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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2304 W Catalina Avenue Mesa, AZ 85202

$499,900
3 Beds
2 Baths
1,691 SqFt
Status Active
MLS # 6680808
Property Type Single Family Residence
Price Type --
Home, sweet home! This highly maintained single-level home on a coveted corner lot awaits you! Displaying brick accents, a large front yard, a 2-car garage, an RV gate, & an extended driveway. Discover an open floor layout adorned w/recessed lighting t/out, wood-style flooring, & French doors leading to the back patio. The well-kept kitchen is fully equipped w/an electric cooktop, wall ovens, & granite counters. Ample wood cabinetry, striking mosaic tile backsplash, & a breakfast bar elevate the space. Sliding barn doors open to a sizable den ideal for a hobby space. The main bedroom offers a mirrored door closet, a private bathroom w/dual sinks, & direct backyard access. Have fun in the vast backyard w/a covered patio, children's playground, artificial turf, & a diving pool!

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.

12336 W Pinnacle Vista Drive Peoria, AZ 85383

$499,900
2 Beds
2 Baths
1,635 SqFt
Status Active
MLS # 6632392
Property Type Single Family Residence
Price Type --
Beautiful Shea Home with open floorplan and lots of windows/natural light. Very private location in one of the original sections of Trilogy. North/South exposure. Entertain in the beautiful North-facing backyard or use the South-facing courtyard in front. Both are covered but allow for beautiful desert landscape views. Owner has recently updated cabinets to lighten and brighten spaces throughout the home. Fantastic floorplan with a generously sized kitchen with plenty of cabinets, storage, and an island. Granite counters compliment the stainless steel appliances. Two bedrooms have plenty of room and closet space. A Den with double doors makes a great office, bonus room or third sleeping area. Owners suite has a walk in closet and sliding doors to backyard patio. Other features include: Tankless water heater, water filtration system, fenced backyard, blinds, ceiling fans, newer air conditioner, built in BBQ, fruit trees, and plenty of shade on both the patio and under the front court yard pergola. This home is move in ready!

4066 E Cathy Drive Gilbert, AZ 85296

$499,900
3 Beds
2.5 Baths
2,303 SqFt
Status Active
MLS # 6637333
Property Type Single Family Residence
Price Type --
The wait is over! Book your tour on this awesome 3 bedroom, 2.5 bath, 2 garage home with loft and huge living area! Located in prime Gilbert location off Recker and Warner and close to 202! Very nice kitchen granite counters, white cabinets, kitchen island, double wall ovens, and newer dishwasher! Huge formal dining area that can be used for separate living area if desired. Functional loft on the second level perfect for work space or living area. Massive primary suite with room for sitting area and large walk-in closet. 2 sinks, separate tub and shower and private toilet room. Jack and jill bath at secondary bedrooms for added convenience. Community offers pool and spa, large grassy park, and playground. Great value and great location make this a great buy!

15452 W Skyview Way Surprise, AZ 85374

$499,900
3 Beds
2 Baths
2,334 SqFt
Status Active
MLS # 6658553
Property Type Single Family Residence
Price Type --
This pristine FURNISHED Hacienda home in The Grand boasts over 2,300 sq ft, featuring 3 bedrooms, 2 bathrooms, and a coveted split floor plan. The spacious kitchen, complete with stainless steel appliances and a bar top area, creates an ideal entertaining space. The sizable owners bedroom suite offers a bay window, double sinks, and a two-door walk-in closet. Two guest bedrooms are separated by a full bathroom. Enjoy both a formal living room and a family room with a gas fireplace. You can enjoy the wonderful Arizona weather on the spacious covered patio! The two-car extended garage includes attached cabinets. Exterior enhancements include a stone facade and fresh paint

5 N 119th Avenue Avondale, AZ 85323

$499,900
3 Beds
3 Baths
2,687 SqFt
Status Active
MLS # 6662962
Property Type Single Family Residence
Price Type --
Nestled within the prestigious Cold Water Springs community, this 3-bedroom, 3-bathroom home is a gem. Situated on a coveted golf course lot, panoramic views of the pristine fairways and greens greet you from every window. Step into the backyard oasis, where a large pool beckons for relaxation, while the meticulously manicured putting green offers endless entertainment. Inside, the residence boasts spacious living areas. With an open floor plan designed for seamless indoor-outdoor living, this home provides the perfect blend of sophistication and leisure, creating an ideal retreat.

9705 E Mountain View Road Scottsdale, AZ 85258

$499,900
2 Beds
2.5 Baths
1,365 SqFt
Status Active
MLS # 6661907
Property Type Townhouse
Price Type --
Resort style living at it's best! Just remodeled townhome features NEW quarts kitchen and bath counters, NEW tiled showers, NEW plank flooring throughout, Fresh paint, refreshed woodburning fireplace, rebuilt upper patio off the large master and above your large covered patio yard and a epoxy coated garage! This is a gated community that maintains your front yard for you and unit is close to 1 of 5 pools, 6 spas, 9 tennis courts, 2 pickleball courts, Fitness Center with Sauna, Tennis Pro, Activities Director and a Grand Clubhouse. Close to the 101, Scottsdale Ranch's Lake Serena, Scottsdale Ranch parks, restaurants, shopping, golf, spring training facilities, resorts, casinos, Old Town Scottsdale and much more! .

