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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10459 E Natal Avenue Mesa, AZ 85209

$479,000 - 3Br/3Ba -  for Sale in Mulberry Parcel 4, Mesa
New
$479,000
3 Beds
2.5 Baths
1,730 SqFt
Status Active
MLS # 6683132
Property Type Single Family Residence
Price Type --
Prepare to be impressed by this well-maintained home in Mulberry Community! The lovely façade provides a low-care front yard, stone accents, and a cozy front porch. You'll love the large great room graced with wood-look flooring, bountiful natural light, and sliding glass doors leading to the back patio. The kitchen features cabinets with crown moulding, recessed lighting, stainless steel appliances, and granite counters. Continue upstairs to find the carpeted primary bedroom offering an ensuite with dual sinks, a make-up desk, and a walk-in closet. The private backyard with artificial turf, an attached pergola, and pavers is perfect for alfresco dining, entertaining, or merely unwinding after a long day. Don't let this opportunity slip by!

4511 W Loma Lane Glendale, AZ 85302

$478,999
3 Beds
2 Baths
2,001 SqFt
Status Active
MLS # 6629296
Property Type Single Family Residence
Price Type --
Fantastic cul de sac property we know you will love. 2 Family rooms, 2 living rooms, an open floor plan, and wood flooring throughout which makes for a very elegant look. The kitchen offers stainless steel appliances, contemporary cabinets with lots of storage space, and granite countertops. Spacious bedrooms and the home is move-in ready. The backyard has all the room you need to play, entertain, and relax. It's a fantastic starter home and would also be a great rental. Hurry and come take a look for yourself!

16083 W El Cortez Place Surprise, AZ 85387

$478,990
4 Beds
2 Baths
2,139 SqFt
Status Active
MLS # 6607688
Property Type Single Family Residence
Price Type --
Brand new, energy-efficient home available NOW! This single-story features a split floorplan with the primary suite tucked away in the back of the home. Umber cabinets with white/grey granite countertops, wood-look tile flooring with multi-tone carpet in our Elemental package. Paloma Creek is now pre-selling in Surprise. Residents will enjoy floorplans that feature flex spaces, 5 bedroom layouts and covered back patios. There's fun for the whole family at the community clubhouse, pool, outdoor kitchen, and fitness center. Each energy-efficient home comes standard with features that allow your whole family to live better and breathe easier too.* Visit Paloma Creek today. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings.

7026 W Harwell Road Laveen, AZ 85339

$478,850
3 Beds
3 Baths
2,264 SqFt
Status Active
MLS # 6662114
Property Type Single Family Residence
Price Type --
Welcome to this gorgeous home in Laveen Meadows! This home has a well-designed great room layout with 3 bedrooms, a downstairs office, a loft, 3 bathrooms, and a refreshing pool! Save on electric bills with fully owned solar panels! As you enter the home you will love the dramatic ceilings and beautiful iron staircase. The recently remodeled kitchen is stunning with beautiful cabinets that have pullout shelves and soft close, Quartz countertops,a stylish backsplash, stainless steel appliances, a walk-in pantry, and a kitchen island with a breakfast bar. Through the sliding glass door you'll find a covered patio with a ceiling fan, and a beautiful view of the community. The pool has a travertine deck! Upstairs is a spacious loft and the bedrooms. The primary suite is generous in size with a lavish ensuite bathroom featuring a dual sink vanity, a separate shower and bathtub, and a huge walk-in closet! Bedrooms 2 and 3 are spotless and move-in ready! The laundry room has upper and lower cabinets for additional storage. This well-maintained home is gorgeous, you do not want to miss out! Laveen Meadows is close to the freeway for easy access to Dining options and shopping! Plus, close to entertainment such as golf at Aguila Golf Course and the nearby Casino for entertainment! This home truly has it all!

7124 W Southgate Avenue Phoenix, AZ 85043

$478,500
4 Beds
2.5 Baths
2,938 SqFt
Status Active
MLS # 6618195
Property Type Single Family Residence
Price Type --
This spacious 2-story open floor plan home is conveniently located minutes from SR-202 and I-10. The first-floor home office and second floor, including the staircase and loft, were updated to LVP with the realistic look and feel of hardwood, making this home CARPET FREE! The powder room was recently updated with tile-to-ceiling backsplash and a vessel sink vanity. The kitchen offers plenty of cabinets and a large walk-in pantry. The granite kitchen island with breakfast bar features a new stainless steel double apron sink and reverse osmosis system. The second-floor laundry room offers extra storage shelving. New HVAC in August 2023. The second-floor bedrooms all have 9-foot ceilings with ceiling fans. The master bath is customized with a raised comfort height vanity and dual sinks, separate garden tub and shower, and a walk-in closet.

16767 W Canterbury Drive Surprise, AZ 85388

$478,230
4 Beds
2 Baths
1,960 SqFt
Status Active
MLS # 6609538
Property Type Single Family Residence
Price Type --
MLS#6609538 Up to 3% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply. March 2024 Completion. The Harlow at Paradis Discovery. The thoughtfully designed Harlow is a single-story floor plan featuring 4 bedrooms, 2.5 bathrooms, and a 2-car garage. The foyer brings you to the study, where working from home will be a dream. As you continue through the home, you are taken to the open kitchen, casual dining, and gathering room. Enjoy the beautiful Arizona weather from your private outdoor living area. Relax in the owner's suite with a private bathroom and large walk-in closet. 3 secondary bedrooms, a shared bath, and convenient laundry room are next to each other and just off the 2-car garage owner's entry. Design upgrades feature cabinets, quartz countertops, wood like tile flooring and appliances. Structural options added include: Dual sliding glass doors at gathering room, pavers at front porch, driveway and walks, garden tub with separate shower at owner's bath, garage service door, soft water loop, and gas line for future outdoor kitchen.

