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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8767 W Kimberly Way Peoria, AZ 85382

$509,900
2 Beds
2 Baths
2,167 SqFt
Status Active
MLS # 6659164
Property Type Single Family Residence
Price Type --
A genuinely comfortable place to call home... Walk in and see a plethora of updates and designer finishes: the kitchen and appliances, the primary bath with zero entry shower, the inside paint, the outside paint, the AC - the list goes on and on. Vaulted ceilings throughout and a bonus art studio/gardener's shop/sun room too! If you're looking for that ''just right'' home in a proud, close-knit, and active (but very quiet) golf community, then look no more. You found us. Come see. Price reduced. Seller is motivated.

14810 W Antelope Drive Sun City West, AZ 85375

$509,900
3 Beds
2 Baths
2,018 SqFt
Status Active
MLS # 6661228
Property Type Single Family Residence
Price Type --
This beautiful Cromwell floor plan in the much sought after Active Adult 55+ retirement golf community of Sun City West offers 7 courses, 4 rec centers and a multitude of other activities. This is a total turn-key home offering open floor plan with vaulted ceilings, lots of natural light and porcelain wood plank flooring throughout. Remodeled kitchen with Quartz counters, tile backsplash, and new appliances. The primary bedroom has double door entry, totally updated bath with dual sink vanity, Quartz counters, glass shower with tile surround & separate tub. Guest bath also has similar updates. Spacious a ¼ acre private lot with no neighbor directly behind, and updates that include, HVAC and water heater, all flooring, kitchen, both baths, some new windows, lighting and plumbing fixtures.

910 Timber Hollow Road Show Low, AZ 85901

$509,900
3 Beds
2 Baths
1,910 SqFt
Status Active
MLS # 6662070
Property Type Single Family Residence
Price Type --
This beautiful, updated Ranch Style home sits on fenced 1.04 acre and offers 3 bedrooms, bonus room and 2 full baths. Vaulted ceiling in Great room and Master Suite with knotty pine tongue & groove ceiling in the Great Rm. Forced air heat plus pellet stove in great room. Interior and exterior freshly painted. New flooring and baseboards. Kitchen features stainless steel appliances, island and plenty of countertop space. Plenty of storage space with outdoor storage sheds, 3 car garage plus storage/workshop space.

43301 W Caven Drive Maricopa, AZ 85138

$509,900
4 Beds
2.5 Baths
2,909 SqFt
Status Active
MLS # 6668662
Property Type Single Family Residence
Price Type --
Meticulously maintained Hacienda 2x6 construction. 4 bedrooms + Den, 3 car garage, pool/waterfall, large corner lot w/Citrus trees. Tile flooring, Staggered Kitchen Cabinets with Crown Molding vaulted Ceilings. Very spacious single level home at 2909 sf. This split floor plan with an H configuration features 3 secondary bedrooms at the front of the home then a full bath and a kitchen open to the family room with an exit access to the patio & pool. On the opposite side of the home this wing starts with the 3-car garage then a laundry room a half guest bath and the large Master suite with an exit access to the pool. The full bath features double sinks, separate tub & shower and a HUGE closet. The section dividing the two wings features a large Living Room with Formal Dining. See More.. (See Recently added Floor Plan). Living Room Picture Windows overlook the Backyard Pool Waterfall and Putting Green. All this on a 10,777 sf corner lot in a time when lot sizes are shrinking. The Den & Entry Way are adjacent to the Living Room/Formal Dining. This is one of the nicest sections in the beautiful Villages at Rancho El Dorado with all the great amenities that make this a fabulous Master Planned Community featuring: 2 Community pools 1 heated, Tennis, Pickleball, Basketball, Gym, Clubhouse, Lakes, Golf, Tot playgrounds, & Cable tv. Owner Upgrades 2019-2024: Laminate wood plank flooring in the FM Rm & Master. New Water Heater & Softener, Quartz Kitchen Countertops and Cab Handles, New Security front Screen door and Screen Door to Master, pool tile and pool cleaned, replaced Pool Pump, Pool multi color light, New Pool filters, Solar Pool Cover, New Putting Green & Plants, Wood Paneling at Kitchen Island & West Bath, Some Rooms Repainted. Recent Roof Inspection and Roof Tiles Reset. New Fan/Light Kit in MB.

