Millennials Flock to Low Down Payment Programs

Millennials Flock to Low Down Payment Programs | Simplifying The Market

A recent report released by Down Payment Resource shows that 65% of first-time homebuyers purchased their homes with a down payment of 6% or less in the month of January.

The trend continued through all buyers with a mortgage, as 62% made a down payment of less than 20%, which is consistent with findings from December.

An article by DS News points to the new wave of millennial homebuyers:

“It seems that the long-awaited influx of millennial home buyers is beginning. Ellie Mae reported that mortgages to millennial borrowers for new home purchases continued their ascent in January, accounting for 84 percent of closed loans.”

Among millennials who purchased homes in January, FHA loans remained popular, making up 35% of all loans closed. Ellie Mae’s Executive Vice President of Corporate Strategy Joe Tyrrell gave some insight into why:

“It is not surprising to see Millennial borrowers leverage FHA loans because they typically offer lower down payments and lower average FICO score requirements than conventional loans. Across the board, we’re continuing to see strong interest in homeownership from this younger generation.”

Bottom Line

If you are one of the many millennials who is debating a home purchase this year, let’s get together to help you understand your options and set you on the path to preapproval.  Give me a call to get started – J.P. Cook – 602-320-4253.

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15880 W Hackamore Drive Surprise, AZ 85387

$551,990
5 Beds
3 Baths
2,734 SqFt
Status Active
MLS # 6597386
Property Type Single Family Residence
Price Type --
Step up to Luxury with the Cobalt floorplan at Mason Ranch! This beautiful home invites you in thru an enlarged foyer with a tray ceiling, then opens to a super Great Room, w/ a 12ft ceiling and a centre opening Sliding glass door inviting you to the covered patio, 42 inch light brown maple Shaker kitchen cabinets uppers w/ crown moulding, enlarged kitchen island, quartz countertops, wood look ceramic tile, Stainless Steel Whirlpool appliances including gas range, 5 large Bedrooms, 3 Baths, and 3 Car Garage! Impressive! ALL of our homes include SMART Home technology. Pictures are of home under construction. Actual home may have different selections than pictured. Ready for a quick delivery! Come and see it TODAY!

3131 N Central Avenue Phoenix, AZ 85012

$551,900
2 Beds
2 Baths
1,125 SqFt
Status Active
MLS # 6585352
Property Type Apartment
Price Type --
*Construction completed* RATE BUYDOWN INCENTIVE! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom condo offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

4284 Ponderosa Trail Wickenburg, AZ 85390

$551,721
3 Beds
2 Baths
1,811 SqFt
Status Active
MLS # 6453654
Property Type Single Family Residence
Price Type --
This new home is located in Trilogy at Wickenburg Ranch, a premier 55+ and All Ages Golf Resort Community. This beautiful new home features over $150k in upgrades and a $15k premium homesite. Ready for you to move in now, you won't have to wait long to move right into this move-in ready brand-new home on an incredible homesite in our Freedom collection. Featuring 3 bedrooms, 2 baths and a den at ~1811 square feet, this spacious FLOURISH plan features an open great room with split bedrooms. The kitchen includes Built-in Stainless Steel GE Profile Appliances, quartz countertops, kitchen island and expanded upper cabinets. A custom backsplash and upgraded cabinet hardware round out this great kitchen. CONTINUED....... The 15' multi-slide door in the great room opens to the extended patio and landscaped rear yard, which backs to a wash. Other features include an expanded garage, with room for toys and storage, upgraded flooring and sinks throughout the home, brushed nickel fixtures and upgraded lighting throughout. Trilogy at Wickenburg Ranch offers a Guard Gated Community with TWO golf courses - a championship 18-hole Big Wick and the accessible 9-hole L'il Wick, Resort Style Pool, Poolside Bar, Jake's Spoon, a signature restaurant & bar, Alvea Spa, Art Barn, Fitness Center, Pickleball and Tennis Courts, Dog park, The Watering Hole outdoor restaurant at L'il Wick and miles of soft and hard trails throughout the community.

