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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24099 N 147th Drive Surprise, AZ 85387

$505,774
4 Beds
3 Baths
2,204 SqFt
Status Active
MLS # 6703239
Property Type Single Family Residence
Price Type --
Up to 3% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply; details available from Selling Agent. MLS#6703239 October Completion. Experience contemporary living at Los Cielos at Rancho Mercado with our 40-2 floorplan—a single-story oasis featuring 4 bedrooms and 3 baths. The open design effortlessly connects the dining room, kitchen, and great room. Delight in the kitchen with tiled backsplash, recycle center, and beautiful soft close cabinets and drawers. Three secondary bedrooms and 2 bathrooms adorn the front for added seclusion, while the primary bedroom at the rear offers a generous walk-in closet, spa-like shower, and dual vanities—blending opulence with functionality.

8712 W Palmaire Avenue Glendale, AZ 85305

$505,000
4 Beds
2 Baths
2,345 SqFt
Status Active
MLS # 6657766
Property Type Single Family Residence
Price Type --
Brand New Kitchen & Master Counter Tops!! Spacious 4 bedroom home on a cul-de-sac. This home has a separate family room, living room, and dining room. The large kitchen has plenty of cabinets for storage and an island. Both bathrooms have double sinks. The home as 2 central AC units and a 2 1/2 car garage. The home is close to Glendale Arena, Cardinals Stadium, schools and the new Westgate project. Only minutes away from Loop 101 and I-10

7256 W Park Street Laveen, AZ 85339

$505,000
4 Beds
3 Baths
2,833 SqFt
Status Active
MLS # 6678382
Property Type Single Family Residence
Price Type --
IS A 13,992 SQUARE FOOT LOT big enough for you? And YES it has an RV GATE . 4 Bedrooms 3 bathrooms and a 3 Car Garage. Nice loft space for upstairs living. MASTER BEDROOM is on the first floor and it has a GINORMOUS walk-in closet. Master Bathroom has TWO sinks and SEPARATE tub and shower. Also a second bedroom on 1st floor. KITCHEN has large sit-down ISLAND, Tile floor, PENDANT LIGHTS, STAINLESS STEEL APPLIANCES and custom tile backsplash. YES the house has SOLAR. AND YES the SOLAR will be PAID OFF at close of escrow. & YES we are ready for your offer today!

18326 W Turquoise Avenue Waddell, AZ 85355

$505,000
4 Beds
3 Baths
2,200 SqFt
Status Active
MLS # 6679373
Property Type Single Family Residence
Price Type --
4 bedroom, 3 bath, single story home with pool in beautiful Cortessa. This amazing home has huge kitchen with granite counter tops, tile back splash, and stainless steel appliances. Master suite has walk in shower. Plus there are 2 master suites! Other upgrades included are new tile floors, barn door, RV gate with concrete extended from front of drive way to back of house for lots of parking space. Backyard is upgraded with pool, pavers, gazebo, dog run and your own private backyard shed FULLY air conditioned!! OWNED solar so NO PAYMENT... you can keep your house and shed very comfortable all summer long.

