Tough for millennials to save; buy house

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By northjersey.com 

Q. After a 41-year career, I retired as a commercial banker. I have been involved with many troubled loans where my commercial customers had severe home mortgage problems.

I lived through their pain with them — very ugly indeed. I have advised my son and his new wife to shop carefully over time while they are building up savings for a down payment. They have very little savings now and spend all they make even though they both have good management careers.

With the nation’s economy in a tough spot relative to their generation, and with an important election coming up, my advice is to save for the down payment, in spite of my son’s ability to obtain a VA loan, while the national scene gets into better focus.

The election’s tax and other financial implications for the middle class going forward will not make their financial lives any easier. What is your recommendation for a percentage down payment for a couple (no children) with the above general profile?

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