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.

What’s Your Home Worth?

Search for Your New Home

1173 W Park Court Chandler, AZ 85224

$535,000
4 Beds
3 Baths
2,057 SqFt
Status Active
MLS # 6706233
Property Type Single Family Residence
Price Type --

4630 Golden Eagle Ridge Wickenburg, AZ 85390

$535,000
2 Beds
2 Baths
1,587 SqFt
Status Active
MLS # 6702386
Property Type Single Family Residence
Price Type --
Welcome to 4630 Golden Eagle Ridge in Wickenburg Ranch, a resort style golf community. Step into this exquisite 2 bed 2 bath home with a split floor plan, beautiful wood look tile floors throughout, & gorgeous natural light. Entertain in the heart of the home with a Chef's kitchen, gas cooktop, built in appliances, quartz counters, expansive island, & sleek white cabinets with custom lighting above & below. Enjoy Arizona's best weather as the 18 foot sliding door opens onto a beautifully landscaped private backyard with a large pavered patio. The extended covered patio out front is perfect for enjoying your morning tea. Ready to enjoy the luxurious amenities? Head to your extended length garage & grab your golf cart! Your hardest decision will be choosing between so many activities! Wickenburg Ranch provide as much peace or play as you want! Pickleball, tennis, bocce, 20 miles of walking trails, Dog park, 6 acre lake park with catch & release fishing, Solstice Park for Yoga & Astronomy, full service salon & spa, pool & hot tub will poolside bar & food, multiple bars & restaurants, workout facility, art barn, game rooms, culinary parlor, The 18-hole, par-71 championship course known as Big Wick has been voted one of the Best Golf Courses in the U.S.!! Wanting a fun short game? Try Li'l Wick, a 9-hole, par-3 course. Listen to music streamed around the course, tee off in your flip-flops, pick up a rental club set, try the giant hammock & cozy seating areas to relax in between holes, & enjoy ice-cold beverages from The Watering Hole for the ultimate casual golfing experience. Golf & Social Club management by Troon®! Don't miss out on this amazing lifestyle! Call today!

17214 W Hermosa Drive Surprise, AZ 85378

$535,000
2 Beds
2 Baths
1,950 SqFt
Status Active
MLS # 6706553
Property Type Single Family Residence
Price Type --
Charming Borgata with Extended Patio & Peek-A-Boo look at Cimarron Golf Course. Walk to Pickleball, Fitness Center,Community Pool/Spa and Putting Green. Exterior Painted April 2024, Newer Trane HVAC, Newer Hot Water Heater with Recirculating Pump. Kitchen features Bay Window, Induction/Elec Cooktop, Built-In Convection Oven & Microwave, Corian Countertops, Reverse Osmosis & SS Appliances. Great Room Offers Fireplace, Media Wall and extra lighting. Den/Office Extended with Tile flooring & door onto Patio. Primary Bedrm w/Bay Window , Ensuite with Extended Shower Stall, Skylight and Closet Organizer. Shutters Throughout & Built In Murphy Bed in 2nd Bedrm. Covered Extended Patio-Built In BBQ & Stamped concrete coated, Extended 2 Car Garage w/ floor to Ceiling Cabinets & Epoxy Flooring.

1120 W Elgin Street Chandler, AZ 85224

$535,000 - 3Br/2Ba -  for Sale in Fairfax Park Lot 1-151 Tr A, Chandler
New
$535,000
3 Beds
2 Baths
1,767 SqFt
Status Active
MLS # 6707592
Property Type Single Family Residence
Price Type --
Nicely remodeled home, with new flooring throughout the property. New Quartz counter tops in the Kitchen, Master bathroom and 2nd bathroom. New door hardware along with upgraded light fixtures and faucets, completed 2024. This home is 3 bedrooms plus a den, den could be converted to a 4th bedroom at buyers expense. Nice private swimming pool to enjoy during the summer months. No Hoa. The AC unit was replaced several years ago and water heater has been replaced 3 years ago. Pool heater to convey as is.

