Millennials Flock to Low Down Payment Programs

Millennials Flock to Low Down Payment Programs | Simplifying The Market

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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1724 W Hemingway Lane Anthem, AZ 85086

$570,000
5 Beds
3 Baths
2,168 SqFt
Status Active
MLS # 6785447
Property Type Single Family Residence
Price Type --
Nestled in the heart of the desirable Anthem Parkside neighborhood, this spacious 5-bedroom, 3-bathroom home offers a blend of comfort and convenience. Located directly across from a beautiful park, it provides serene views and easy access to outdoor recreation right at your doorstep. This home has been recently updated with a brand-new AC unit, water heater, and fresh paint throughout, ensuring energy efficiency and a fresh, modern feel. The master bathroom has also been completely renovated, providing a luxurious retreat within the home. With plenty of space for family and guests alike, this home is move-in ready and primed for memorable gatherings and everyday relaxation.

1842 N Red Cliff Mesa, AZ 85207

$570,000
2 Beds
2 Baths
1,379 SqFt
Status Active
MLS # 6783900
Property Type Townhouse
Price Type --
Welcome to this exceptional 2-bedroom, 2-bathroom home nestled in the exclusive, gated community of Mountain Bridge. Upgraded and fully furnished, this home is the epitome of move-in ready, offering style, elegance and convenience for modern living. As you step inside, you're greeted by an expansive great room featuring soaring ceilings and an abundance of natural light pouring in through a glass sliding door. This inviting space seamlessly blends comfort and sophistication, making it perfect for both everyday living and entertaining. From the backyard, you can enjoy sweeping views of the desert wash, offering a private & serene landscape on a premium lot! Ultimate resort-style living at this community offers swimming pools, pickle ball/tennis courts, gym, rec center and so much more

531 W Silver Creek Road Gilbert, AZ 85233

$570,000
4 Beds
2.5 Baths
2,020 SqFt
Status Active Under Contract
MLS # 6783620
Property Type Single Family Residence
Price Type --
ATTENTION: *Potentially* assumable 2.25% VA loan, restrictions apply, must qualify. Nestled in the desirable Madera Park neighborhood, this beautifully remodeled 2 story home offers style and space. This residence offers a thoughtful floorplan including a charming coffee bar and private space under the stairs for littles or pets. Samsung washer/dryer set conveys and features a deep folding shelf of stylish granite. Kitchen equipped with LG fridge, Samsung electric cooktop/oven and built-in micro. Backyard will welcome you all year round with a majestic ficus tree, sandbox play area, a sun-sail over the pebble-tec pool, and there are even producing grape vines! MUST SEE this one ASAP!

15625 N Jerry Street Surprise, AZ 85378

$570,000 - 5Br/3Ba -  for Sale in None, Surprise
New
$570,000
5 Beds
3 Baths
2,455 SqFt
Status Active
MLS # 6787673
Property Type Single Family Residence
Price Type --
Beautifully stunning 5-bedroom, 3-bathroom single level newer built surprise home. This home has upgrades throughout including marble floor throughout with no carpeting, upgraded baseboards, 9' ceilings and archways throughout, upgraded doors, fixtures window blinds and ceiling fans. This open floor plan home has a large living room and formal dining area with access easy access to the backyard patio. Stunning kitchen features granite countertops, tile backsplash, breakfast bar, upgraded soft-close cabinets, large island, separate walk-in pantry, gas range, dishwasher and refrigerator.

28715 N 64th Drive Phoenix, AZ 85083

$570,000
3 Beds
2 Baths
1,820 SqFt
Status Active Under Contract
MLS # 6784043
Property Type Single Family Residence
Price Type --
Don't miss this open airy 3BR, 2BA floorpan with many modern amenities such as upgraded blackout shades throughout entire home. The kitchen is a chef's delight, featuring elegant white cabinets, a wall oven, microwave, gas stovetop, farmhouse sink, rounded quartz island & quartz countertops with a walk-in pantry. Included are a refrigerator and washer/dryer. Luxuriate in the spa like owners bathroom suite with an oversized tiled walk in shower w/bench, double sinks, and a large closet. Bedrooms are carpeted & tile flooring flows through main areas. A large coat closet & gas tankless water heater complete this inviting home! Enjoy outdoor living with a sliding door leading to a low-maintenance backyard with turf and brick accents, surrounded by mountain views and overlooking a scenic canal

16180 W Glenrosa Avenue Goodyear, AZ 85395

$570,000
5 Beds
3.5 Baths
3,066 SqFt
Status Active
MLS # 6651477
Property Type Single Family Residence
Price Type --
Embrace the beauty of this wonderful 5-bedroom haven in Palm Valley! This home has a split floorplan, spacious primary bedroom with a remodeled walk-in shower, his and hers vanities and a walk-in closet. This home also features a MIL suite with it's own entrance from the courtyard and private bathroom PLUS an extended driveway with an RV Gate. The open-concept kitchen displays recessed lighting, a pantry, staggered cabinetry adorned with crown moulding, granite counters & backsplash and stainless steel appliances. Lastly, the backyard features a covered patio and a shimmering pool, perfect for warm summer days! Hurry! This gem will surely impress you!

