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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14216 S Canyon Drive Phoenix, AZ 85048

$2,250,000
5 Beds
5 Baths
5,561 SqFt
Status Active
MLS # 6751901
Property Type Single Family Residence
Price Type --
Custom estate sitting on nearly 2.5 acres in the prestigious of gated Canyon Reserve community. Stunning mountain views surround the main and guest house on this quiet cul-de-sac. Greeted with high ceilings, arched entryways, travertine floors, and large windows to provide natural lighting in the formal dining, great room with gas fireplace, and office/den with built-in floor to ceiling bookshelves. Chef's kitchen includes stainless steel appliances, kitchen island with additional sink, pantry, and eat-in kitchen. Primary suite includes built-in shelves, fireplace, private seating area, dual sink vanities, oversized shower, separate bathtub, and walk-in custom closet. Entertain family and friends in the backyard's custom pool/spa with expanded pool deck, covered patio, outdoor TV setup, built in BBQ, and exterior fireplace while enjoying your private mountain views and desert landscaping. Additional home features include a 3-car garage and guest house with mini kitchen and full bath. Located near your favorite Ahwatukee hiking, golf, and dining!

29537 N 155th Avenue Surprise, AZ 85387

$2,250,000
4 Beds
3.5 Baths
5,114 SqFt
Status Active
MLS # 6756050
Property Type Single Family Residence
Price Type --
Welcome to an unparalleled estate that seamlessly blends luxury living for horse and car enthusiasts on 8 gated acres. This property is designed with the discerning equestrian in mind, featuring ample space and tranquil surroundings perfect for riding and training. The main residence, showcasing 4 bedrooms and 3.5 baths, exudes timeless elegance with refined finishes throughout. Culinary enthusiasts will love the gourmet kitchen, equipped with Viking appliances and a central island, perfect for post-ride meals. The home also offers a private movie theater, a sprawling primary suite, and two grand fireplaces, creating a warm and inviting ambiance. Car lovers will be thrilled by the massive detached 3,000 sqft garage, ideal for housing RVs, classic cars, or any prized vehicles. This versatile space provides ample room for car restoration projects or simply securing your collection. Step into your backyard oasis, where a sparkling pebble tec pool awaits, perfect for Arizona's sunny days. Designed for both relaxation and entertaining, the outdoor area includes a BBQ station and a professional-grade misting system that keeps you cool on the hottest days. Low-maintenance turf adds lush greenery without the hassle, creating a perfect setting for gatherings or peaceful solitude. The estate is equipped with owned solar panels, delivering energy efficiency and significant savings. Additionally, the property features its own private well, providing a reliable water source for both household and equestrian needs. This estate offers the ultimate lifestyle for those passionate about horses, cars, or simply enjoying the finer things in life. Whether you're cooling off by the pool, working on your car collection, or riding through the serene grounds, this property is the perfect blend of luxury, functionality, and comfort. Make it your private sanctuary and experience the best of both worlds.

10141 N Mcdowell View Trail Fountain Hills, AZ 85268

$2,250,000
3 Beds
4 Baths
4,479 SqFt
Status Active
MLS # 6771738
Property Type Single Family Residence
Price Type --
A beautiful Fire Rock CC home priced to sell with furniture and finishes included.This well appointed home sets on over an acre and is move in ready.Majestic mountain views and city lights are undeniable through large picture framed windows.Vibrant views of the golf course are also present throughout the home and while enjoying numerous outdoor patios.A designer kitchen with timeless granite countertops with bar and a floor to ceiling Cantera fireplace showcase the great room.The split master suite has it all with mountain and sunset views, privacy, access to the pool/spa and separate study.Pride of ownership shows with many updated systems including the theatre room and backyard pool area with fountains and a rocking Sonos/Pioneer sound system. Live and enjoy the FireRock CC lifestyle!!!