10008 E Tamery Avenue Mesa, AZ 85212

$535,000
3 Beds
2 Baths
1,845 SqFt
Status Active
MLS # 6706514
Property Type Single Family Residence
Price Type --
MOVE IN READY Gem in East Mark! This home was perfectly upgraded when it was built with neutral wood plank tile throughout all the main living areas, upgraded carpet, wood shutters throughout, tile super shower in the primary suite and a gourmet kitchen complete with gas cooktop, wall ovens, tile backsplash, pendants and under cabinet lighting, and topped off with quartz countertops! This perfectly sized low maintenance, backyard features extended travertine patio and turf. Located right in the center of the neighborhood with no neighbors behind, overlooks the greenbelt to the front, and walking distance to EastMark Park, the Clubhouse, Pool, & just minutes drive to the 24 Frwy and all the new shopping, dining, and employment opportunities this area has to offer-You're gonna love it here!

13391 W Caribbean Lane Surprise, AZ 85379

$535,000 - 4Br/2Ba -  for Sale in Roseview, Surprise
New
$535,000
4 Beds
2 Baths
2,265 SqFt
Status Active
MLS # 6707041
Property Type Single Family Residence
Price Type --
Gorgeous Surprise home* sparkling pebble tech pool* 3 car garage* great curb appeal* single level* 2265 sq ft* 4 bedrooms* 2 bathrooms* newer AC unit 2017* large lot with lush backyard and pool* spacious kitchen with large kitchen island* custom water filtration system* neutral light flooring tile throughout home* spacious great room* bay window in master bedroom* double sinks and separate tub and shower in master bathroom* all outdoor furniture in backyard included with home* furniture in master bedroom also included with home if buyer likes it* security system* fruit trees in backyard* pool heater not currently working* custom built in garage cabinets* cultured stone trim on front of home* close to shopping* restaurants* schools* golf* and much more* fantastic home!

1233 E Sea Gull Drive Gilbert, AZ 85234

$535,000
3 Beds
2 Baths
1,752 SqFt
Status Active
MLS # 6705973
Property Type Single Family Residence
Price Type --
Welcome to this beautiful home in Palisades at Val Vista Lakes in Gilbert. This single-level home has great space and flow perfect for functionality. It offers two living areas with vaulted ceilings, spacious kitchen with refinished cabinets & granite countertops, three bedrooms plus a den, oversized soaking tub in primary, double sinks in both bathrooms, and laminate and tile flooring throughout. Enjoy outdoor entertaining with large patio and built-in gas BBQ. The backyard's landscaping has low maintenance artificial grass, mature fruit trees & bushes providing shade and tranquil feeling. Lake Community, Gilbert Schools, close to Grocery, Shopping, easy access to US 60, wonderful place to call home in Gilbert!

16858 W Juniper Way Yarnell, AZ 85362

$535,000
3 Beds
2 Baths
1,647 SqFt
Status Active
MLS # 6528236
Property Type Single Family Residence
Price Type --
This property is more of a relaxing retreat, complete with guest quarters! Perfect 2nd home or vacation rental. It boasts several impressive features including specialty heated hardwood floors, custom Corian kitchen countertops, beautiful centerpiece wood-burning fireplace and lots of windows offering natural light. The main house has 17 ft vaulted ceilings with a private sitting loft and deck overlooking a courtyard of beautiful granite boulders, and a small seasonal creek. His & hers walk-in closets, jacuzzi tub and walk in shower make the upstairs owner suite complete. With convenience in mind, the combo washer/dryer allows no swapping laundry and the solar panel system lowers energy bills. The exterior property invites you in with a gorgeous level paved sidewalk or walk up paved steps, a beautifully landscaped garden with fruit trees, a hot tub, a custom Trex deck & outdoor bar area, a 2 car covered carport with parking for 5, including RV parking. Additionally, the guest house is newly remodeled and includes a private bedroom, living area, and space for a small kitchenette if one desires. All of this on over 13 acres of preserved beautiful hiking space (Not horse pasture), and walkable to Yarnell's shops and restaurants. Just out of the Phoenix heat and close to Prescott, this makes a perfect weekend getaway! Don't miss it!!