18770 W Shangri La Road Surprise, AZ 85388

$478,000
4 Beds
3 Baths
2,313 SqFt
Status Active
MLS # 6616457
Property Type Single Family Residence
Price Type --
Motivated seller! Nestled in the quiet community of Zanjero Trails, this gem is made up of 2,313 sqft offering 4 bedrooms and 3 bathrooms. This is an open floorplan concept with the master suite located at the back of the home and spacious secondary bedrooms with plenty of storage throughout. The kitchen showcases a large island that overlooks into the dining and great room areas to create a very inviting space. This home is well appointed with granite countertops, stainless steel appliances, gas cook top, & chestnut cabinets. The backyard features beautiful stone pavers and low maintenance landscaping. With a view of the White Tank Mountains, playgrounds, basketball courts, and desert landscaped walking trails you will feel the natural beauty of Desert Living.

1505 W Fillmore Street Phoenix, AZ 85007

$478,000
4 Beds
2 Baths
1,066 SqFt
Status Active
MLS # 6624685
Property Type Single Family Residence
Price Type --
This amazing opportunity for income generation. Property comes with two separate dwelling units. First unit is a 3 bedroom, 1 bathroom with its own laundry room. Second unit is a 1 bedroom, 1 bathroom. Both units have separate electricity meters making it perfect if you are considering using one unit as a rental.

4307 E Walatowa Street Phoenix, AZ 85044

$478,000
4 Beds
2 Baths
1,381 SqFt
Status Active
MLS # 6648126
Property Type Single Family Residence
Price Type --
This stunning 4 bedroom, 2 bathroom home has been beautifully remodeled and boasts a large backyard, perfect for relaxing and enjoying the sunshine. Located in an adult community for those 55 and over, this home also offers access to a fantastic amenity center with a pool. The home features luxurious quartz countertops, new flooring, and new carpet throughout. Its excellent location near restaurants, beautiful hiking trails, and freeways makes it easy to explore the area and stay connected with the community. This home is sure to impress with its spacious layout, modern finishes, and unbeatable location. Seller willing to assist with closing cost!

31 Deer Run Road Sonoita, AZ 85637

$478,000
3 Beds
2 Baths
1,392 SqFt
Status Active
MLS # 6656921
Property Type Single Family Residence
Price Type --
Custom built Southern Arizona Gem!!! Using traditional buildings , rammed earth offers passive energy heating and cooling . reduction of noise, fire resistant, healthy, durable and low maintenance. . This unique property situated on a hill offers stunning views and sunsets from its large, covered porch. Home has a private well, AC, central heat and a cozy wood burning fireplace in the large great room with oversized custom windows. There is covered parking and storage, fully fenced situated on 2.75 acres with horses allowed. Extra storage shed on property. The main bedroom features a large walk-in closet and an open great room concept with vaulted ceilings . This is truly a unique home and offers Southern Arizona's best. The home is Centrally located ¾ of a mile from the Elgin Elementary school, less than an hour from TIA and 40 mins from Nogales. Sonita is a traquel grassland respite, yet close enough to great dining and shopping in the heart of Southern Arizona vineyards. Currently the home is an investment property, it has rented very well for the past several years. Shown by Appointment.

13137 W Stella Lane Litchfield Park, AZ 85340

$478,000
4 Beds
2 Baths
2,040 SqFt
Status Active
MLS # 6662083
Property Type Single Family Residence
Price Type --
Check out this great 4-bedroom, 2-bath home situated in a welcoming community with an excellent location. This well-maintained property showcases a low-maintenance backyard, a newer AC unit, and water heater. With a spacious 3-car garage, the residence offers both practicality and style. Its proximity to schools, restaurants, and shopping centers enhances the convenience of modern living, making it an ideal choice for homeowners seeking comfort and accessibility.

12522 W Regal Drive Sun City West, AZ 85375

$478,000
2 Beds
2 Baths
2,156 SqFt
Status Active
MLS # 6665359
Property Type Single Family Residence
Price Type --
STEP INTO LUXURY WITH THIS METICULOUSLY CRAFTED HOME THAT HAS BEEN MODIFIED AND ENHANCED TO OFFER AN UNPARALLELED LIVING EXPERIENCE! FROM THE MOMENT YOU STEP THROUGH THE DOOR, YOU'LL BE GREETED BY THE INVITING ATMOSPHERE OF THE PRIVATE COURTYARD, SETTING THE TONE FOR WHAT AWAITS INSIDE. Prepare to be captivated by the sweeping Great Room, perfect for entertaining guests or simply unwinding in style. The Open Kitchen with a spacious Kitchen Island is a chef's dream, boasting recent gorgeous flooring that adds a touch of elegance to every meal. INDULGE IN THE UPGRADED BATHROOMS FEATURING BEAUTIFULLY TILED SHOWERS, ADDING A TOUCH OF SOPHISTICATION TO YOUR DAILY ROUTINE. WITH 2 BEDROOMS, INCLUDING A MAIN BEDROOM COMPLETE WITH 2 CLOSETS & A PRIVATE BATH. Call an Agent to see this home today!

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