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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7439 E Sundance Trail Carefree, AZ 85377

$495,900
2 Beds
2 Baths
1,519 SqFt
Status Active
MLS # 6683874
Property Type Townhouse
Price Type --
ALERT YOUR INVESTORS! A 1519 sq. ft., 2 bedrm/2bathrm unit #504 has one of the best view patio's facing NE from the living room & master bedroom. Built in 1980, this home has a separate kitchen, a great room including the dining room with a kiva fireplace & opens to the NE facing patio. The oversized master bedrm. & bathrm. are ensuite & share the view patio wrapped around from the family room. There is a separate bedrm. & full bathroom for guests. The 2 car garage finishes the townhome. Approximately 17 steps from the garage level to the front door & unit is all on one level once inside.

3362 W Oil Well Road San Tan Valley, AZ 85144

$495,589
3 Beds
2.5 Baths
1,898 SqFt
Status Active
MLS # 6625216
Property Type Single Family Residence
Price Type --
Our popular Helena plan featuring 3 bedrooms plus den, 2.5 baths, and a cozy front courtyard. Gourmet kitchen with stainless steel appliances, upgraded 42'' kitchen cabinets, quartz countertops, Luxury vinyl plank flooring, and much more. Promenade Master Planned Community by Fulton Homes is located within minutes of major shopping, restaurants and freeways. The community is at the base of the San Tan Mountain Preserve. There are six parks throughout the community, one of which is an Aquatic Center with a 7,400 square foot pool. Full basketball and sand volleyball courts. Bocce ball court, Pickle Ball court and Corn hole. Several Ramadas, Tot Lots and BBQ's. Waterfall entry and acres of landscaped and grass areas make this community your oasis in the desert.

2030 E Michigan Avenue Phoenix, AZ 85022

$495,552
3 Beds
3.5 Baths
1,734 SqFt
Status Active
MLS # 6675573
Property Type Single Family Residence
Price Type --
NEW CONTEMPORARY URBAN STYLE COMMUNITY! Ask about Builder great Incentives! 3 bedrooms, all ensuite, plus powder room. 2 car garage, 2 X6 Construction, Sheared Ext Walls (All plywood wrapped) Spray Foam insulation and insulated garage door for EXTREME ENERGY EFFICIECY! This home is loaded w/ standard features, beyond everyone else! Beautiful finishes! Bedroom balcony's and first floor patio. 2 Greatroom Balcony's! Quartz countertops, stainless steel appliances, including refrigerator, Luxury Plank Vinyl throughout! Approximately 5 month move-in. 5 minutes to Loop 101 and 51 Hwy, Mayo, Kierland, Scottsdale Quarter and Desert Ridge! * Community Pool, Fitness Center coming!

39550 N Kaden Lane San Tan Valley, AZ 85140

$495,433
2 Beds
2.5 Baths
1,811 SqFt
Status Active
MLS # 6688925
Property Type Single Family Residence
Price Type --
Up to 2% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply. MLS#6688925 April/May Completion! In the vibrant 55+ community, Ovation at Meridian, discover the Sedona—a breathtaking single-story residence boasting 2 bedrooms, a flexible room, and expansive outdoor space. The foyer unveils a versatile flex room and a second suite. Transform the flex room into a formal dining area for entertaining. Enjoy seamless hosting in the open great room and kitchen. The private owner's suite offers an ensuite bath with double sinks, a walk-in shower, and a spacious walk-in closet. Structural options include: paver front porch, 12' x 8' sliding glass door, garage service door, alternate shower at owner's bath, soft water loop, gas line for future outdoor kitchen and complete reverse osmosis system.

4462 S 127th Lane Avondale, AZ 85323

$495,016
3 Beds
2.5 Baths
2,308 SqFt
Status Active
MLS # 6674711
Property Type Single Family Residence
Price Type --
QUICK MOVE-IN HOME!! The Camelback is a stunning two-story home with 3 bedrooms, 2.5 bathrooms, and plenty of room to entertain friends or family! The beautiful kitchen features White Linen cabinets with Quartz countertops. This spacious area offers an oversized island, walk-in pantry, and a water filtration system. It also comes with stainless steel appliances to make cooking easier than ever before - all in one beautiful space. This home features 12X24 Tile in ALL the right places! The luxurious Camelback bedrooms and bathrooms are perfect for those who want to feel pampered. The Owner's Bedroom has an incredible view of the backyard and is close to the upstairs loft! The Owners Bath has an oversized walk-in shower! This home has NO neighbor behind!!

26580 E Tarantula Trail Camp Verde, AZ 86322

$495,000
2 Beds
2 Baths
1,165 SqFt
Status Active
MLS # 6682563
Property Type Single Family Residence
Price Type --
You are going to LOVE IT here. Call it home or make it the perfect Air B&B! This home has so much character, EPIC views & sits on 3 acres creating your own private, hillside getaway. The views are spectacular. A great entryway leads to a kitchen like you have never seen. High end appliances include 5 burner gas stove, built-in hutch & large Frig with bottom freezer. Add a kitchen island or table, there is plenty of room. BUILT WITH LOVE & attention to detail. Hand hewn beams, walls & ceilings are highlights but don't overshadow stone detail. This home tells a story, like the bowling alley floor made beautiful counters or the brands & carvings hidden in so many places like hidden treasures. Living room boasts a beautiful stone fireplace & wood beam ceilings & a ceiling fan with.... tooled leather accent. A fantastic use of space with 1 bed/bath on the main floor & a unique spiral staircase leading to the downstairs bed/bath (lower floor could have a separate entrance through the storage/shop area. Radiant heat & 2-40 gallon water heaters. Small things/finish work is needed but what needs to be done is handyman work. Easy access just off of the I17. There is so much to see & do: Hiking at General Crooks Trail, Cliff Castle Casino, Out of Africa, Museums & Ruins, Montezuma's Castle, Jeep Tours Verde Vally Railroad, Verde River Tours, Jeep Tours & so many Wineries! This town is rich in history & growing fast.

