Millennials Flock to Low Down Payment Programs

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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

2480 W Road 4 North -- Chino Valley, AZ 86323

$499,900

3 Beds

2 Baths

1,561 SqFt

Status Active

MLS # 6705923

Property Type Single Family Residence

Price Type --

Completely remodeled home on a 1+ acre corner lot in Chino Valley. New HVAC, new roof, new garage doors and more. Almost a brand new home with new stucco and brick exterior. Fresh laid pavers in the front of the home with a covered porch entryway. Enjoy the front yard views all the way to Flagstaff. As you enter the home you will notice the brand new LVP flooring, freshly textured and painted walls, ceilings and doors, a new electric insert fireplace, new lighting throughout and spacious open floor plan. In the kitchen there are new cabinets, appliances, sink and quartz countertops. Don't miss the walk in pantry and very large dining room with gorgeous windows and a slider to the backyard. Good sized bedrooms and a 3/4 bath with new fixtures and tile shower. In the nicely sized master there is a walk in closet, natural light with backyard views and a master bath that includes new vanity, mirror, fixtures and tile surround shower. Detached workshop and plenty of space for pets, animals and all your toys on this flat 1+ acre lot.

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24426 N 38th Lane Glendale, AZ 85310

New

$499,900

3 Beds

2 Baths

1,669 SqFt

Status Active

MLS # 6706896

Property Type Single Family Residence

Price Type --

You'll LOVE this beautiful, energy-efficient home in North Canyon Ranch! Situated on a corner lot, it displays a mature landscape & a 3-car garage w/attached cabinetry. Discover a semi-open layout, which perfectly balances privacy and connectivity! The inviting family room offers French doors to the back and a picture window to enjoy mountain views. Natural light filled the spaces, complemented by a two-tone palette, layered crown molding, & tile flooring w/plush carpet in bedrooms. The kitchen has SS appliances, quartz counters, subway tile backsplash, track lighting, and ample wood cabinetry. Main bedroom boasts shelving and an ensuite that includes a sit-down shower & a large vanity sink w/two faucets. Check out the tranquil backyard with a hot tub & an extended covered patio! Act now!

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20713 W Fern Drive Buckeye, AZ 85396

New

$499,900

2 Beds

2 Baths

1,882 SqFt

Status Active

MLS # 6707368

Property Type Single Family Residence

Price Type --

Stunning CORNER LOT, 2 bed/2 bath with a DEN, Community Pool, Fitness Center, Golf Course, Restaurants & more in the Gated Active Adult Community of Verrado called Victory. Gorgeous gourmet kitchen has white cabinets, quartz counters, island, glass pendants, stainless steel appliances, hood vent, gas cooktop, wall oven/microwave, pantry and backsplash. The open floor plan has upgraded wood plank tile throughout the home. Large master bedroom with walk-in closet and ensuite bathroom. Primary bathroom has dual sinks, private toilet, and beautiful spa shower with a herring bone pattern. Mudroom off the garage with a built-in bench and extra storage. The laundry room has a sink and even more cabinets for storage. Relax on the covered paver patio with pergola. This home has it all!

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2315 N 52nd Street Phoenix, AZ 85008

New

$499,900

3 Beds

3 Baths

1,654 SqFt

Status Active

MLS # 6707432

Property Type Townhouse

Price Type --

Welcome to this stunning, fully furnished 3-bedroom unit, offering a bedroom and bathroom on each level for ultimate convenience and privacy. The spacious kitchen features a huge quartz island peninsula and gorgeous appliances, perfect for entertaining. Enjoy the large walk-out balcony and the luxurious Master Suite, which includes a massive walk-in shower and a versatile ensuite that can serve as an office, nursery, workout room, or second walk-in closet. The 2-car garage boasts an epoxy floor, and the open living area is enhanced by 9-foot ceilings. Located close to Arcadia, Biltmore, Fashion Square, Tempe, Downtown Phoenix, and Papago, this home offers unparalleled access to the best of the city.

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2419 E Rosemonte Drive Phoenix, AZ 85050

New

$499,900

4 Beds

2 Baths

1,884 SqFt

Status Active

MLS # 6707674

Property Type Single Family Residence

Price Type --

**MOVE IN READY** This one checks all the boxes! 4 bedroom * 2 bath * Single story with Soaring vaulted ceilings * Sparkling cool pool just in time for the AZ summer with custom water fall features * All single story neighbors * North/South exposure * Large living areas * Secondary bedroom has huge walk-in closet * Master has HUGE walk-in closet too * Separate shower w/garden tub * Oversized tile * Granite counters * Convenient kitchen desk build-in! * Check the comparables, this one is price to sell in this fabulous north Phoenix neighborhood * Convenient to SR51 as well as the loop 101 to get anywhere in the valley * Paradise valley schools in close proximity including the very popular Paradise valley community college. * Paradise valley golf course just minutes away as well!

