chicago. The company appreciates that saving money to cover as down payment can be a huge task to many people.