21856 N Sunset Drive Maricopa, AZ 85139

$499,900
4 Beds
2.5 Baths
3,166 SqFt
Status Active
MLS # 6664490
Property Type Single Family Residence
Price Type --
Absolutely stunning 4 bed/2.5 bath home with a versatile study/office/5th bedroom, showcasing a perfect blend of elegance and functionality. Step inside to discover the exquisite wood-like tile flooring that adds warmth and style throughout. The formal living and dining rooms create an inviting atmosphere, while the oversized great room provides ample space for entertainment and relaxation. The kitchen is a chef's dream, boasting stainless steel appliances, granite countertops, cabinets with molding, and a fabulous island with a convenient breakfast bar. Escape to the large primary bedroom featuring a beautifully tiled super shower with benches, an extended vanity with double sinks, and a spacious walk-in closet. Upstairs, a generous loft serves as a bonus entertainment area, complementing the split floor plan that offers privacy. Each bedroom comes complete with its own walk-in closet. The outdoor space is a true oasis, offering breathtaking mountain views, lush landscaping, and an extended covered patio equipped with remote-controlled fans and retractable porch screens. Enjoy over 1800 sq ft of tile and pavers, creating a luxurious and low-maintenance retreat. The garage is not just a storage space; it features epoxy flooring for a polished finish. This home is not only aesthetically pleasing but also incorporates practical features such as a tankless water heater, new light fixtures throughout, HE Washer and dryer and a whole-house water softener. There is also extra LED lighting added downstairs and upgraded baseboards throughout. Community amenities include a lake, biking and walking paths, pool and splash pad, ramadas with grilling stations, large soccer and baseball field, basketball courts and horseshoe pits. Experience the perfect blend of style, comfort, and modern amenities in this exceptional property!

2409 W Mandalay Lane Phoenix, AZ 85023

$499,900
4 Beds
3 Baths
2,162 SqFt
Status Active
MLS # 6668488
Property Type Single Family Residence
Price Type --
NO HOA! 4 Bedroom 3 Bathroom Tri-Level Home Located in North Central Phoenix. This beautiful home with a recently upgraded kitchen, pool and front yard has 3 bedrooms upstairs and one private bedroom on the bottom floor. Just an easy 20 Min Drive From Downtown, Sky Harbor Airport and North Scottsdale. You are mere Minutes From I17 and Loop 101 Freeway's. The Convenience of this location is Just Fabulous! The Sparkling Blue Pool awaits in your private low maintenance backyard. The Property does have solar, the seller will pay off the solar note at closing so it will be owned. Pool was redone in 2017 and HVAC in 2020. On top of all this, it has North / South Exposure.

1610 W Lynwood Street Phoenix, AZ 85007

$499,900
3 Beds
1 Bath
1,140 SqFt
Status Active
MLS # 6683262
Property Type Single Family Residence
Price Type --
Step into a piece of Arizona history with this charming 1920's bungalow, nestled in the coveted and iconic F.Q. Historic District. Retaining its distinctive classic integrity while boasting modern finishes, this home offers a unique blend of old-world charm and contemporary convenience. The spacious kitchen is a standout feature, adorned with exposed brick, white beadboard, and butcher block countertops. Built-in stainless steel appliances, an island cook top, and cobalt blue Mexican tile surround the cozy breakfast nook, creating a perfect blend of functionality and style. Newer windows allow natural light to flood the interior, illuminating the subtle Smokey Ash porcelain wood plank flooring and crown molding that graces every room. designated dining area lead to a versatile flex office space and the third bedroom, providing flexibility for modern living. Outside, a spacious covered patio overlooks the backyard, offering a tranquil retreat for relaxation or a stylish setting for entertaining guests. Whether seeking solitude or a quintessential Arizona outdoor experience, this home provides the perfect backdrop for enjoying the desert lifestyle in style. Don't miss the opportunity to own a piece of Arizona's architectural heritage in this enchanting F.Q. Historic District residence. NO HOA!

21838 N Scott Court Maricopa, AZ 85138

$499,900
4 Beds
2 Baths
2,312 SqFt
Status Active
MLS # 6673046
Property Type Single Family Residence
Price Type --
Golf course lot! iIncredible 3-bed + Den home sitting on a golf course lot of a quiet cul-de-sac in the desired Rancho El Dorado Community! RV gate, 2-car garage, and manicured landscaping welcome you. Enter to see a formal living & dining room, designer paint, a double-door entrance den, and high vaulted ceilings. You will love the family room boasting wood floors, built-in niches, a gas fireplace, and backyard access! The eat-in kitchen features an island w/breakfast bar, a walk-in pantry, oak cabinets, a chic backsplash, granite counters, and SS appliances. The oversize main bedroom has access to the backyard and an ensuite w/dual sinks & walk-in closet. Oasis-style backyard highlights a blue pool w/water feature, a covered patio, a storage shed, and multiple seating areas. Close to schools and shopping.

2611 Leisure World -- Mesa, AZ 85206

$499,900
3 Beds
2 Baths
3,278 SqFt
Status Active
MLS # 6683707
Property Type Single Family Residence
Price Type --
This is the best value at $153 per square feet in Leisure World The Laguna floor plan has the large, vaulted ceiling living area with plenty of room to entertain. The primary bedroom and bathroom are also oversized with 16' of closet space. On the other side of the house is 2 large bedrooms and an enormous family room that could be a game room, theater room, or a combination of both. Behind the kitchen is a office or den area with built in shelving units and another large room to use. The back yard has a built in spa and plenty of room to spread out. All this in the Premiere Active Adult Community of Leisure World with 36 holes of private golf, new tennis complex, pickle ball, swimming pools, library, state of the art fitness center, theater, arts and crafts, billiard room, and more!

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