6547 E Sierra Morena Street Mesa, AZ 85215

$505,000
3 Beds
2 Baths
1,618 SqFt
Status Active
MLS # 6684384
Property Type Single Family Residence
Price Type --
Welcome home to a one of a kind real southwestern home where the outdoors has been brought inside to help you feel close to nature indoors while being surrounded by nature in the east valley. Located in prestigious Red Mountain Ranch, home to parks, lakes, a restaurant, and for an additional fee a membership to the clubhouse, swimming pool, tennis courts, and a Pete Dye designed 18 hole championship golf course! The current owner's upgrades to this home can now be enjoyed by you for years to come. Experience a charming rustic custom interior with colors that provide a relaxing environment, reclaimed barnwood wainscoting for a cabinesque feel, tiled walls and showers, real stone backsplash walls in the kitchen, ceilings bordered with wood for an outdoorsy feel, lots of windows that provide natural lighting, upgraded wood-grain porcelain floors plus bamboo flooring in the master bedroom, sliding barn door in the master bathroom, and 12 foot tall ceilings that make every room feel extra spacious. Enjoy homemade meals in your country kitchen with beautiful granite countertops and room for an herb garden in your big bay window. Feel like a rodeo king and queen in your gorgeous master bathroom and your buckaroos will feel pampered in their bathroom with colorful tiled walls, shower, and countertop. There is even porcelain tile on the front and back porches making a beautiful setting for entertaining guests. So much storage in the garage cabinets, attic, wood-enclosed areas, pantry, and 2 sheds! The 10x20 shed is large enough to become your workshop, game room, man cave, or she shed. Plus enjoy 3 bedrooms And an office! The floor plan includes 2 living areas offering flexible uses. A whole home water softener makes housekeeping easy. And a reverse osmosis water filtration system in the kitchen provides healthy, good-tasting water conveniently. The back yard has room for fruit trees and a garden. Sunscreens on bedroom and master bathroom windows helps the summers to be more comfortable. You will love being in a picturesque area near mountains, hiking trails, off-road trails, the Salt River, and lakes with the convenience of being near the freeway for easy access to all the Phoenix valley has to offer. And the Beeline highway is nearby also - travel north for a change of scenery and exploration. Come see why people love living in the east valley that offers a rural feel while being close to amenities. Watch a video on youtube: search for Rustic custom Red Mountain Ranch home. On zillow under Facts & Features click on View Virtual Tour.

1231 E Helena Drive Phoenix, AZ 85022

$505,000
3 Beds
2.5 Baths
1,852 SqFt
Status Active
MLS # 6684833
Property Type Single Family Residence
Price Type --
Beautifully maintained low maintenance home including backyard turf in great location - Conveniently located within minutes to SR101, SR51 and I-17 for easy access around town - Upgraded cabinets with child locks, granite, tile backsplash - loads of storage - inside laundry room with cabinets and pantry - extensive tile throughout except stairs and bedrooms - large loft perfect for home office, gym, playroom, etc - Views of Lookout Mountain from the primary bedroom - No neighbors behind you - backs greenbelt - Oversize extended garage with overhead racks - Schools, shopping, parks, golf, hiking within minutes - Desert Ridge and Norterra just minutes away - Best of All -* WE HAVE OWNED SOLAR* - No qualifying or pymt required with full price offer - Low utility bills for the summer heat! Seller will payoff solar at closing with full price offer. Seller installed solar in summer 2020. 25 panels in total.

7709 N 18th Avenue Phoenix, AZ 85021

$505,000 - 3Br/2Ba -  for Sale in Bristol Court, Phoenix
Open House
$505,000
3 Beds
2 Baths
1,349 SqFt
Status Active
MLS # 6687048
Property Type Single Family Residence
Price Type --
Welcome home to this charming property that boasts a cozy fireplace, a soothing natural color palette, and a spacious center island in the kitchen. You'll love the nice backsplash in the kitchen, and the other rooms offer flexible living space to suit your needs. The primary bathroom features good under sink storage, and the fenced in backyard is perfect for privacy. Enjoy the private in ground pool and covered sitting area in the backyard, ideal for outdoor entertaining. With fresh interior paint and new flooring throughout the home. Don't miss out on this wonderful opportunity!

8038 S 54th Lane Laveen, AZ 85339

$505,000
4 Beds
2.5 Baths
2,403 SqFt
Status Active
MLS # 6689698
Property Type Single Family Residence
Price Type --
Desirable 4 bedroom 3 bath floor plan with a sparkling blue pool home situated on a spacious corner lot in the sough after Cheatham Farms neighborhood! featuring bold decorative tones throughout. The formal living room offers soaring ceilings and fashionable staircase, separate formal dining leads to the sizable open kitchen, complete with new upgraded appliances with plenty of space to entertain as the kitchen flows through the family room out to your back patio. with a lots of space surrounding the pool for entertaining. The den downstairs is being used as a bedroom, this home is perfect for accommodating guests. With 4 more rooms upstairs the large primary suite is a great layout. Located in the heart of Laveen, you're just minutes away from dining options, easy access to the 202.