2106 N Cold Springs Point Payson, AZ 85541

$509,900
3 Beds
2 Baths
2,091 SqFt
Status Active
MLS # 6673828
Property Type Single Family Residence
Price Type --
You're bound to fall for this charming single-level home, perfectly positioned against the backdrop of the National Forest! Situated in Payson Pines, it's a haven nestled amidst the serene beauty of the Tonto National Forest, offering stunning woodland views right in your own backyard. This thoughtfully designed home features a split floor plan with three bedrooms, two full bathrooms, a spacious living room, and dining area. The expansive open great-room boasts a cozy fireplace, ideal for unwinding after a long day. Indulge your culinary passions in the large open kitchen with seat up bar area. The master bedroom offer a large walk-in shower, double sinks, a separate toilet room, and a spacious closet. Additionally, the guest bathroom offers a tub/shower combination. Newer roof

2911 E Glenhaven Drive Phoenix, AZ 85048

$509,900
3 Beds
3 Baths
1,955 SqFt
Status Active
MLS # 6697487
Property Type Single Family Residence
Price Type --
Welcome to your newly refreshed oasis! This house boasts a fresh interior paint and new carpeting throughout, creating a pristine canvas for you to make your own. All cabinets have been meticulously painted, adding a touch of modern elegance to every room. Stay cool and comfortable with a brand new A/C unit and enjoy the gentle breeze from newly installed ceiling fans. The bathrooms shine with new light fixtures and hardware, adding a touch of sophistication to your daily routine. Step into the heard of the home - a beautiful kitchen adorned with stainless steel appliances, perfect for culinary creations and entertaining guests. Don't miss out on this opportunity to own a home that's both stylish and move-in-ready!

825 W Samantha Way Phoenix, AZ 85041

$509,900
4 Beds
2 Baths
2,885 SqFt
Status Active
MLS # 6689412
Property Type Single Family Residence
Price Type --
Well maintained 4 bedroom, 2.5 bath, 3 car garage home in Dobbins Crossing. Home features large living area with gas fireplace, Eat in kitchen with built in breakfast nook,, granite counters, gas stove oven, pantry and refrigerator. Downstairs primary suite with separate tub and shower, walk in closet and dual sinks. Home has an upstairs game room with balcony. Views of South Mountain! Back yard is easy to maintain, with a swim spa. This a great home!

4529 E Carob Drive Gilbert, AZ 85298

$509,900 - 2Br/2Ba -  for Sale in Trilogy Unit 8 Phase A, Gilbert
Open House
$509,900
2 Beds
2 Baths
1,604 SqFt
Status Active
MLS # 6700267
Property Type Single Family Residence
Price Type --
Welcome to resort-style living at 55+ Trilogy at Power Ranch in Gilbert, AZ. You'll love this 1604 sq ft. 2B2B +den Morningstar floorplan built by Shea. This home offers updated finishes throughout including Californian iron screen door, cherry cabinets, tile backsplash, granite countertops, s/s appliances (including gas stove,) tile flooring throughout, plantation shutters, updated bathroom fixtures and classic neutral interior paint throughout. The south-facing backyard oasis is completely fenced with a paver patio and mature plants with auto-irrigation. This home is being sold completely furnished with any remaining household items included. Mechanicals include water softener (owned,) reverse osmosis, gas water heater, 18 SEER HE AC and gas furnace. Trilogy at Power Ranch offers amazing amenities including heated swimming pools, fitness center, steam room and hot tub; organized fitness classes, pickleball, tennis, hiking, dancing, cards & games; groups including scrapbooking, stained glass, cooking, photography and quilting. Our championship golf course features an on-site restaurant and bar, all open to the public.

9516 W Trumbull Road Tolleson, AZ 85353

$509,900 - 4Br/3Ba -  for Sale in Sunset Farms Unit 4, Tolleson
Open House
$509,900
4 Beds
3 Baths
2,273 SqFt
Status Active
MLS # 6704558
Property Type Single Family Residence
Price Type --
Welcome Home! Step inside and be captivated by the spacious, open-concept layout and modern finishes. The gourmet kitchen is a chef's delight, featuring ample counter space, stainless steel appliances, and a large island perfect for entertaining. The inviting living room flows seamlessly into the dining area, creating an ideal space for family gatherings and hosting friends. Step outside into your own private paradise! The sparkling pool and surrounding patio are perfect for soaking up the Arizona sunshine, entertaining, or simply relaxing. Located in the desirable Tolleson neighborhood, this home is just minutes from schools, shopping, dining, and entertainment options & easy access to major freeways, commuting to work or exploring the Valley is a breeze.

