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.
The Top Reasons for Selling Your House
If you also find yourself wanting a change in location, needing more space than your current house can provide or feel the need to downsize, it may be time to sell.
Experts Forecast a Turnaround in the Housing Market in 2023
As we move through 2023, there are signs things are finally going to turn around.
Lower Mortgage Rates Are Bringing Buyers Back to the Market
The upcoming months should see a return of buyers, as mortgage rates have been coming down since mid-November.
Where Will You Go If You Sell? You Have Options.
By working with a trusted real estate agent, you can be confident you’re making the most educated, informed decision.
Why It Makes Sense to Move Before Spring
If you’re ready to buy a home, right now is the best time to do so before your competition grows and more buyers enter the market.
The 3 Factors That Affect Home Affordability
When you think about affordability, the full picture includes more than just mortgage rates and prices. Wages need to be factored in too.
Want To Sell Your House? Price It Right.
In today’s more moderate market, how you price your house will make a big difference to not only your bottom line, but to how quickly your house could sell.
Pre-Approval in 2023: What You Need To Know
To understand why it’s such an important step, you need to understand what pre-approval is and what it does for you.
Think Twice Before Waiting for 3% Mortgage Rates
It’s important to have a realistic vision for what you can expect this year; advice of expert real estate advisors is critical.
Today’s Housing Market Is Nothing Like 15 Years Ago
In the 2nd half of 2022, there was a dramatic shift in real estate causing many people to make comparisons to the 2008 housing crisis.