4224 S Crape Myrtle Court Sierra Vista, AZ 85650

$551,696
4 Beds
2 Baths
2,067 SqFt
Status Active
MLS # 6637184
Property Type Single Family Residence
Price Type --
We are proud to offer this exquisite Custom home! Spacious, exciting, with a touch of elegance this 4 bed/2bath is on a quiet cul de sac and over 1/2 acre lot. The open floor plan boasts modern lighting, fantastic kitchen with solid wood cabinets & soft close doors, 6cm granite counters, Frigidaire gas range, appliances, large island & under cabinet lighting, 8ft doors thruout, profiled crown molding & baseboards, 20X20 porcelain tile. Striking direct vent gas fireplace with custom brick veneer highlights the living area. A den/office area for the ''work at homers'' A huge 3 car garage w/insulated doors ready for the toys & cars& all this and more on a spacious lot ready for your pool! RV gate and parking with hookups available. Don't wait as this home is sure to please all who see it.

2420 W Stradling Avenue Apache Junction, AZ 85120

$551,650 - 5Br/3Ba -  for Sale in Radiance At Superstition Vistas, Apache Junction
New
$551,650
5 Beds
3 Baths
2,444 SqFt
Status Active
MLS # 6707690
Property Type Single Family Residence
Price Type --
This expansive 2,444 square-foot single-level home offers the perfect combination of space and comfort. With 5 bedrooms/3 full bathrooms, this residence is ideal for large gatherings for those who love to entertain.The home's open-concept design creates a seamless flow between the main living areas. The kitchen is a highlight, featuring modern appliances with a gas stove, ample cabinetry, a large center island, and a breakfast bar. Adjacent to the kitchen is a spacious dining area that comfortably accommodates family meals and gatherings. The living room is designed for relaxation and socializing, with plenty of natural light streaming through large windows. 3 car garage & HUGE yard! tankless water heater!

5652 W Gulch Drive Eloy, AZ 85131

$551,332
2 Beds
2.5 Baths
1,884 SqFt
Status Active
MLS # 6619929
Property Type Single Family Residence
Price Type --
*This Designer Home* is,, ready for an immediate move in, is one of our most popular floor plans. With a spacious Kitchen & raised height ceilings, you won't believe its only 1884sf, It is Beautifully upgraded with well thought out finishing touches selected by our design team. Robson Ranch was voted one of the top 50 best master planned communities in the county by Where to Retired magazine. Robson Ranch is centrally located between Phoenix and Tucson and offers world-Class, resort-style amenities including: New Clubhouse w/Ballroom/Auditorium, Championship Golf, Heated Indoor and Outdoor Pools, 16 Pickleball Courts, Tennis, Fitness & Creative Arts Centers, Restaurant, Softball Fields, Dog Park & Much more.

1573 S 391st Avenue Tonopah, AZ 85354

$550,000
4 Beds
3 Baths
2,300 SqFt
Status Active
MLS # 6671395
Property Type Single Family Residence
Price Type --
Here is a brand new construction with amazing mountain views where you can enjoy the serenity and amazing sunsets you won't get in the city. This spacious home has split floor plan and second bedroom with ensuite bathroom. The luxurious kitchen includes modern shaker cabinets, a walk-in pantry, generous kitchen island, sleek black and white quartz countertops. Throughout the home, ceramic flooring will offer durability while the bathrooms exude luxury with large marble slab tiles in the shower areas. You will find the spacious laundry room near the main bedroom, as you exit to the garage. Situated on 1.22 acres, there is abundant room to store your recreational vehicles and ideal parking space for semi trucks! Bring your horses, goats, chickens, ducks, atvs, rzrz, rvs, or trailers!

17470 E Hiding Horse Lane Dewey, AZ 86327

$550,000
3 Beds
2 Baths
1,311 SqFt
Status Active
MLS # 6624342
Property Type Single Family Residence
Price Type --
Very Well Built Brand New sitebuilt House on Over 2 Pristine Acres! House is Stucco with the Color throughout with Perfect Santa Fe style finish . Tons of Room for Your Big Shop or Addition! Primary Bedroom Fits King Bed and the Bathroom has Dual Sink in luxury Vanity , Dual Medicine Cabinets, and Primary bathroom connects to the Walk in Closet. Primary Shower is Walk-In and Tiled Floor to Ceiling (Desirable Pebble Shower Floor) w/ Glass Shower Doors Shampoo Shelf and Window all wrapped in tile! House and Even the Entire Over Sized 2 Car Garage has a high Insulation Factor with Superb R-Value Spray Foam . Big Slider to the Massive Exterior Covered Concrete Porch which Features a Designer Pine Ceiling. Area for BBQ and Outdoor Living with Great Temps here! State Land Near By!

