Millennials Swarm Towards Low Down Payment Programs
A report released by Down Payment Resource shows that 61% of first-time homebuyers purchased their homes with a down payment of 6% or less.
The trend continued among all buyers with a mortgage, as 73% made a down payment of less than 20%.
An article by Chase points to a new wave of millennial homebuyers:
“We teamed up with Google to help us better understand what customers are searching for and how the home buying landscape is evolving. We found that millennials and first-time homebuyers are making a big splash in the market, and affordability remains top of mind.”
Among millennials who purchased homes, David Norris, Loan Depot’s Head of Retail Lending, said:
“It’s clear from the survey results that Millennials have a lot of anxiety built up about the home buying process.
There is good news, however, as there’s more flexibility than most Millennials think regarding how to qualify for a loan and what’s needed for a down payment.”
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 pre-approval.
“Low Down Payment Programs”: was provided by Art Di Segna, a recognized leader in his field. Art can be contacted via email at Art@FineHomesOfTexas.com by phone at (281) 415-5888 or Contact Me. Art has helped hundreds of people move in and around many Houston towns for the last 14+ years.
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