Millennials Flock 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% of 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. 

To see original article, please visit Keeping Current Matters.