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.

What’s Your Home Worth?

Search for Your New Home

2346 E Sanoque Court Gilbert, AZ 85298

$2,570,000
7 Beds
5 Baths
5,350 SqFt
Status Active
MLS # 6786589
Property Type Single Family Residence
Price Type --
Best Zip code in Gilbert! This stunning 7-bed, 5-bath estate blends elegance and modern comfort with a luxury design! Impressive curb appeal with lush landscaping, mature shade trees, a 4-car garage, and an extended driveway make this home a luxurious retreat. Its grand entrance, accented by stone details and charming archways, welcomes you into a spacious, open layout. Meticulous attention to detail is presented in the immaculate kitchen, boasting with high-end SS appliances, 2 islands, quartz counters, recessed & pendant light fixtures &stylish tile backsplash. Best backyard for entertaining with built in BBQ, extra large patio, and gas fireplace for those cool nights. Guest house is equipped with a steam shower and full kitchen. Check out the Splash pad for the kids! MUST SEE THIS ONE and two islands with breakfast bars. A walk-in pantry and a plethora of white cabinetry with crown molding provide ample storage space. Retreat to the romantic main suite, offering a double-door entry, plush carpeting, an accented wall, a sitting room, a full ensuite with two sinks, a separate tub, a floor-to-ceiling tiled shower, and walk-in closets, and outdoor access. A detached guest house adds extra space! The entertainer's backyard showcases a putting green, playground, fire pit, built-in BBQ, and a fenced pool & spa for ultimate relaxation. This home is a true retreat for those seeking beauty and tranquility! Act now!

12315 W Cooper Morgan Trail Prescott, AZ 86305

$2,550,000
3 Beds
5 Baths
4,400 SqFt
Status Active
MLS # 6759691
Property Type Single Family Residence
Price Type --
Experience unparalleled living in this exquisite custom home, perfectly situated in Talking Rock Ranch, ready for your personal interior selections. Designed to cater to diverse lifestyles—from car collectors to golf enthusiasts and social butterflies—this home offers an exceptional opportunity to craft your dream sanctuary. Enjoy breathtaking, unobstructed views of Granite Mountain, ensuring that your scenic backdrop remains untouched by future developments. Please note that many of the photos included are renderings for visual assistance and may depict options not included in the final build. Continued... Key features of this stunning residence include:

36402 N Peaceful Place Carefree, AZ 85377

$2,550,000
3 Beds
3.5 Baths
3,767 SqFt
Status Active
MLS # 6768680
Property Type Single Family Residence
Price Type --
Timeless adobe style home by renowned Gerry Jones, thoughtfully sited on Boulder strewn acreage on Black Mountain, promises to delight those who relish notable architecture and captivating views. A gated courtyard welcomes you with ageless charm, amazing view of the mountain & ancient Boulders. Backing to 40 acres of preserved Black Mountain desert, the location offers maximum privacy combined w/ lush desert beauty. Custom doors, whimsical tile accents & wood beamed ceilings enhance the adobe ambiance. With 3 bedrooms, 3.5 baths, lovely office, engaging fireplaces & bonus room, the home offers the owner optimum comfort for lounging or entertaining. Expansive & private outdoor patio overlooking Carefree with firepit, unending mountain views, a pool set into the Boulders completes the residence with exemplary style. Own a piece of the mountain in a community that enjoys tranquility, natural beauty, and a lifestyle that is truly Carefree.

6166 N Scottsdale Road Scottsdale, AZ 85253

$2,550,000
2 Beds
2.5 Baths
3,016 SqFt
Status Active
MLS # 6779426
Property Type Apartment
Price Type --
Experience elevated living in this stunning ground-floor corner unit with a spacious private patio and yard. Featuring a perfect split floor plan and custom touches throughout, this residence in the coveted Enclave at Borgata offers the charm of a bespoke home with the convenience of turnkey living. The kitchen boasts custom cabinetry, a new Wolf stainless oven and new Wolf cooktop, new custom quartz countertops, pantry, plenty of storage and new Electrolux washer/dryer in the laundry. The fireplace is framed with elegant millwork and lighting, which adds warmth and style. Two versatile dens serve as a cozy TV room and a refined home office. Enjoy ultimate privacy, 24/7 concierge service, and security in one of the city's best locations. Welcome home!