1061 S Annie Lane Gilbert, AZ 85296

$505,000
3 Beds
2.5 Baths
1,982 SqFt
Status Active
MLS # 6692061
Property Type Single Family Residence
Price Type --
Charming 3 bed/ 2.5 bath home in the popular Gilbert location of Cooley Station North. 1,982 sq ft, functional floor plan with an open concept kitchen; ample counter space, cabinets, RO drinking water system, a large pantry & a window over the sink facing the front yard. Main living space is well-designed with a four panel sliding glass door providing abundant natural light and a seamless transition of indoor/outdoor living & entertaining. Double door entrance into the primary suite featuring a gorgeous bathroom including oversized shower, standalone tub, dual sinks & a spacious closet. Also upstairs is the laundry room & additional two bedrooms with room in between for a small home office. The best of low maintenance living in a vibrant community with tons of amenities at a great value. Resort style heated pool, spa, ramadas & BBQ grills, greenbelts & a basketball court just a 2 min walk away. Come check out this fantastic community with convenient access to shopping, dining, entertaining, award winning schools & a 2 min drive to the 202 freeway.

2059 E Adobe Street Mesa, AZ 85213

$505,000
3 Beds
3 Baths
1,620 SqFt
Status Active
MLS # 6693344
Property Type Single Family Residence
Price Type --
Complete remodel! 3 Bed 3 bathroom home in Mesa Arizona. This lovely property features a 2-car garage, a convenient RV gate, tasteful stone accents, and a welcoming porch with charming trellis. Discover a lovely living room with vaulted ceilings, a neutral palette, and wood-look flooring. Enjoy the great room with stone-clad fireplace for cozy evenings. The kitchen comes with quartz counters, pristine white shaker cabinets, black stainless steel appliances, and a peninsula with a breakfast bar for casual dining. The master bedroom offers plush carpeting, sliding door access to the backyard, walk-in closet, and private bathroom. Venture outside to the backyard that boasts a big covered patio and a perfect canvas for your dream oasis, offering endless potential for personalized landscaping.

2511 W Queen Creek Road Chandler, AZ 85248

$505,000
2 Beds
2 Baths
1,346 SqFt
Status Active
MLS # 6693596
Property Type Apartment
Price Type --
This condominium combines luxury living with convenience, offering a sophisticated lifestyle with easy access to work, leisure, and everyday needs. It's ideal for professionals looking for a balance between work and personal life in a vibrant community setting. Views of city lights and mountains, enhancing the living experience. New carpeting in the main bedroom. Blackout drapes and drapery rods in the main bedroom for privacy and light control. Custom paint in various parts of the unit including the kitchen, entry, main bedroom and bath, and guest bath. Light filtering drapes in the living room that allow natural light while providing privacy. Custom California Closets in both the main and guest bedrooms for optimized storage. Pull-out shelves in kitchen cabinets and a dual garbage can pull-out system for convenience. Newly installed stacked LG Washer & Dryer in the laundry closet, creating additional shelf space. Water softener and water filtration system at the kitchen sink connected to the ice maker in the refrigerator for clean, purified water. Walk-in pantry for ample food storage. Low maintenance LVP flooring that is durable and easy to clean. Two (2) parking spaces with storage cage for additional security or storage. This extensive list of features clearly positions the property as a luxurious and convenient choice for prospective buyers offering comfort, efficiency, and stunning views in a prime location. Proximity to Dining and Entertainment: The ability to walk to nearby restaurants, entertainment venues, and a farmer's market enhances the living experience by providing leisure and shopping options right at your doorstep. Located close to significant tech companies like Intel and Northrop Grumman, and within the Price technology corridor, which could be particularly attractive to professionals working within these sectors. This condominium combines luxury living with convenience, offering a sophisticated lifestyle with easy access to work, leisure, and everyday needs. It's ideal for professionals looking for a balance between work and personal life in a vibrant community setting.

624 E Piping Rock Road Phoenix, AZ 85022

$505,000
2 Beds
2 Baths
1,340 SqFt
Status Active
MLS # 6698499
Property Type Single Family Residence
Price Type --
Beautifully renovated single-level home in Hillcrest is ready for its new owner! Centrally located in beautiful Moon Valley. Entering through your private courtyard to the newly updated home of your dreams! The kitchen boasts new stainless steal appliances, quartz countertops, and updated flooring throughout. Step into your master retreat with new vanity, tile shower and 2 master closets!

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