Getting into the market, specifically the real estate market, requires crossing a number of thresholds financial thresholds. For lenders, credit scores still play a big part of the process. Lenders differ, but most require a 620 score, with 580 representing the floor for most approved loans. The minimum FICO credit score for FHA loans required can be a credit score as low as 500. 
Within this current market, Millennials represent the largest and newest demographic. The Millennial generation represents over 75 million, comprising nearly a quarter of the total U.S. population.
Other Options
Millennials are participating in this historic economic boom, making homeownership an objective. Because the home values in most markets have risen betwen 25% and 40% over the last 4 years, Millennials are seeking-out new options. That option is the purchase of less expensive and smaller homes in order to enter the market and begin building home equity.
Certain studies have found that:
Over 25% of Millennials plan to buy a house this year have less than $1,000 in savings
44% of Millenial respondents have outstanding debt, with 23% owing more than $10,000
45% found saving for a down payment as the biggest barrier to homeownership
41% found homes are too expensive
36% found the cost of living being too high
31% of potential homebuyers found themselves carrying too much debt
Going small when it comes to real estate has become one viable point of entry into this market.
Millennials are:
Willing to purchase less expensive and smaller houses
24% of millennial homebuyers are looking to spend less than $100,000 on a new home
Millennials are looking for homes that are about 1,694 square feet
Millennials are exploring lower down payments – 70% of Millennial in a survey said they were planning to put down less than 20% on a new house
27% of Millennials said they would put down less than 10%
27% will look to getting money from family
34% are looking for rent-to-own properties
40% are taking a mortgage loan with an interest rate of 6% or higher