10904 E Scopa Trail Scottsdale, AZ 85262

$2,550,000
6 Beds
5 Baths
4,587 SqFt
Status Active
MLS # 6762371
Property Type Single Family Residence
Price Type --
Discover the epitome of luxury in this expansive 2.85-acre estate, nestled within the exclusive gated enclave of Monterey at Mirabel Village North. This single-level masterpiece seamlessly blends sophistication with comfort, offering 4,587 square feet of meticulously designed living space. Enter through a lush private courtyard featuring sitting areas and a fireplace, perfect for dining al fresco or a tranquil spot for relaxation. Beyond the 10-foot arched double door entryway, you are welcomed into an opulent foyer lighted with antique Spanish chandeliers that leads to a formal living room adorned with a stunning stone mantel and a 500-bottle temperature-controlled wine storage cabinet. The generously sized primary suite is a true retreat, complete with a cozy fireplace, sitting area, an and a luxurious ensuite bathroom featuring separate sink/vanities, dual closets, a soaking tub, and a walk-in shower. The gourmet kitchen is a chef's dream, equipped with high-end Wolf and Sub-Zero appliances, custom cabinetry, and a spacious center island that flows seamlessly into the dining and living areas. The main residence also includes two additional bedrooms with a Jack-and-Jill ensuite, a junior master suite with its own bathroom, and an adaptable bedroom/office space. Step outside to enjoy resort-style amenities, including a solar-heated pool with a waterfall, spa, stargazing deck and a private five-hole putting greenall surrounded by breathtaking desert landscapes. The lush courtyard serves as an idyllic backdrop for both relaxation and entertaining. Just steps across the courtyard lies a charming one-bedroom, one-bathroom casita, providing privacy for guests or an ideal space for an office or studio. This home represents the pinnacle of private desert living in North Scottsdale. Enjoy easy access to world-class golf courses, scenic hiking trails, and the charming towns of Carefree and Cave Creek. Don't miss this rare opportunity to own a piece of North Scottsdale paradise. Exquisite Interior: - Dual living areas for versatile entertaining - Gourmet kitchen featuring Wolf and Sub-Zero appliances - Formal dining room or game room for memorable gatherings - Five spacious bedrooms and four luxurious bathrooms - Separate one bedroom, one bathroom casita perfect for guests, a home gym or a private home office - Home theater room with surround sound Resort-Style Outdoor Oasis: - Solar-heated pool and spa for year-round enjoyment - Five-hole putting green for golf enthusiasts - Lush courtyard with an inviting outdoor fireplace - Built-in BBQ for al fresco dining - Stargazing areas to marvel at the desert night sky Cutting Edge Technology: - Operate the home systems from the house iPad or apps on your phone - Whole-home indoor and outdoor SONOS sound system - Smart home lighting, climate, and entertainment controls - State-of-the-art monitored security system Recent Upgrades: - Newly replaced HVAC systems (3) and water heater - Upgraded pool equipment and waterline tile - Raised garden beds with organic soil for the home chef Additional Features: - Organic raised garden beds with irrigation - Oversized 3-car garage with epoxy flooring - Large laundry room with utility sink - Ample indoor storage space - Convenient location near Desert Mountain, Mirabel, Carefree, Cave Creek and North Scottsdale - View floorplan under documents Located in North Scottsdale adjacent to Desert Mountain and conveniently close to Carefree and Cave Creek which offer a multitude of shopping, dining and outdoor recreation options. Whether you're basking in the serenity of your resort-style backyard, hosting gatherings that leave guests in awe, or enjoying the myriad of amenities that North Scottsdale offers, this home is a sanctuary designed for those who seek the very best in life.

12201 E Shangri La Road Scottsdale, AZ 85259

$2,550,000
5 Beds
4.5 Baths
5,511 SqFt
Status Active
MLS # 6749323
Property Type Single Family Residence
Price Type --
Welcome to unparalleled luxury in the heart of Scottsdale! This exquisite custom home is situated on a corner lot within a cul-de-sac, spanning nearly one acre. Boasting 6 spacious bedrooms and 4.5 bathrooms, this residence offers over 5,500 square feet of thoughtfully designed living space. The main level encompasses approximately 4,200 SF and features 4 bedrooms, one of which is currently utilized as an office, along with 3.5 bathrooms. As you step inside, you'll be greeted by soaring 12-foot ceilings that create an ambiance of elegance. To your right, you'll find the primary suite and office. The primary suite serves as a haven of relaxation, complete with a cozy attached sitting/reading room, a spa-like bathroom, and an impressive walk-in closet. To your left you will find a chef's dream kitchen featuring 2 expansive granite islands, stainless-steel appliances including double ovens. 2 additional bedrooms with a full bath are split from the primary suite, offering ideal accommodations for guests. The lower level is currently a recreational paradise, featuring a game room, fireplace, wet bar, and a stunning glass patio door that floods the space with natural light. This bright and open area also includes 2 additional bedrooms, a full bath, a powder room, and a walk-out area leading to a 1-car garage. Step outside to your own private sanctuary - a beautifully landscaped backyard with an expansive patio, complete with a misting system. The large diving pool and spa are perfect for relaxation, while the adjacent BBQ area and spacious grassy expanse offer ample space for gatherings. Enjoy breathtaking city lights and stunning mountain views from your backyard retreat. The 3-car garage is situated on one side of the house, leading directly to the primary suite. This Scottsdale estate is the epitome of luxury living, offering a perfect blend of elegance, comfort, and modern amenities. No HOA - Come see it today!