14001 W Beverly Road Goodyear, AZ 85338

$509,790
3 Beds
2 Baths
1,658 SqFt
Status Active
MLS # 6699288
Property Type Single Family Residence
Price Type --
KING OF THE MOUNTAIN! NESTLED HIGH IN THE ESTRELLA FOOT HILLS, LOOK DOWN OVER THE CITY BELOW BY DAY, TWINKLING CITY LIGHTS BY NIGHT, 360 DEGREE VIEWS! NEW BUILD, ESTIMATED DECEMBER COMPLETION, 1,658 SQ FT, 3 BED / 2 BATH SINGLE LEVEL HOME ON AN ACRE+ LOT, NO HOA'S, BRING YOUR HORSES, TOYS & RVS!! THIS HOME HAS GREAT CURB APPEAL WITH A TILE ROOF, INSIDE YOU WILL FIND THE MOST CHARMING KITCHEN-GREAT ROOM FEATURING WALLS OF GLASS, MODERN WHITE SHAKER CABINETS, GRANITE OR QUARTZ COUNTERTOPS, A HUGE KITCHEN ISLAND & A LARGE PANTRY. 18X18 INCH CERAMIC TILE COVERS THE FLOORS EXCEPT FOR THE CARPET IN THE BEDROOMS. VAULTED CEILINGS, THE MASTER FEATURES AN OVERSIZED CLOSET ALONG WITH A QUARTZ TOPPED VANITY W DOUBLE SINKS & A CUSTOM TILE MASTER SHOWER. PHOTOS ARE FROM PRIOR HOMES & REFLECT UPGRADES THE BUILDER IS WAITING FOR MARICOPA COUNTY TO ISSUE THE BUILDING PERMITS FOR THE PROJECT TO START. THE EXPECTED RELEASE DATE IS EARLY JUNE 2024.

4633 E Cypress Street Phoenix, AZ 85008

$509,000
3 Beds
2 Baths
1,521 SqFt
Status Active
MLS # 6693217
Property Type Single Family Residence
Price Type --
Charming 2-owner mid-century single family home. Perfect for individuals, couples or small families looking for a quaint and well-maintained home with character. This lovely property is quietly nestled in the highly desirable area near Arcadia & Arcadia Lite on a low-traffic street with friendly neighbors and without restrictions of an HOA. As you step inside, you'll notice the classic floor plan, original stained-concrete flooring, and natural light from the kitchen skylight. Two of the three bedrooms are large enough for king size beds and there is a generously sized addition off of the kitchen for your home gym, second office, or whatever suits your needs. The extra roomy storage closet can be used as a pantry or a space for your hobby supplies. This cozy abode is situated on a spacious flood-irrigated lot, and is fully fenced with a covered patio, a new cedar pergola and a well-built 8'x10' wooden shed in the grassy backyard. Feel free to add a pool, a casita, or beautiful landscaping to create your own outdoor oasis! The location is fantastic and within walking distance to Pierce Park for tennis or softball, and just down the street from the greenbelt bike path that leads to the canal. It's conveniently located just minutes from top-rated schools, Arcadia restaurants, Old Town Scottsdale, and hiking at Papago Park, Camelback Mountain or Phoenix Mountain Preserve. It also boasts close proximity to Sky Harbor Airport, Phoenix Light Rail and major freeways. Seller is motivated, so don't miss this opportunity to make this home your own!

940 E Harrison Street Chandler, AZ 85225

$509,000
3 Beds
2 Baths
1,701 SqFt
Status Active
MLS # 6696479
Property Type Single Family Residence
Price Type --
At last! The home of your dreams on a tranquil cul-de-sac is awaiting new owners! A well-maintained front yard and luscious green surroundings, a 2-car garage, and a welcoming front porch are just the beginning. The charming interior boasts an inviting living room with a designer's palette, tall ceilings, and tile flooring. Continue onto the eat-in kitchen bathed in natural, recessed, and lovely light fixtures and showcases built-in appliances, a handy pantry, and wood cabinetry with crown molding. The carpeted den is ideal for a home office. Relax after a hard day's work in the sizable main retreat, highlighting a plush carpet, a private bathroom, and a walk-in closet. The large backyard has a covered patio and a hot tub, excellent for afternoon relaxation, plus the home gets exposed to all the benefits of a sunrise every morning since there is no tall structure on the east side of the house. Hurry! You don't want to miss this adorable abode!

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