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Millennial’s, Low Down Payment Programs

Posted on October 27, 2017 by Gloria Matthews in Blog, Buy A Home, Home Buying, Home Values, Keeping Current Matters, Real Estate News

Millennial'sMillennial’s Flock Towards Low Down Payment Programs

A report released by Down Payment Resource shows that 61% of first-time home buyers purchased their homes with a down payment of 6% or 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 home buyers:

“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 millennial’s and first-time home buyers are making a big splash in the market, and affordability Millennial'sremains top of mind.”

Among millennial’s who purchased homes, David Norris, Loan Depot’s Head of Retail Lending, said:

“It’s clear from the survey results that Millennial’s have a lot of anxiety built up about the home buying process.

millennial'sThere is good news, however, as there’s more flexibility than most Millennial’s 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 millennial’s 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 pre-approval.

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