8530 E Via Montoya -- Scottsdale, AZ 85255

$2,550,000
5 Beds
4.5 Baths
3,478 SqFt
Status Active Under Contract
MLS # 6764435
Property Type Single Family Residence
Price Type --
Welcome to your dream residence in the prestigious gated community of Los Gatos in North Scottsdale. This rare gem spans 1.4 acres, offering unparalleled luxury combined with outstanding equestrian facilities. This Santa Barbara estate promises privacy and elegance with its own gated entrance. The heart of this property is found in the expansive resort style backyard designed with expertise with a blend of lush desert landscaping,artificial turf, a modern-style pool, a charming treehouse, a ramada and spacious covered patio for alfresco entertaining under the star filled skies. The property also features a roof deck with stunning views of Pinnacle Peak and the McDowell Mountain range. The quaint side courtyard has landscaping with uplighting and turf

57 Peak Point Court Sedona, AZ 86336

$2,549,000
4 Beds
5 Baths
3,516 SqFt
Status Active
MLS # 6727820
Property Type Single Family Residence
Price Type --
Discover unparalleled modern luxury and breathtaking Cathedral Rock views at this dreamy new construction masterpiece. Perched hilltop across from Oak Creek, this precious jewel offers a seamless blend of modern elegance and natural beauty, nestled in the heart of Sedona's iconic red rock landscape. Floor to ceiling windows look out onto panoramic vistas of the red rocks and desert landscape from every room. Situated on 1 acre backing up to National Forest with hiking trails right out your door, this exquisite home provides access to nature and breathtaking scenery in all directions. This meticulously designed home features 4 bedrooms 5 bathrooms, and a spacious 4 car garage - a rare find in Sedona - ensuring ample space for comfort and privacy. The gourmet chef's kitchen is a ... culinary haven, featuring premium Thermidor appliances, a striking island with a custom walnut bar. Open living areas ideal for entertaining and easy flow. Designed to integrate natural materials and feng-shui, it is both contemporary and comfortable, beautifully designed wood, stone, metal and water elements throughout. Located in Mystic Heights - one of the last private, elevated, gated communities in Sedona - it is utterly unique - surrounded by tranquil nature, with magical swimming holes at the creek within walking distance, yet only 10 minutes from Sedona's best restaurants, shopping, art galleries, and theater. Enjoy the best of everything - the tranquility of living in nature with the benefits of modern amenities, including high-speed, quantum fiber internet providing speeds of 534 Mb up and 525 Mb down (rare in Sedona). Peak Point is solar-ready, and was designed top to bottom to be low-maintenance and energy efficient, with gorgeous low-water landscaping.

8428 E Preserve Way Scottsdale, AZ 85266

$2,549,000
5 Beds
4 Baths
4,363 SqFt
Status Active
MLS # 6744641
Property Type Single Family Residence
Price Type --
Experience unparalleled luxury at 8428 E Preserve Way in Scottsdale, Arizona. This exceptional residence has been meticulously remodeled with high-end finishes, seamlessly blending modern sophistication with the natural beauty of the Sonoran Desert.The gourmet kitchen features a Wolf range, dual Cove dishwashers, and a Sub-Zero paneled refrigerator. The main living area includes a new chilled wine cellar and a sleek wet bar with a wine fridge. A spacious formal dining and living room open to the outdoor space through a multi-sliding glass door, perfect for indoor-outdoor living.The master suite boasts a show-stopping two-entry shower and soaker tub. Outdoors, enjoy an outdoor shower, a remodeled pool with an extended Baja step, a spa, a fire pit, a built-in BBQ, and a putting green.

