Millennials Flock to Low Down Payment Programs

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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6401 W Campbell Avenue Phoenix, AZ 85033

$595,000

8 Beds

2.5 Baths

2,460 SqFt

Status Active

MLS # 6743583

Property Type Single Family Residence

Price Type --

Take a look at this remodel home with new appliances, A/C, Windows, doors, bathrooms vanities and much more. This property consists of three separate living spaces. Two of 3 bedrooms and 1 bathroom and two bedrooms and 1 bathroom. Each unit has its own private entrance and separate back yard for each unit. This is good opportunity for someone that would like to generate some income that will pay for the mortgage and possible have some cash flow. Seller has two prospective tenants paying $2,200 a month for each unit.

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2446 W Myopia Drive Anthem, AZ 85086

$595,000

3 Beds

3 Baths

1,686 SqFt

Status Active

MLS # 6768948

Property Type Single Family Residence

Price Type --

Walking distance to Persimmon clubhouse. 3 bedroon 3 bath includes an oversized casita for guests. Meticulously kept & highly upgraded. Spacious great room floorplan w/ Plantation Shutters. Custom neutral paint, ceiling fans, tile & carpet flooring throughout. Kitchen has granite counters & built in microwave with breakfast bar, pantry, lots of storage, & Water Softener. Master Bedroom with Large Walk-In Closet, remodeled shower, dual vanities. Interior laundry has plenty of room for extra storage. The resort style backyard has a heated pool with jets. Pavers in all the right places. The rear yard offers tranquil surroundings and is perfect for enjoying the serene natural beauty of the desert. Wash lot offers breathtaking views of Daisy Mountain

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13484 N 103rd Street Scottsdale, AZ 85260

$595,000

3 Beds

2 Baths

1,614 SqFt

Status Active

MLS # 6774781

Property Type Single Family Residence

Price Type --

Welcome to this inviting 3-bedroom, 2-bath home, featuring everything you need for relaxation and comfort. The cozy fireplace creates a warm, welcoming atmosphere inside, while the backyard is a true oasis. Enjoy the sparkling pool and spa, perfect for unwinding or entertaining, with a spacious covered patio providing shade for year-round outdoor living. Whether you are hosting gatherings or enjoying quiet evenings at home, this property offers the ideal blend of indoor comfort and outdoor enjoyment. Ready for you to move in and start making memories!

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4696 W Buckskin Drive Eloy, AZ 85131

$595,000

2 Beds

2.5 Baths

2,322 SqFt

Status Active

MLS # 6768956

Property Type Single Family Residence

Price Type --

Popular Miramonte home with many extras, including a 4 ft. extended two-car garage with a mini-split, epoxy flooring, a third garage with a mini split and epoxy flooring. Whole house water filtration & tankless water heater. This spacious two bedroom, Den and 2.5 baths has an open floor plan is perfect for entertaining or just relaxing. The kitchen has lots of cabinet space, quartz countertop, stainless steel appliances and a large walk-in pantry. The backyard is a must see. Beautiful outdoor living space, with an extended large patio with pavers & electric blinds. Partially fenced for privacy. No pets have lived in this home and no one has smoked in this home.

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4477 W Adobe Drive Eloy, AZ 85131

$595,000

2 Beds

2 Baths

2,162 SqFt

Status Active

MLS # 6776620

Property Type Single Family Residence

Price Type --

Furnished ALTURA MODEL built in 2020. Beautiful curb appeal. All new PVC and water hookup for pots in front. Kitchen features upgraded cabinets, stainless steel applicances, backsplash, pendant lights, under cabinet lights, Gas cooktop, pot & pan drawers, Granite counters, roll-out shelves, includes pantry. Soft close drawers, wall oven & microwave. Beautiful plank flooring, top of the line front security door. 2 full suite both bedrooms w/walk-in closets, bay windows & tile showers. Guest bedroom & bath includes blackout shades. Laundry room has a full set of cabinets. Step out back to the covered patio and play some corn hole. Synthetic grass is all set up for you. Backyard is fully enclosed. Three fruit trees, lemon, lime and orange. Water feature is included. Whole house water filtration. No salt needed. Extra storage on side of house.

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2226 N Shannon Way Mesa, AZ 85215

$595,000

2 Beds

2 Baths

1,586 SqFt

Status Active

MLS # 6772985

Property Type Single Family Residence

Price Type --

LOCATED ON THE 4TH TEE BOX OF APACHE WELLS GOLF COURSE. THIS EXCELLENTLY MAINTAINED 2 BEDROOM 2 BATHROOM HOME IS READY TO MOVE RIGHT INTO. NEWER KITCHEN CABINETS AND BACKSPLASH. NEW QUARTZ COUNTERTOPS. NEW FLOORING IN LIVING ROOM. PATIO HAS BEEN EXTENDED AND AN ELECTRIC AWNING INSTALLED IF IN NEED OF SHADE. BEAUTIFUL ARIZONA SUNSETS FROM BACK PATIO. THIS WILL NOT LAST LONG. SHOW AND SELL!