4822 E Flower Street Phoenix, AZ 85018

$2,250,000
4 Beds
3.5 Baths
3,033 SqFt
Status Active Under Contract
MLS # 6759791
Property Type Single Family Residence
Price Type --
Stunning ranch style renovation/ new build in one of Arcadia's most coveted neighborhoods! Great room w/ vaulted ceilings, custom beams and 2 sets of sliding doors for indoor/ outdoor living. New Andersen windows, European Oak wood floors & custom millwork t/o. Gourmet kitchen w/ quartz island, custom cabinetry, 48'' dual fuel range, leathered granite counters. Beautiful large butler's pantry w/ powder room. Separate media room/ den. Split floor plan w/ formal office and 3 bedrooms/ 2 baths in separate wing. Primary suite w/ vaulted ceilings and sliding doors to covered patio, marble oversized shower and custom walk-in closet. Backyard w/ covered patio & Belgard pavers, plenty of room for pool, Camelback mtn views. New plumbing, electrical, sewer lines, gas lines & 3 new HVAC units.

9452 E Heritage Trail Drive Scottsdale, AZ 85255

$2,250,000
3 Beds
2.5 Baths
3,252 SqFt
Status Active Under Contract
MLS # 6766268
Property Type Single Family Residence
Price Type --
Exquisitely Remodeled Single Level DC RANCH Home in (Gated) Desert Haciendas. Rare find that does not come on the market often! Luxuriously Upgraded with Custom Designer Finishes. 3bed, 2.5bath, Den/Media, 3-Car, Soaring 20''ft ceiling w/ Wood Beams, White Oak Hardwood floors, Amazing Gourmet Kitchen, Expansive quartz island, w/Custom Cabinetry, WOLF Range, Newer 48'' SUBZERO, New BOSCH DW, Wine bar, Butler's Pantry! Spa Primary Suite , Marble Shower, Rift wood custom cabinets, w/Custom Double M-Closet w/Built-ins and French door to Backyard Paradise. Enjoy the double French Doors that open to the Courtyard w/ Fireplace. Outdoor areas w/ incredible Stone Finishes, Pool & Raised Spa, Fireplace & Pergola...a ton of Architectural details throughout! Check out this Very Special Home!

12785 N 135th Street Scottsdale, AZ 85259

$2,250,000
3 Beds
2.5 Baths
3,431 SqFt
Status Active Under Contract
MLS # 6781211
Property Type Single Family Residence
Price Type --
Welcome to an exquisite luxury estate in the esteemed guard-gated community of Scottsdale Mountain. This privately gated property offers a harmonious blend of soft contemporary design, rustic stone accents, and modern lighting, creating an inviting and elegant ambiance. Perched high on an expansive hillside lot, the estate promises breathtaking panoramic views. Inside, every room is a masterpiece of refinement and detail. The gourmet kitchen is every chef's dream with three SubZero units - fridge, freezer, and wine fridge - alongside a built-in Miele coffee center. The spacious island is the ideal gathering spot for family and friends, while the sleek 5-burner induction cooktop adds to the home's contemporary aesthetic. Retreat to your luxurious owner's suite and indulge in breathtaking sunsets or savor your morning coffee with panoramic views from every window. The owner's bath is truly spa-like, boasting modern floating vanities, a massive walk-in shower, and a soaking tub - perfect for unwinding after a long day. Complete with an oversized walk-in closet, the space offers ample storage space that is highlighted by designer lighting. Designed for both relaxation and entertainment, the backyard features a low-maintenance paradise with silver travertine pavers, lush turf, an outdoor kitchen, a ramada, and LED accent lighting. Watch sunsets light up the mountains to the north and take in incredible 180-degree panoramic cityscapes to the south. This expansive lot is also surrounded by Natural Area Open Space (NAOS) to the east, ensuring no neighboring developments disrupt the tranquility. Discover the ultimate luxury living experience at Scottsdale Mountain, where breathtaking views and an active lifestyle converge. This community embodies the quintessential Arizona lifestyle with easy access to a myriad of outdoor activities. Enjoy pickleball, tennis, basketball, and neighborhood events all within the community's gates. Or venture out for a vibrant array of local attractions, including golf, hiking, mountain biking, and horseback riding. With the Lost Dog and Sunrise Trailheads into the McDowell Sonoran Preserve located just outside the community gates, you're just minutes from exceptional scenery and an active lifestyle. Don't miss out on this opportunity to live in one of Scottsdale's most coveted communities, surrounded by natural beauty, while still being close to all that this vibrant city has to offer. Come see why this is more than just a house - it's an experience you won't want to miss!