4411 N 40th Street Phoenix, AZ 85018

$535,000
2 Beds
1.5 Baths
1,024 SqFt
Status Active
MLS # 6606386
Property Type Townhouse
Price Type --
Welcome to Three Fountains, a stylish representation of mid-century modern architecture nestled in the coveted Arcadia neighborhood of Phoenix. This 2-bedroom, 1.5 bath residence offers an exceptional blend of timeless design and modern living. Upon entering, you will be greeted by the warm embrace of natural light streaming through large windows, accentuating the clean lines and sleek aesthetic of the era. The open concept living spaces seamlessly connect the kitchen and living room area to the spacious back patio retreat, making it ideal for both relaxing and entertaining. The primary suite has ample closet space while the guest bedroom offers versatility for both sleeping and room to create a home office. Walkable to great restaurants and shopping.

18554 W Jones Avenue Goodyear, AZ 85338

$535,000
5 Beds
3.5 Baths
3,551 SqFt
Status Active
MLS # 6607642
Property Type Single Family Residence
Price Type --
As soon as you enter this majestic residence, your attention will be captivated by one impressive upgrade after another. Discover built-in shelving in the office, elegant cedar plank privacy shades in the formal dining room, a gourmet kitchen, pervasive stone accents, luxurious marble baseboards, and bamboo flooring throughout. The home features five bedrooms, 3.5 baths, and an inviting upstairs loft. The rear yard is a haven for entertainers, with an RV gate, enhanced exterior lighting, an outdoor BBQ area, firepit, spa, and a mesmerizing water feature. Plus the home is turnkey! There is an added benefit of an OWNED Solar System. Don't miss the chance to explore and experience the beauty and potential for creating lasting memories in this remarkable home. Conveniently located just minutes away from downtown Goodyear, offering easy access to shopping, restaurants, and services.

19517 N Crescent Ridge Drive Surprise, AZ 85387

$535,000
2 Beds
2 Baths
2,289 SqFt
Status Active
MLS # 6644855
Property Type Single Family Residence
Price Type --
Extended Verano in a great location just blocks from the Cimarron Center. This tastefully upgraded home includes details such as both the primary and guest bedrooms are extended 4 ft. plus bay windows, hard wood flooring in the living room and bedrooms and the kitchen features updated cabinets, quartz counter tops, kitchen island, SS appliances and dining area. Both the primary and guest bathrooms have updated cabinets and counter tops. Spacious Den with crown molding. Anderson windows in the 2nd bedroom, hall bathroom and Den. Inside laundry with extra storage. HVAC & water heater in 2014. 3 car garage. Relax on your private back covered patio with lovely landscaping.

1819 E Fairmount Avenue Phoenix, AZ 85016

$535,000
3 Beds
2 Baths
1,338 SqFt
Status Active
MLS # 6664552
Property Type Single Family Residence
Price Type --
Come see this charming 1940's remodeled gem! Spacious open floor plan and stylish wood-look tiled floors. 3-bed, 2-bath, 1,338sqft featuring a NEW ROOF and NEW HVAC, updated windows, beautiful natural light, functional kitchen island with great storage, stainless steel appliances, wood cabinets, and so much more. Enjoy the warmth of the brick fireplace in the family room with patio access to the very large backyard. Plenty of room for a pool, or guest house one day! The large yard is ready for your creative touch to become a your own oasis. Centrally located with easy access to the 51, this home is minutes away from Downtown Phoenix, Scottsdale, and North Phoenix.

Leave a Reply

Your email address will not be published.