Millennials Flock Towards Low Down Payment Program

Dated: 01/11/2018

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Millennials Flock Towards Low Down Payment Programs

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.”

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.
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Frank Provencal

Frank Provencal has over 20 years of combined public service with the Maine Department of Corrections and the U.S. Army. He brings to eXp Realty the same level of confidence, dedication and attention ....