8049 E Via Sierra -- Scottsdale, AZ 85258

$2,250,000
4 Beds
3 Baths
2,539 SqFt
Status Active
MLS # 6781460
Property Type Single Family Residence
Price Type --
Stunning golf course property with picturesque lakes and the McDowell Mountains in the backdrop. This fully renovated home has it all: a spacious gourmet kitchen featuring a high-end appliances, wine bar and coffee station. The home boasts four bedrooms, including a luxurious master suite, and three beautifully designed bathrooms. Elegant hardwood and marble floors flow seamlessly throughout. Enjoy outdoor living with a private pool, or relax and take in the charm of your neighborhood from the comfort of the front patio. Ample parking space can be added in the front. Ideally located for those who love outdoor activities, dining, and coffee shops, this home is perfectly situated. An exceptional home, designed with unparalleled taste.

2304 Fox Tail Trail Carefree, AZ 85377

$2,250,000
3 Beds
3.5 Baths
4,202 SqFt
Status Active
MLS # 6780112
Property Type Single Family Residence
Price Type --
Discover a Southwestern Masterpiece by Renowned Architect Terry Kilbane. Once a private sanctuary for the Kilbane family, this stunning hacienda-style residence showcases the architectural brilliance of Terry Kilbane. This is a rare chance to claim one of his iconic creations, where you can savor his distinctive blend of desert charm and contemporary luxury. Renowned for seamlessly integrating architecture with the surrounding desert and mountainous landscapes, Kilbane's designs prioritize site-specific harmony, skillfully utilizing natural topography and stunning vistas while customizing every aspect to align with his clients' preferences and lifestyles. This exceptional 3-bedroom, 3.5-bath home features a built-in office with a walk-in closet (which could serve as a 4th bedroom), highlighted by skylights, exposed wooden beams, and masterful craftsmanship throughout. Set on two generous lots adjoining NAOS (Natural Area Open Space), the property ensures extraordinary privacy and serenity. Recent enhancements include a fresh stucco exterior, new paint, and exquisite brick flooring. Inside, the inviting ambiance of hardwood floors complements the refined touch of custom artisan wood doors and cabinetry, making this residence truly unique. Discover the perfect blend of style and practicality within. Skylights illuminate the space with natural light, while the exposed wooden beams contribute warmth and character. Together with the custom wood features and hardwood flooring, the interior exudes elegance and comfort.

4007 E Montecito Avenue Phoenix, AZ 85018

$2,250,000
5 Beds
4.5 Baths
3,545 SqFt
Status Active
MLS # 6712091
Property Type Single Family Residence
Price Type --
Wow! Discover the unparalleled beauty & exquisite craftsmanship of this 5-bedroom new construction in Suncrest Gardens! This 2023 Thomas James home offers over 3,000 SqFt of exceptional luxury with an impressive open floor design & high-end details. Heated pool with fountains and light settings all easily controlled through an app. Tall ceilings, recessed lighting, wood flooring, abundant natural light, and multi-sliding glass doors are features found throughout. The living room has a textured accent wall with a mounted fireplace. Elegance & modernity seamlessly mix in this magazine-cover white kitchen showcasing stacked shaker cabinetry, herringbone tile backsplash, lavish quartz counters, a massive island with w/breakfast bar, and state-of-the-art stainless steel appliances. The bright owner's suite is split & comes with a pristine ensuite comprised of two vanity sinks, a freestanding tub, an oversized walk-in shower with bench, and a walk-in closet. Secondary bedrooms on the main floor share a Jack & Jill bathroom. Upstairs, you'll find a sizable loft and a second primary bedroom with walk-in closet & an immaculate bathroom with a dual vanity & separate tub/shower. The stunning backyard boasts a covered patio, a pebble-tec pool, lush greenery, and an outdoor shower with travertine stone. This beauty has an excellent location with Camelback Mtn. Views, within minutes from restaurants & shopping, and close to major roads. Words don't make this modern farmhouse gem justice. You must see it!