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3470 S Bluejay Drive Gilbert, AZ 85297

$499,900

3 Beds

3 Baths

2,182 SqFt

Status Active

MLS # 6687261

Property Type Single Family Residence

Price Type --

Welcome to this magical abode, where you'll find more charm than a Disney movie. This 3 bedroom, 3 bathroom home in Power Ranch is like a unicorn - rare and highly sought after. The kitchen is decked out with shiny stainless steel appliances fit for a top chef. Plus, the serene courtyard is so peaceful, you'll feel like you're sipping espresso in Italy or sipping margaritas in Mexico. And who needs a private pool when you can splash around in the community pool like a mermaid? Let the kids go wild at the nearby playground while you soak up the sun. This place has all the bells and whistles for a super comfy and convenient lifestyle. Don't miss out on this gem - it's a real powerhouse in Power Ranch!

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11872 W Alvarado Road Avondale, AZ 85392

$499,900

4 Beds

2.5 Baths

2,449 SqFt

Status Active

MLS # 6508458

Property Type Single Family Residence

Price Type --

Welcome home sweet home, ready to move in highly desirable neighborhood. Plantation shutters throughout downstairs, gorgeous large open kitchen with granite counter tops, upgraded kitchen appliances with French glass doors den downstairs. Covered patio, RV gate. Extended walk in master shower everything you need is here in this house. Close to freeways, Westgate, State Farm Stadium,Spring Training, Restaurants, shopping, all just few minutes away. Home faces a quiet community park. Owner agent. Buyer to verify all facts and figures. Home is also avail for short term please inquire.

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16624 E Gunsight Drive Fountain Hills, AZ 85268

$499,900

3 Beds

2.5 Baths

1,957 SqFt

Status Active

MLS # 6605861

Property Type Townhouse

Price Type --

GREAT NEW PRICE!! One of a kind property you won't want to miss! Recently refreshed/Great location & views w/e-z walk to Fountain, shops, & restaurants. A rare opportunity to own this private, spacious end unit w/nearly 2000 sq ft & large 2-car garage w/storage. Main-level master en suite, large great rm w/vaulted ceilings & beehive fireplace, 1/2 bath on main level, nice kitchen w/pantry & SS appliances (fridge & W/D new in 2022), & full laundry rm off kitchen. Upstairs, 2 beds, full bath & two large balconies. 3 great outdoor spaces in total for this unit provides views of Four Peaks, Fountain, and Red Rock to enjoy AZ sunsets all around! Plus huge pet-friendly, fully enclosed outdoor yard & common area w/pool & spa. Possible temp. RV parking next to unit. Ready for immediate occupancy.

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9405 W Coolidge Street Phoenix, AZ 85037

$499,900

4 Beds

2.5 Baths

2,929 SqFt

Status Active

MLS # 6610494

Property Type Single Family Residence

Price Type --

Great updated home is nestled closely to LOOP 101 and I-10 freeways, West Gate shopping, State Farm Stadium.New paint, new tile floors, new lighting.Spacious living room with area for dinning. Large refaced kitchen cabinets with granite counter tops, designer tile walls, gas stove and island with breakfast room open to family room.Master bedroom huge and have a sitting area and custom large built-in walk-in closet .All windows have designer custom shades. 2 new A/C units in 2020.All nice size bedrooms have walk-in closets.Large loft can be used as office or game room or 5th bedroom.Large combo walk-in pantry and laundry.Huge back yard with Synthetic Grass, pavers, easy to take care off.Extended covered patio. RV gate and RV parking and extra slab.

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4151 S Plasma -- Mesa, AZ 85212

$499,900

3 Beds

2 Baths

1,567 SqFt

Status Active

MLS # 6650303

Property Type Single Family Residence

Price Type --

Premium lot with a big backyard surrounded by single story homes for privacy. This 3-bedroom 2-bathroom home is located in the desirable Eastmark community. Tile throughout with carpet in the bedrooms. Large kitchen island with Granite countertops. Plantation shutters on the windows facing the front of the house. SELLER TO CONTRIBUTE $5,000 TOWARDS BUYERS CLOSING COSTS.

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2080 E Greenway Drive Tempe, AZ 85282

$499,900

4 Beds

2 Baths

1,816 SqFt

Status Active

MLS # 6622214

Property Type Single Family Residence

Price Type --

Discover the beauty of this 4-bedroom, 2-bathroom treasure in Tempe! Featuring a new roof installed in 2019 and an upgraded A/C system in 2021, this home exudes modern comfort. The kitchen boasts an abundance of cabinets, a convenient breakfast bar, and elegant French doors that open to a generously sized family room, ideal for entertaining guests. Retreat to the main bedroom showcasing a spacious walk-in closet and a stylishly renovated ensuite bath. Additional highlights include an inside laundry room with ample storage space. Outside, the private backyard awaits your personal touch, complete with an extended covered patio perfect for outdoor gatherings.

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3131 N Central Avenue Phoenix, AZ 85012

$499,900

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6624731

Property Type Apartment

Price Type --

*Construction Completed* 3.5% buyer incentive can be used towards rate buy down, upgrades, closing costs, or combo of those! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom condo offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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