2135 S Bristol -- Mesa, AZ 85209

$570,000
4 Beds
3 Baths
1,883 SqFt
Status Active
MLS # 6709098
Property Type Single Family Residence
Price Type --
Nestled in the heart of coveted Augusta Ranch, this home epitomizes elevated living. With its spacious open-concept floor plan boasting four bedrooms and three baths, it's an entertainer's dream. The family room and inviting kitchen areas are ideal for hosting gatherings. Enjoy the beautiful low-maintenance backyard, complete with a large pool that can be enjoyed year around thanks to a gas heater addition (2023). Updates like a new roof (2023) and renovated bath fixtures add modern convenience, while the community's amenities, including an executive golf course, bar/grill, abundant events, parks, and a school, ensure a lifestyle of comfort and enjoyment. This home is a must-see!

44562 W Sedona Trail Maricopa, AZ 85139

$570,000
6 Beds
3.5 Baths
4,019 SqFt
Status Active
MLS # 6720344
Property Type Single Family Residence
Price Type --

3225 N Lost River Drive Camp Verde, AZ 86322

$570,000
4 Beds
3 Baths
3,640 SqFt
Status Active
MLS # 6727355
Property Type Single Family Residence
Price Type --
With a compelling offer, the seller is prepared to contribute to the buyer's interest rate buy-down or concessions. Updated 4 Bed, 3 Bath Home on 2 separate Parcels totaling over an Acre of Land. Brand New 2024 Roof. Brand New 2024 HVAC. All New LVP flooring & Fresh Carpet. Kitchen Boast New Quartz Countertops, Stainless Steel Appliances, & Tile Backsplash. Master Bedroom features Custom Walk-In shower, His & Her sinks, & Barndoor entry. New Light fixtures and Contemporary Fans throughout. Freshly Painted Inside & Out. Great for Animals or Extra Toys/RV's. Just Blocks away from the Verde River - Excellent Location!

26028 N 66th Drive Phoenix, AZ 85083

$570,000
4 Beds
3 Baths
2,119 SqFt
Status Active
MLS # 6757394
Property Type Single Family Residence
Price Type --
Location, location, location! Attention: Seller is offering a $10,000 credit at closing towards buyer updating and/or upgrades! This home has energy saving feature upgrades as well with newly installed premium Andersen windows with a transferable warranty and a fully owned 5KW solar system to keep your energy bills low. In demand north Phoenix Eagle Ridge location with mountain views! Homes do not come up for sale frequently in this idyllic neighborhood. Close to shopping, schools, and parks. Multi-level open floor plan with expansive vaults and skylights to let in lots of light. Recently updated primary bath with huge walk in shower. Large yard and covered patio for entertaining. Inviting pebble-tec pool with a removable fence and beautiful water feature will captivate you! The main level has a convenient 4th bedroom for guests or as an in home office. The heart of the home, the kitchen, features multiple pantries with abundant storage and pull out drawers in convenient locations, as well as easy access to both the living room and family room. Newer high efficiency AC and air handler installed by current owner as well as water heater. Durable bamboo and tile flooring in all the high traffic areas of the home as well. Your new home awaits you!

18531 W Thistle Landing Drive Goodyear, AZ 85338

$570,000
4 Beds
3 Baths
2,593 SqFt
Status Active
MLS # 6761534
Property Type Single Family Residence
Price Type --
Tucked within the breathtaking Estrella Mountain Ranch, this Next Gen home seamlessly blends privacy, elegance, and modern living. Situated on a private lot with serene views of a peaceful common area, this home offers a rare opportunity for multigenerational living with two homes under one roof. Thoughtfully designed, this Lennar® Next Gen model includes a separate suite complete with its own entrance, kitchen, living room, bedroom, and bathroom—ideal for extended family, guests, or even a private office. The possibilities are limitless! Located in the expansive 20,000-acre master-planned community of Estrella in Goodyear, residents are welcomed into a lifestyle defined by natural beauty and world-class amenities. Estrella features over 500 acres of parks and open space including 72 acres of lakes for boating and fishing. Residents enjoy exclusive access to the Starpointe Residents Club, two fitness centers, a refreshing water park, and miles of scenic hiking trails and bike paths. Sports enthusiasts can take advantage of basketball, volleyball, pickleball, and tennis courts. For golf lovers, the nearby Jack Nicklaus-designed championship course at The Golf Club of Estrella is a dream come true. And for those seeking relaxation, Estrella's resort-inspired atmosphere, surrounded by the Sierra Estrella Mountains and the Sonoran Desert Valley, offers a peaceful retreat just 17 miles from downtown Phoenix. This home offers more than just a place to liveit opens the door to the unrivaled lifestyle Estrella Mountain Ranch is known for. This community truly has something for everyone.

11541 E Corbin Avenue Mesa, AZ 85212

$570,000
4 Beds
2.5 Baths
2,373 SqFt
Status Active
MLS # 6767202
Property Type Single Family Residence
Price Type --
This beautiful 4-bedroom, 2.5-bath home is located in the highly desirable Warner Enclave subdivision in Mesa. With 2,377 sq. ft. of upgraded living space, this 2-story home offers a bright and open floor plan perfect for entertaining. The kitchen features stunning Valhalla granite countertops, soft-close cabinets, a large pantry, and stainless steel appliances, including a gas range. The primary suite boasts a spacious walk-in closet, dual vanities, and a separate tub and shower. Additional features include a cozy upstairs loft, a dedicated office space, and a convenient upstairs laundry. The home is ENERGY STAR certified with a low HERS rating of 51, ensuring excellent energy efficiency. Outside, you'll find a well-maintained desert landscape with a covered patio, perfect for outdoor relaxation. Located near top-rated schools such as Queen Creek Unified District, this home also offers quick access to shopping, dining, and entertainment. Plus, with no rear neighbors, you'll enjoy added privacy. Don't miss out on this gemschedule your tour today!

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