9327 W Vereda Solana Drive Peoria, AZ 85383

$2,250,000
7 Beds
6 Baths
7,091 SqFt
Status Active
MLS # 6724854
Property Type Single Family Residence
Price Type --
This stunning Santa Fe-style north Peoria property, nestled on a serene 1.1-acre lot on a private cul-de-sac, boasts breathtaking mountain views & a host of premium features! The large main house features Energy-efficient solar panels, large 3-car garage & RV gate. Discover the large great room & gourmet kitchen, with plantation shutters & pre-wired surround sound throughout the home. The generous owner's suite offers direct access to the backyard & a luxurious bathroom. A den, teen/Bonus room and 3 large bedrooms make this the perfect family retreat. Outside you will find a sparking pool, putting green, batting cage, grill/outdoor kitchen and sprawling yard perfect for hosting and gathering. The large 3bed/2ba casita with separate entrance and private garage is perfect for extended famil The oversized backyard is an entertainer's dream, featuring a refreshing pool, a covered patio, & putting green for golf enthusiasts. A detached guest house provides additional living space, ample bedrooms, & a fully equipped kitchen, making it perfect for visitors or extended family. This residence is more than a home; it's a lifestyle!

7056 E Mighty Saguaro Way Scottsdale, AZ 85266

$2,250,000
3 Beds
2.5 Baths
2,600 SqFt
Status Active
MLS # 6760321
Property Type Single Family Residence
Price Type --
Prepare to be amazed by this one-of-a-kind, custom-rebuilt masterpiece! Completely reimagined with the finest luxurious materials and designer finishes, this home is a true gem unlike anything else Terravita has ever seen! From the moment you step onto the meticulously landscaped entry and pass through the stunning iron front door, you'll know you've found something special. This property feels like a brand-new home thanks to an extensive transformative rebuild, which included expanding rooms, removing walls, and adding entirely new spaces. The gourmet kitchen is a chef's dream, boasting a 6-burner Wolf stove, Wolf microwave, Sub-Zero column refrigerator/freezer, dual-zone wine chiller, Cove dishwasher, stunning quartzite island/dining table that comfortably seats up to 10. Custom cabinetry of the highest quality and a chic wet bar add convenience and elegance. The gorgeous primary suite boasts a rockstar worthy custom closet by Elevation Closets, easily convertible back to a bedroom if needed. Guests will be pampered in their own private two-room suite with a separate entrance. The north facing backyard provides ultimate privacy, where you can relax in your Pebble Tec pool. Please see the document section to view the extent of the rebuild and the specific top-tier finishes and features. This is an unparalleled opportunity for discerning buyers who value quality and desire the ease of moving into a show-stopping, like-new home in a world-class resort community with readily available memberships. Live the luxury lifestyle you've been waiting for without the wait!

3510 E Claremont Avenue Paradise Valley, AZ 85253

$2,250,000
6 Beds
4 Baths
3,718 SqFt
Status Active Under Contract
MLS # 6707201
Property Type Single Family Residence
Price Type --
Nestled in the tranquil back of a cul-de-sac within the prestigious Mirada Los Arcos subdivision of Paradise Valley, this extraordinary property offers breathtaking mountain views in multiple directions. Its prime location places you close to the finest amenities that Paradise Valley, Scottsdale, and Phoenix have to offer, including the scenic Phoenix Mountain Preserve trails, an array of popular restaurants, boutique shops, and top-rated public and private schools. The expansive lot tucked into the back of a gorgeous cul-de-sac provides the perfect opportunity to build your dream home, creating a custom living space that takes full advantage of the stunning natural surroundings. This one-of-a-kind property combines a prime location, stunning views, and exceptional potential. This is an unparalleled opportunity to create a luxurious and personalized living environment in one of the most desirable areas of Paradise Valley.

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