398xx N Old Stage Road Cave Creek, AZ 85331

$2,500,000
3 Beds
4 Baths
3,517 SqFt
Status Active
MLS # 6577386
Property Type Single Family Residence
Price Type --
New Build To Suit Custom Home on 8.215 acres. All paved roads. 3,517 sqft transitional floor plan. Showcasing huge living areas with walls of retractable doors leading to the outdoor spaces. Open floor plan offers a master bedroom split, stone & wood floors, fireplace in the great room and state of the art appliances. 4 car garage and with patios total at 5,228 square feet under roof. Secluded and Exclusive, No HOA. Plans and finishings can be modified to suit your needs and lifestyle. Upgrades / Options includes Heated pool & spa, fire pit, along with an outdoor kitchen. A show stopping feature-ideally designed for Arizona indoor/outdoor living. Minutes to historic Cave Creek. Enjoy the peaceful desert and the convenience of being close to amenities with a private setting.

38520 N 103rd Place Scottsdale, AZ 85262

$2,500,000
4 Beds
4.5 Baths
4,481 SqFt
Status Active
MLS # 6695745
Property Type Single Family Residence
Price Type --
This captivating home, tucked into Desert Mountain's village of Eagle Feather, radiates exterior sophisticated charm and welcomes the impressive soft contemporary open, great room, split floorplan of the interior. Sitting adjacent to vast open space, the site provides stunning views of natural Sonoran Desert, colorful sunsets, mountains and city light sparkles. Exterior allure abounds with its tiled roof sections, graceful angles, and circular dimensions, creating a harmonious fusion of style and function. As you approach, the paver driveway leads you through a gated courtyard, beckoning you to experience the seamless transition between indoor and outdoor living. The charming ambiance is enhanced by a delightful three-tiered water feature, surrounded by a lush garden of exotic cacti, verdant trees, and fragrant shrubs, providing the perfect setting for relaxation and rejuvenation. Step through the grand metal and glass door into a spacious, light-filled interior that exudes luxury and comfort at every turn. The expansive great room serves as the focal point, offering unparalleled views and access to the outdoors, complemented by two striking floor-to-ceiling stacked stone walls adorned with a linear fireplace and mounted TV. For the culinary enthusiast, the kitchen is a true delight, featuring ample granite counter space, a generously sized island with bar seating, and high-end Viking appliances, all seamlessly integrated into the open-concept design that connects effortlessly to the formal dining area and circular casual dining space. Retreat to the sumptuous primary ensuite, situated in the South wing, a retreat unto itself, boasting a palatial layout complete with fireplace, mounted TV, circular sitting area with serene views, and access to a private patio. The spa-like bathroom is equally impressive, offering a lavish soaking tub, dual vanities, and a spacious walk-in shower, along with two designer closets designed to indulge the senses. A versatile office, studio or guest bedroom provides flexibility to accommodate various lifestyle needs. For family and guests two additional ensuites, one with pool access, are thoughtfully positioned in the North side of the home, ensuring peaceful privacy. For the utmost in outdoor enjoyment saunter out to the magnificent outdoor oasis. The stack stone circular spa spilling into the curvilinear lines of the negative edge pool invite the serene yet dazzling views. The covered living and dining spaces, pool side sunning spaces and built-in grill and bar provide hours of pleasure day and night. For cooler nights the stacked stone firepit entices star gazing into the magical skies. Throughout the home, attention to detail is evident, with design features such as geometric cove-lit ceilings, mitered windowpanes framing lush views, and luxurious finishes including stacked stone interior walls, tiled floors, low-pile carpeting in the bedrooms, and granite counters and vanities. Located in the prestigious Desert Mountain community, with a wealth of amenities, including 7 exclusive clubhouses, 7 championship golf courses, 20 miles of hiking trails, and more, promising a lifestyle of unparalleled luxury and recreation. Embrace the epitome of desert living and make this extraordinary residence your own, where every day is an opportunity to savor the beauty and tranquility of Desert Mountain. This property does not have a membership to The Desert Mountain Club available. Waitlists apply for membership.

3400 N 37th Street Phoenix, AZ 85018

$2,500,000
3 Beds
2 Baths
2,597 SqFt
Status Active
MLS # 6544798
Property Type Single Family Residence
Price Type --
LOCATION! LOCATION! LOCATION! 1.2 ACRES ZONED R3 MULTIFAMILY. Great lot in Arcadia Light.

Leave a Reply

Your email address will not be published.