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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5160 W Village Drive Glendale, AZ 85308

$499,800 - 3Br/2Ba -  for Sale in Touchstone, Glendale
Open House
$499,800
3 Beds
2 Baths
1,622 SqFt
Status Active
MLS # 6692890
Property Type Single Family Residence
Price Type --
WOW!! This immaculate,ultra clean 3 Br/2 Bath, 3 CAR GARAGE home is located on a Cul-De-Sac lot. New natural color painted inside. Eat-in kitchen has GRANITE COUNTERTOPS, decorative backsplash, plenty of cabinets, stainless steel KitchenAid appliances. Spacious master suite has a bay window, dual sinks, & separate shower& soaking tub. Tile in all the right places, new carpet in bedrooms, plank flooring in Living Room. The covered, tiled Patio has sunscreens. Enjoy the beautiful and immaculate desert landscaping in this inviting backyard with manicured bushes, fruit trees, & a raised garden. A CUSTOM-BUILT FIREPLACE is the Focal Point. LOCATION! Easy access to 101 & 17 freeways, Arrowhead restaurants and Shopping Mall. Beautifully maintained subdivision with acres of trails & parks.

10778 W Mckinley Street Avondale, AZ 85323

$499,775
3 Beds
2.5 Baths
2,269 SqFt
Status Active
MLS # 6655230
Property Type Single Family Residence
Price Type --
New home ready for move in this spring. Two-story Tisdale floorplan with sought after Craftsman style exterior. The first floor features a flex room with elegant double glass doors. This room can serve as a home office, game room or sitting area. The second floor features a loft, the owner's suite and two additional bedrooms. The spacious kitchen features stainless steel appliances with gas range and a large island with ample sitting space, overlooking the dining and sitting areas. The stylish cabinetry is a gray tone which is complemented by upgraded quartz countertops, subway tile backsplash, and wood color plank tile. Great home with spacious sitting and socializing areas. Home warranty included.

26532 W Cat Balue Drive Buckeye, AZ 85396

$499,700
2 Beds
2 Baths
1,846 SqFt
Status Active
MLS # 6700826
Property Type Single Family Residence
Price Type --
WELCOME HOME! This Fabulous Haven model features a light & bright, open concept, split floor plan w/neutral tones, vinyl wood, carpet & tile flooring, plantation shutters & designer lighting features throughout. The inviting gathering space features a media wall w/fireplace. The kitchen boasts white cabinets, backsplash, granite counters & island w/seating overlooking the private courtyard w/ water feature, perfect for morning coffee. Owner's suite has adjoining bath w/tile surround shower, granite counters, dual sinks, & large walk-in closet. A large den can be used for office or hobbies. Guest room has adjacent bath. Utility room has up/low cabinets & sink. Enjoy outdoor living on your extended, covered patio with built in barbecue & bar seating overlooking your beautiful, fenced yard

1335 W Monroe Street Phoenix, AZ 85007

$499,600
3 Beds
2 Baths
1,628 SqFt
Status Active
MLS # 6652210
Property Type Single Family Residence
Price Type --
Imagine residing in a home drenched in historical charm in Phoenix's Woodland Historic District. This abode is more than just a dwelling; it's a gateway to yesteryears, yet infused with contemporary comforts. Greeting you is an inviting front porch, leading to a living area where the original fireplace kindles tales of old. Across, the dining space reverberates with stories of grand meals past. Venturing further, you'll discover bedrooms that murmur ancient secrets, alongside a master suite that epitomizes today's opulence. The upper level hosts a generous bedroom, a blank slate for your creativity. Just a stone's throw from the Arizona Capitol, this location offers swift access to governmental hubs, entertainment arenas, and the lively downtown scene. Seize the chance to claim a slice of Phoenix's heritage in a neighborhood buzzing with renewal and rejuvenation.

2480 S Pinegrass Road Show Low, AZ 85901

$499,500
2 Beds
2 Baths
1,492 SqFt
Status Active
MLS # 6684591
Property Type Single Family Residence
Price Type --
BRAND NEW HOME TO BE BUILT! This virtual listing is an example of what we will build for you. Let's build you this beautiful custom home in Torreon for under $500,000 with standard features like stainless steel appliances, granite, soft close cabinets, LVP floors, walk-in shower, great room, LP Smart Siding (no staining), Trex deck, iron railing, AC, gas heat, covered back deck and more. Some interior & exterior selections can be made by the buyer. Great pine trees on this lot. To be built with buyer's cash or construction loan. We have lenders to accommodate this lot/home package. Estimated build time is 12 months from permits. We can also help design a custom home if you prefer. Other lots available. Call for details.

7219 E Kramer Street Mesa, AZ 85207

$499,500
4 Beds
2.5 Baths
1,790 SqFt
Status Active
MLS # 6697684
Property Type Single Family Residence
Price Type --
Renovated! This property is in stunning condition and has had plenty of work done as of late. This includes but is not limited to - New interior Paint, AC Unit, Water Heater, Flooring, Carpet, A fully loaded kitchen, Master Bath, and upstairs bathroom, new master closets, and synthetic turf. This home is extremely welcoming and ready. Ideal for families as it is gated and boasts a community pool.