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8053 E Natal Avenue Mesa, AZ 85209

$595,000

3 Beds

2 Baths

1,995 SqFt

Status Active

MLS # 6773042

Property Type Single Family Residence

Price Type --

This gorgeous home has a true deep 3 car garage. The kitchen overlooks a large, vaulted living room and dining room. The kitchen also is vaulted and shows upgraded cabinets, quarts countertops, breakfast bar, designer tile backsplash, upgraded stainless steel appliances and much more. 24'' designer tile flooring in all traffic areas. Newer roof and A/C.

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16566 W Saguaro Park Lane Surprise, AZ 85387

$595,000

4 Beds

2.5 Baths

2,326 SqFt

Status Active

MLS # 6777846

Property Type Single Family Residence

Price Type --

Lifestyle is Included with this Turn-key, 4 Bedroom, 2.5 Bathrooms, 2023 New Construction home in the most desirable Asante Master-plan Community. With a Rare Sparkling Pebble-tech Heated Swimming Pool featuring a Baja Deck & Self cleaning pop-ups, this backyard features a large Turf Grassy Play-yard, White Travertine Decking, Covered Patio & Mountain Views. Large Desert Wash behind the home. Add this Lifestyle to the perfectly upgraded interiors with a Gas Stove/Oven Kitchen, Microwave, & Refrigerator/Washer/Dryer Included. 3 Car Tandem Garage, Ring Doorbell, Walk in Pantry, Split Floor-plan. Easy access to the 303, Shopping, Dining, Restaurants, Services. Location, Location, Location.

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1392 E Sierra Madre Avenue Gilbert, AZ 85296

$595,000

4 Beds

2.5 Baths

2,039 SqFt

Status Active

MLS # 6773240

Property Type Single Family Residence

Price Type --

Welcome to this stunning, updated two-story home situated on a prime corner lot directly across from a large community park. Enjoy easy access to a playground, volleyball courts, ramada, and open green spaces—perfect for outdoor activities and relaxing afternoons. This home offers north/south exposure, filling the interior with natural light throughout the day. All bedrooms are located upstairs, providing extra privacy from the main living areas. The kitchen has been fully updated with modern appliances and a reverse osmosis system, making it as functional as it is stylish. The backyard is a true oasis, featuring a large pebble tec pool, ideal for cooling off during hot Arizona summers or hosting weekend gatherings.

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5 Clawson Avenue Bisbee, AZ 85603

$595,000

6 Beds

4 Baths

3,232 SqFt

Status Active

MLS # 6773436

Property Type Single Family Residence

Price Type --

Historic Four Plex in the Heart of Old Bisbee. Two 1,000 sq ft Two Bedroom Units and Two 800 sq ft One Bedroom Units, with Original Hardwood Flooring, Built-Ins, High Ceilings, and French Doors, leading to the vast Front Porch and Balcony. Solid Allan Block construction, built in 1917 as Saint Joseph's Convent, now operating as a popular Vacation Rental. With Separate Kitchens and newer Mini-Splits for efficient Heating and Cooling.

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21199 E Domingo Road Queen Creek, AZ 85142

$595,000

4 Beds

3 Baths

2,241 SqFt

Status Active

MLS # 6775346

Property Type Single Family Residence

Price Type --

Welcome to your beautiful home in Nauvoo Station! This stunning 4-bedroom, 3-bathroom home offers a light, bright and open concept layout, perfect for modern living. The spacious great room flows seamlessly into the bright and open kitchen, complete with stainless steal appliances and plenty of storage. The primary suite is a true retreat, featuring a large shower, expansive walk-in closet, and ample space to unwind. A versatile bonus room can be used as a home office, kids playroom or teen hangout space, allowing flexibility to meet your family's needs. Step outside to the entertainer's backyard, where you'll find a sparkling pool, turf, low-maintenance hardscape, a cozy fire pit area, and a built-in gas grill - perfect for gathering with family and friends. Don't miss out on this home!

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4513 Jackpot Road Wickenburg, AZ 85390

$595,000

2 Beds

2 Baths

1,818 SqFt

Status Active

MLS # 6777905

Property Type Single Family Residence

Price Type --

Discover 4513 Jackpot Rd, a gem in the Trilogy at Wickenburg Ranch! 55+ and Living Resort. Part of the rare and discontinued Maverick Collection, this 2021-built, single-level home offers 1,818 sq ft of modern living with 2 master bedrooms, each with a full bath, plus a guest half bath. The open floor plan includes a versatile den, a stylish kitchen with GE appliances, and a large island with a double basin sink. Enjoy breathtaking views of the Weaver Mountains from the backyard, featuring a built-in BBQ, firepit, and stone patio with a cover. Complete with a 2-car garage, this home is listed at a great price! Don't miss out! Home will be sold unfurnished.

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