235 N 156 Drive Goodyear, AZ 85338

$495,000
4 Beds
3 Baths
2,040 SqFt
Status Active
MLS # 6602375
Property Type Single Family Residence
Price Type --
Investors Only. Home is leased until February of 2025. One of the standout features of this home is the beautifully landscaped backyard, providing a peaceful oasis for relaxation or outdoor gatherings. Whether you're hosting a barbecue or simply enjoying a quiet evening under the stars, this backyard is sure to become your personal sanctuary. This home also comes complete with all the appliances you need - refrigerator, washer, and dryer are included, making your move-in experience effortless and stress-free. Location-wise, this property has it all! Situated just minutes away from the I-10 highway and the Goodyear airport, it offers easy access for both work and travel. Golf enthusiasts will appreciate the proximity to several renowned golf courses, while movie buffs can enjoy the convenience of a nearby theater. For all your shopping needs, a variety of retail centers are just a short drive away. Additionally, this neighborhood is in close proximity to the City of Hope cancer center, providing peace of mind and support for those in need. Nature enthusiasts will love the abundance of hiking trails and outdoor activities available in the surrounding area. Don't miss out on the opportunity to make this extraordinary house your new home. It offers a delightful blend of modern amenities, a convenient location, and a welcoming community. Contact your favorite agent today for a private tour and experience the magic of this property for yourself!

5920 S Daisy Patch Place Phoenix, AZ 85040

$495,000
3 Beds
2 Baths
1,606 SqFt
Status Active
MLS # 6636063
Property Type Single Family Residence
Price Type --
CHOOSE YOUR COMPLETED NEW BUILD. Call for latest incentives and lot availability. With only 25 homes it is an excellent community to meet neighbors or even consider moving more of the family. Experience much of the entertainment of the city while being minutes from South Mountain and multiple golf courses. Granite or quartz for countertops and luxury vinyl plank flooring and carpet throughout the homes. All appliances included and the garage is even equipped with the power for an Electric Vehicle. Top it off with a dog door for your furry friend! Minimal effort will be required to enjoy these homes with the finished back yard and the front yard landscaping that is maintained by the HOA. Come see what this community has to offer! (Photos are of model)

42710 W Us 60 Highway Morristown, AZ 85342

$495,000
1 Bed
1 Bath
458 SqFt
Status Active
MLS # 6656941
Property Type Manufactured Home
Price Type --
Amazing views for miles and miles! Come and live your dreams at this wonderful New Horse Ranch, one bedroom, one bath tiny house on 3.5 acres. 5 covered horse pens, and five pastures. RV hook up and plenty of room for your dreams. Stackable laundry inside.

42276 W Chisholm Drive Maricopa, AZ 85138

$495,000
3 Beds
2 Baths
2,311 SqFt
Status Active
MLS # 6609956
Property Type Single Family Residence
Price Type --
This golf course home with a private pool could be yours! This 3-bed, 2-bath residence offers modern comfort. A 2-car garage and low-maintenance desert landscape frame the front porch. Inside, a welcoming living room leads to a great room with vaulted ceilings, plantation shutters, wood-look and tile flooring, and backyard access. The kitchen features granite counters, stylish cabinets, a mosaic tile backsplash, stainless steel appliances, a walk-in pantry, and a breakfast bar island. A versatile den adds flexibility. The main bedroom includes plush carpeting, a walk-in closet, and an ensuite with dual sinks. Outdoors, enjoy a covered patio, a pool, and a stunning golf course view. Don't miss out—make it yours today!

807 E Glendale Avenue Phoenix, AZ 85020

$495,000
3 Beds
1 Bath
1,500 SqFt
Status Active
MLS # 6653803
Property Type Single Family Residence
Price Type --
This is the one you've been searching for! Discover a charming 3-bed, 1-bath residence featuring an expansive paver driveway and a welcoming front porch. The inviting living room showcases a soothing palette and stylish wood-look flooring. Gather loved ones in the family, boasting recessed lighting and French doors leading to the backyard. The kitchen is equipped with white shaker cabinets, a handy pantry, built-in appliances, and a serving window with a breakfast bar. Relax in the backyard, offering a covered patio, a useful storage shed, convenient alley access, and ample space to craft your own private oasis. Ideal location a few minutes away from bus stops, restaurants, and shopping options. Don't miss out on this fantastic opportunity!

8745 E Fairbrook Street Mesa, AZ 85207

$495,000
3 Beds
2.5 Baths
1,808 SqFt
Status Active
MLS # 6653424
Property Type Single Family Residence
Price Type --
This beautiful two-story home features vaulted ceilings and large windows, offering stunning mountain views. It includes efficient ceiling fans and 2-inch blinds throughout. The entry opens to a vaulted formal living area, leading to upstairs bedrooms. The master bedroom boasts a spacious en suite with dual sinks and a large walk-in closet. The open-plan ground floor connects the family room, dining area, and kitchen, leading to a covered patio. The kitchen is equipped with modern stainless steel appliances, including a gas stove and dishwasher. Living areas are tiled, while stairs and bedrooms are carpeted for comfort. Outside, a landscaped backyard with grass, hibiscus, and a sprinkler system complements the easy-care front rock garden. Located near a private park, close to the 202 fw

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