13870 N 96th Street Scottsdale, AZ 85260

$499,500
3 Beds
3.5 Baths
1,873 SqFt
Status Active
MLS # 6601794
Property Type Townhouse
Price Type --
Outstanding VALUE... Less than $267 a sq. ft. in Scottsdale! Large 3 bedroom, 3.5 bath townhome with expansive loft. Dual primary suites: 1 downstairs, other upstairs. Freshly painted interior. New A/C in 2021. Oversized 2.5 car garage. Walking paths and community pool. Oversized patio perfect for entertaining. Fantastic balcony with majestic mountain views. Brand new roof 2022. LOWEST PRICE PER SQ FT 3BED UNIT WITH A 2 CAR GARAGE IN SCOTTSDALE. Don't wait - See it TODAY!

3916 N Cottonwood Drive Florence, AZ 85132

$499,500
3 Beds
2 Baths
1,988 SqFt
Status Active
MLS # 6653069
Property Type Single Family Residence
Price Type --
Located on a premium oversized cul-de-sac Active-Adult homesite that sides and backs the common area, this original-owner home offers 2 bedrooms plus den and 2 baths in 2010 SqFt and includes a private, heated pool with water feature and pergola-covered sitting area! Recent upgrades include new engineered wood floors throughout the great room, den, and bedrooms. The kitchen features maple cabinetry, granite countertops, tile backsplash, stainless appliances, a walk-in pantry, and island with breakfast bar and pendant lighting. The French door refrigerator is included, too! Sliding doors lead out from the dining area to the covered patio and large backyard with easy-care desert landscaping leaving you more time to enjoy your own heated pool year-round. The primary bedroom has a private en-suite bath with extended dual sink vanity, separate tub & shower, and walk-in closet with custom built-ins. The 2nd Bedroom has beautiful barn doors, which make the bedroom and bath like a second master suite. The den/office has double door entry and a Murphy bed, perfect for guests. Other features include beautiful curb appeal with artificial turf and pavers, a 2 car garage, additional golf cart garage, mud-room with built-in desk and shelving, laundry room cabinets, tankless water heater, custom barn door, rain gutters, water filtration system, sun screens, and leased solar providing utility savings! See today and visit the resort-style amenities in Anthem Merrill Ranch that include a private clubhouse featuring a state-of-the-art fitness center, indoor and outdoor pools, a restaurant and cyber cafe, ballroom, and a variety of hobby and game rooms. In addition to tennis, bocce ball, and horseshoe courts, there's also basketball, sand volleyball, a rock climbing wall and a massive water park! See today!

20434 W Meadowbrook Avenue Buckeye, AZ 85396

$499,500
2 Beds
2 Baths
1,657 SqFt
Status Active
MLS # 6625864
Property Type Single Family Residence
Price Type --
VICTORY living is yours in this stunning 2022 build Lennar home! 1657 SF of living space gives you 2 beds, 2 bath with a huge bonus room that can be used as a formal dining room or a spacious office/den! Tile floors everywhere but bedroom 2 and closets! Stunning white theme kitchen with stainless steel appliances, quartz counters and under cabinet LED lighting! Spacious main living area is an entertainers dream! Let the fun spill out into the backyard where your oversized covered patio is paired with a professionally installed hardscape patio just perfect for a outdoor dining set and BBQ! Views of the White Tank Mountains from your back yard and a beautiful wash/greenspace views! Enjoy the tankless gas water heater for UNLIMITED hot water! Flexible COE, so send us an offer!

9807 E Axle Avenue Mesa, AZ 85212

$499,500
3 Beds
2.5 Baths
2,100 SqFt
Status Active
MLS # 6681954
Property Type Single Family Residence
Price Type --
Welcome to this lovely 3-bedroom, 2.5-bath residence in Eastmark! You'll be greeted by a spacious great room with high ceilings, efficient recessed lighting, plantation shutters, a cool color palette, and attractive wood-look flooring. The kitchen is equipped with quartz counters, ample cabinetry with crown molding, a brick backsplash, sleek stainless steel appliances, a pantry, and an island with a breakfast bar for casual dining. You'll also find a versatile den ideal for an office or study, but could be converted to another bedroom. The master bedroom is spacious with a custom bathroom, equipped with walk-in shower, a relaxing soaking tub, and a walk-in closet. Outside, the backyard is an enchanting haven featuring a paver patio and low-maintenance artificial turf.

14437 W Faye Way Surprise, AZ 85387

$499,500
4 Beds
2 Baths
1,949 SqFt
Status Active
MLS # 6684006
Property Type Single Family Residence
Price Type --
Home, sweet home! The great room showcases high ceilings, a soothing palette, attractive wood-look flooring, and sliding doors that provide a seamless transition to the backyard. This charming residence features a a stylish paver driveway. The spotless kitchen comes with granite counters, ample white cabinetry with crown moulding, pendant/recessed lighting, sleek stainless steel appliances, a handy pantry, and a center island with a breakfast bar for casual dining. The main bedroom is a cozy retreat, featuring plush carpeting, a private bathroom with dual sinks, and a walk-in closet. Outside, the backyard is complete with a cover

1281 W Falls Canyon Drive Casa Grande, AZ 85122

$499,500
5 Beds
4 Baths
3,857 SqFt
Status Active
MLS # 6690273
Property Type Single Family Residence
Price Type --
Wonderful family home featuring 5 bedrooms, 4 bathrooms, large loft area and sparkling soft water pool including brand new salt water generator! This home has plenty of garage space with a tandem of 4-car garage and built-in cabinets, 240 electrical with sub panel, new garage service door, new AC and water heater as well! Huge primary suite with custom tile shower and walk-in closet. This beautiful home has no neighbors behind so you can enjoy the mountain and city light views everyday!

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