3871 E Pinon Court Gilbert, AZ 85234

$550,000
3 Beds
2 Baths
1,869 SqFt
Status Active
MLS # 6699952
Property Type Single Family Residence
Price Type --
Welcome to the highly sought after Gilbert neighborhood of El Dorado at the Highlands within walking distance to Highland Park Elementary School and nearby San Tan Charter. This single level 3 bedroom, 2 bathroom 1869sf Fulton Homes property sits at the end of a cul-de-sac lot with a coveted three car garage, newer AC, and swim-ready pool in the private backyard. Prepared for its market debut, this home has brand new carpet and interior paint throughout highlighting its vaulted ceilings, formal living and dining room with ample indoor and outdoor entertaining spaces, an open kitchen with breakfast bar seating, & spacious bedrooms in their own private wing. The ensuite master sits at the back of the home for ultimate privacy with beautiful bay windows overlooking the backyard with real... ...grass, a covered patio, and large pool just in time for the summer months. Conveniently located near area schools, Cactus Yards for local sports and entertainment, the Riparian Preserve, and the best shopping and dining Gilbert has to offer - you are not going to want to miss this one!

18722 W Denton Avenue Litchfield Park, AZ 85340

$550,000
3 Beds
2.5 Baths
2,843 SqFt
Status Active
MLS # 6634873
Property Type Single Family Residence
Price Type --
Welcome to Zanjero Trails in Litchfield Park. This is the ever-popular 2 story Stella model from Homes by Towne, which features 2843 sq-ft of living space, and sits on a beautifully landscaped lot. This better-than-new home has great mountain views and perfect outdoor area with two pergolas for relaxing or entertaining, open concept main living area with 3 Bed + (DEN and LOFT) + 2.5 Baths + 2 Car Garage. Enter through the new custom front security door, main living area features a light color scheme with rich, neutral colored tile plank flooring and can lighting. Modern kitchen with upgraded appliances, gray granite counters and island, gas range and a spacious pantry. Main living area features two separate patio access doors, joining inside and outside together for those beautiful Arizona days and nights. Main level den/front room makes for a great flex space whether you need an office or a guest room. Upper level features a spacious master bedroom with a full master bath, with dual sinks, separate shower/ tub combo and a walk-in closet. Along with 2 additional bedrooms, full bath and a bright loft area. Beautifully landscaped outdoor space, centered twin pergola design with paver walkway and turf green spaces on both sides, large covered patio area with two patio access doors creating a great flow. Neighborhood and backyard mountain views, offers close proximity to 303 freeway access, LAFB, shopping, dining, entertainment, and health care. Seller has a VA Assumable Loan. This one is sure to go fast, so don't hesitate:)

3625 S Payton -- Mesa, AZ 85212

$550,000
4 Beds
2.5 Baths
2,385 SqFt
Status Active
MLS # 6646476
Property Type Single Family Residence
Price Type --
Take a look at this desirable home in Mesa located just minutes from freeway access, and dining options! It has an amazing layout with 4 bedrooms, a den, and a loft. The open kitchen, highlighted by a beautiful picture window, offers a scenic view of the sizable backyard. The large primary bedroom is upstairs, and has a spacious bathroom and closet. Don't miss out on this inviting home with its ideal location and well-designed features!

300 N Gila Springs Boulevard Chandler, AZ 85226

$550,000
4 Beds
2.5 Baths
2,164 SqFt
Status Active
MLS # 6692427
Property Type Townhouse
Price Type --
Enjoy Luxury living in this gated community. Beautiful contemporary condo that has never been lived in full time and it shows! Main level consists of a tandem garage, laundry, kitchen, dining room, family room, half bath and large patio. Second level has three nice sized bedrooms, full bath and loft area. Top floor is for the entire primary suite. Enjoy a large kitchen with stainless appliances, pantry and bar seating. The formal dining room and family room are right off the patio making it great for entertaining guests. The guest rooms on the second level are split with a bathroom in between and a loft area can be used for fitness equipment, office or quiet reading space. The primary level is a dream for condo living. The bedroom has a patio large enough for chairs and a table so you can enjoy sunrises and sunsets. Lots of storage for linens and towels that leads you to the ensuite with dual sinks, private toilet room and a massive walk in closet! This gated community has a pool, spa, basketball hoop, fenced in grass area with picnic table and ample open parking. This particular unit is on the end making you only share one wall with no one below or above you. The owners spared no expense with this unit when it came to upgrades! They literally upgraded every single option you could do! Sit on the all turf patio with cute market lights and enjoy a glass of wine while you marvel in the architecture of this community. Furniture available of separate bill of sale.

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